Tether, the issuer of the USDT stablecoin, reportedly generated a staggering $5.2 billion in revenue in 2025, according to a new report from CoinGecko Research. This figure, while not yet confirmed by primary sources, would account for 41.9% of the total revenue generated by 168 income-generating crypto protocols analyzed. The report highlights the overwhelming dominance of stablecoin issuers in the crypto economy, with Tether, TRON, Circle, and others collectively contributing 65.7% (approximately $8.3 billion) of the total revenue.
The analysis positions Tether firmly at the top of the revenue leaderboard, attributing its success to the massive adoption and utility of USDT for trading and transactions. "Tether's consistent revenue growth is a testament to its strategic planning and market adaptability, making it an unparalleled leader in the stablecoin domain," remarked a cryptocurrency market expert. The company's strategic treasury management, including Bitcoin holdings, is noted as an indirect contributor to its financial performance.
Following Tether, the TRON blockchain secured the second position with $3.5 billion in annual revenue, largely fueled by its role as a preferred network for USDT transactions. Circle, issuer of the USDC stablecoin, ranked third with $1.68 billion in revenue, supported by a 108% increase in USDC circulation throughout the year.
The list of top revenue-generating protocols also includes decentralized derivatives platform Hyperliquid in fourth place with $1.1 billion, and launchpad/trading platform Pump.fun in fifth with $526 million. Other notable performers mentioned are Ethena, Axiom Trade, Sky, PancakeSwap, Phantom, and Aerodrome.
