Last month, only 35 on-chain protocols had monthly revenue exceeding $2 million. Here’s the TOP 25: Tether leads the pack with $477 million, followed by Circle at $191 million. Together, these two stablecoin issuers account for nearly 70% of the list’s total revenue. Ranked third is Hyperliquid, with $48.3 million in monthly revenue, making it the fastest-growing newcomer on the list. DeFi, DEXs, and wallets combined still struggle to catch up with stablecoins.