Aster Overtakes Circle in Daily Revenue Surge

• Aster outpaced Circle in daily revenue, ending Tether-Circle dominance.
• Whale activity and Binance’s CZ fuel Aster’s meteoric rise.

On September 27, 2025, Cryptopolitan reported that Aster, a decentralized perpetual futures exchange, has disrupted the longstanding dominance of stablecoin issuers by eclipsing Circle in daily protocol revenue since September 24. This development signals a shake-up in a sector historically led by Tether and Circle, as Aster asserts itself as a major contender.

On September 24, Aster recorded $12.03 million in protocol revenue, surpassing Circle’s $7.71 million. By September 25, Aster’s revenue climbed further to $16.33 million, while Circle’s daily earnings stabilized around $7 million.

Aster's rapid growth has been fueled by significant trading activity from cryptocurrency "whales" and public endorsements from Changpeng Zhao, the former CEO of Binance. These factors have positioned Aster as a key player in the decentralized finance (DeFi) space, competing directly with other perpetuals exchanges like Hyperliquid.

Reports indicate that Aster’s seven-day revenue is now 2.6 times higher than Hyperliquid's, underscoring its strong market position amid the intensifying “perps war” between decentralized perpetuals exchanges. Aster itself emerged from the merger of Astherus and APX Finance, with its native token experiencing impressive price appreciation since launch.

Tether remains the leader in protocol revenue despite Aster's rise, reportedly raising between $15 billion and $20 billion to diversify into sectors like artificial intelligence, energy, and communications. This funding round could potentially value Tether at approximately $500 billion, according to Cryptopolitan. Meanwhile, the stablecoin sector continues to grow, maintaining its role as a cornerstone of protocol revenue generation with a market capitalization exceeding $275 billion.

The decentralized finance market is visibly shifting as newer protocols like Aster demonstrate greater efficiency in capturing trading fees. This trend has sparked a migration of liquidity and innovation from centralized platforms toward decentralized alternatives. Nonetheless, stablecoin issuers still dominate the broader revenue landscape.

As of September 27, 2025, 19:08 UTC, Tether (USDT) is trading at $1, with a -0.03% change in 24-hour volume. Hyperliquid (HYPE) stands at $45.40, with a 0.63% increase in 24-hour volume. Polkadot (DOT) is trading at $3.87, showing a -1.69% change in the same period, according to CoinMarketCap.