Stablecoin issuers generated approximately $5 billion in revenue in 2025 by operating on the Ethereum network, according to data from Token Terminal. This milestone underscores Ethereum's dominant role as the primary infrastructure for the stablecoin economy, driven by its smart contract capabilities, security, and established developer ecosystem.
The revenue was primarily derived from transaction fees, interest earned on reserves, and protocol integrations. The combination of high transaction volumes, increased adoption in emerging markets, and rising on-chain financial activity contributed to this substantial figure. Major stablecoins like USDT and USDC continue to rely on Ethereum as their foundational layer.
In a parallel development, the decentralized finance (DeFi) sector witnessed a significant innovation surge, with 88 new yield-bearing stablecoins launched in 2025, as reported by Stablewatch. These new assets integrate yield-generating mechanisms—such as rebasing, staking, or protocol revenue sharing—directly into their token design. This allows holders to earn passive income without needing to engage with complex external DeFi protocols.
This trend marks a strategic shift for stablecoins, evolving from simple safe-haven assets and trading instruments into active yield-generating vehicles. The growth reflects rising demand from both retail and institutional investors seeking low-risk entry points into DeFi with predictable returns and price stability.
Analysts view these developments as evidence of stablecoins' foundational and growing role in bridging traditional finance with blockchain technology. Ethereum's position is further solidified as the leading network for this critical sector of the crypto economy.
