New research shows stablecoin issuers, led by Tether, generated the majority of crypto protocol revenue in 2025, highlighting a shift away from trading-driven income toward payment and settlement infrastructure.
Stablecoins Overtake Trading as Crypto’s Top Revenue Engine
Stablecoin issuers emerged as the clear revenue leaders in crypto last year, according to new research from Coingecko. Tether topped the rankings by a wide margin, generating roughly $5.2 billion in revenue in 2025 and accounting for 41.9% of total revenue across 168 revenue-generating crypto protocols.
The data underscores how dominant stablecoins have become within the industry’s business model. Among the top 10 protocols by revenue, just four stablecoin issuers were responsible for 65.7%, or about $8.3 billion. The remaining six top earners were all trading-focused platforms.
In contrast to stablecoins, trading protocol revenue proved far more sensitive to market conditions. The research highlighted Phantom as a clear example of this volatility. The wallet and trading platform recorded $95.2 million in revenue in January 2025, fueled by peak activity during the Solana memecoin boom. By December, as speculative interest faded, Phantom’s monthly revenue had fallen sharply to $8.6 million.
If blockchains were counted alongside protocols, Tron would rank second overall in revenue generation. The network produced an estimated $3.5 billion in revenue in 2025, largely due to its role as the most heavily used blockchain for $USDT transfers. Tron’s low fees and high throughput have made it the preferred settlement layer for stablecoin payments, particularly in emerging markets.
Read more: Tether Partners With Bitqik for Bitcoin and Stablecoin Education in Laos
The broader picture suggests a shift in where sustainable value is being created in crypto. While trading platforms can see rapid revenue spikes during bull markets, stablecoin issuers benefit from consistent demand tied to payments, remittances, and onchain liquidity.
Overall, the report paints 2025 as a year where stablecoins, rather than trading hype, formed the backbone of crypto protocol revenue, with Tether firmly cementing its position as the industry’s top earner.
FAQ💰
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What generated the most crypto revenue in 2025?
Stablecoin issuers led crypto revenue, overtaking trading platforms as the top earners. -
How much revenue did Tether generate?
Tether earned about $5.2 billion, representing nearly 42% of total protocol revenue. -
Why are stablecoins more reliable than trading platforms?
Stablecoins benefit from steady demand for payments, remittances, and settlements, not market hype. -
Which blockchain benefited most from stablecoin use?
Tron ranked among top revenue generators due to heavy $USDT transfer activity.