Tether cemented its dominance in 2025, emerging as the highest-earning crypto protocol with an estimated $5.2 billion in revenue, according to new findings from CoinGecko Research.
The stablecoin issuer accounted for 41.9% of revenue generated across 168 protocols, highlighting the expanding influence of stablecoins within the digital asset ecosystem.
Stablecoins Command the Revenue Landscape
CoinGecko’s annual industry report shows a remarkable concentration of earnings: just four stablecoin issuers (Tether, Circle, Ethena, and MoonTrade) captured 65.7% of all protocol revenue, totaling roughly $8.3 billion.
While the broader crypto market wrestled with volatility and its first year-over-year decline since 2022, stablecoins proved notably resilient. Their predictable fee structures and surging market capitalization helped insulate issuers from the turbulence that battered other sectors.
By year-end, the stablecoin market grew 48.9%, adding $102.1 billion to reach an all-time high of $311 billion. PayPal’s PYUSD was among the standout performers, climbing to a $3.6 billion valuation on the back of YouTube creator payouts and competitive 4.25% yields through the Spark Savings Vault.
Tron Benefits from USDT Network Effects
Tron continued to leverage its position as the leading chain for USDT transfers, securing the second-largest protocol revenue base with approximately $3.5 billion. The network’s popularity for low-fee settlement and stablecoin transactions was the primary driver of its performance, reinforcing its status as a cornerstone of stablecoin infrastructure.
Trading Platforms Suffer from Market Cycles
Beyond stablecoins, trading protocols filled out the rest of the top 10, but their revenue streams proved far less stable.
Platforms tied closely to trading sentiment saw dramatic swings echoing the broader market mood, especially during periods of meme-coin speculation.
Phantom, a Solana-based trading service, is a prime example. It recorded a peak of $35.2 million in revenue in January amid the Solana meme-coin boom, only to tumble to $8.5 million by December as the hype faded.
A similar pattern rippled across the sector. Most trading platforms performed strongly through Q1 before faltering in the second half of the year, particularly after October’s unprecedented $19 billion liquidation event sent markets sharply lower.
Monthly protocol revenue across the industry hovered between $3 billion and $3.5 billion throughout the year, reflecting alternating cycles of optimism and sell-offs.
A Market Under Pressure
Despite a booming stablecoin segment, the overall crypto market closed 2025 with a 10.4% annual decline, settling at a total capitalization of $3 trillion. Still, the year delivered moments of intense activity: average daily trading volumes spiked to $161.8 billion in Q4, buoyed by post-liquidation volatility.
Meanwhile, Digital Asset Treasury Companies (DATCos) continued their aggressive accumulation strategies, deploying at least $49.7 billion to acquire over 5% of the combined Bitcoin and Ethereum supply in 2025. But momentum stalled late in the year, with Q4 spending falling to $5.8 billion as declining crypto prices pressured DATCo share valuations and prompted buybacks.
A Reshaped Landscape
CoinGecko’s data paints a clear picture: 2025 was the year stablecoins solidified their role as the crypto sector’s most reliable revenue engine.
As trading platforms battled the ebb and flow of market emotion, the steady expansion of dollar-pegged assets propelled their issuers to the top of the revenue leaderboard.
