Tether Dominates Crypto Revenue With $5.2 Billion in 2025

New findings from CoinGecko show that stablecoin issuers dominated crypto revenue in 2025, emerging as the sector’s strongest earners. Tether led by a significant margin, bringing in an estimated $5.2 billion and contributing 41.9% of the total revenue generated by 168 crypto protocols analyzed in the report.

The figures highlight the growing importance of stablecoins in crypto’s economic framework. Within the top 10 revenue-generating protocols, only four stablecoin issuers accounted for 65.7% of earnings, roughly $8.3 billion, while the remaining six were platforms primarily driven by trading activity.

Compared to stablecoin issuers, revenues from trading-focused protocols showed much higher volatility. CoinGecko pointed to Phantom as a clear case in point. The wallet and trading platform saw revenue peak at $95.2 million in January 2025, boosted by intense activity during the Solana memecoin surge. However, as market enthusiasm cooled, Phantom’s monthly revenue dropped sharply to $8.6 million by December.

When blockchains are included alongside protocols, Tron would rank as the second-highest revenue generator overall. The network reportedly generated around $3.5 billion in 2025, largely driven by its position as the most widely used blockchain for USDT transactions. Low transaction costs and high processing capacity have made Tron a popular settlement network for stablecoin transfers, especially across emerging economies.

Taken together, the data points to a broader shift in crypto’s value creation. While trading platforms often experience short-lived revenue surges during bullish phases, stablecoin issuers benefit from steadier demand linked to payments, remittances, and onchain liquidity needs.

In summary, the report suggests that 2025 marked a turning point, with stablecoins—not speculative trading—serving as the foundation of crypto protocol revenue, and Tether firmly established as the industry’s leading revenue generator.

Voice Of Osiz

At Osiz, we see this trend as a strong validation of where real, long-term value is being built in the crypto ecosystem. The dominance of stablecoin issuers highlights a clear shift from speculative hype to utility-driven blockchain adoption. Revenue consistency driven by payments, remittances, and on-chain liquidity signals a more mature and sustainable crypto economy. While trading platforms remain important, their volatility reinforces the need for infrastructure that performs across market cycles. Networks enabling high-volume, low-cost stablecoin transactions are becoming the backbone of global digital finance. This evolution aligns with Osiz’s focus on building scalable, compliant, and future-ready blockchain solutions that power real-world use cases.

Source: Bitcoin.com