New data from Token Terminal shows that stablecoin issuers generated roughly $50 billion in revenue in 2025 by deploying stablecoins on Ethereum. A portion of this revenue comes from yields generated by the reserve assets backing the stablecoin supply. Ethereum remains the dominant on-ramp for major issuers, hosting the bulk of stablecoin issuance.
In 2025, the stablecoin supply on Ethereum expanded by about $500 billion, pushing totals beyond $1.8 trillion by year’s end. Issuers’ revenue rose accordingly, with quarterly revenue around $1.4 billion in Q4. The trend underscores Ethereum’s central role in stablecoin markets, linking on-chain liquidity and reserve-backed yields to issuer economics and expansion.
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