Aster Overtakes Circle in Revenue, Challenges Tether’s Lead

- Aster achieves higher daily protocol revenue than Circle. - Tether maintains dominance and explores valuation growth opportunities. Aster, a decentralized exchange (DEX) specializing in perpetual futures trading, has disrupted the revenue dominance of stablecoin issuers Tether and Circle. Since September 24, 2025, Aster has consistently surpassed Circle's daily protocol revenue. This milestone positions Aster as the second-highest earning protocol, now trailing only Tether in daily revenue performance. On September 27, Cryptopolitan reported that Aster's daily protocol revenue remains ahead of Circle's. Several factors fuel this growth, including significant investor participation, growing interest in decentralized finance (DeFi), and a high-profile endorsement from Changpeng Zhao, the former CEO of Binance. For instance, on September 24, Aster recorded $12.03 million in daily revenue, outperforming Circle's $7.71 million. By the following day, September 25, Aster's earnings climbed further to $16.33 million, while Circle's held steady near $7 million. Aster's surge highlights its appeal to large-scale investors, also known as "whales," and demonstrates DeFi's escalating prominence in the cryptocurrency market. In addition, Zhao's endorsement brought heightened visibility to the platform, solidifying its position alongside competitors like Hyperliquid and redefining the DEX landscape. Meanwhile, Tether remains the undisputed leader in daily protocol revenue across the crypto ecosystem. While Aster has challenged Circle's standing, Tether continues to dominate the sector. The company is reportedly pursuing an ambitious fundraising round that aims to value it at $500 billion. Tether CEO Paolo Ardoino confirmed the company is in discussions with a select group of investors, a move that underscores its focus on long-term growth and influence in global finance. According to CoinMarketCap, as of 18:08 UTC on September 27, Aster (ASTER) was trading at $2.032, reflecting a 4.026% drop in its 24-hour trading volume. During the same period, Tether (USDT) continued to hold its peg at $1, with its 24-hour trading volume decreasing by a modest 0.016%.