Stablecoins captured $8.3 billion of the $12.6 billion in protocol revenue tracked for 2025, according to CoinGecko Research. Tether (USDT) led all protocols with $5.2 billion in protocol revenue, representing 41.9% of the industry total. The stablecoin issuer reported $10 billion in net profit through September, with CEO Paolo Ardoino projecting $15 billion for the full year.
TRON (TRX) blockchain ranked second among protocols by revenue, though official annual figures were not disclosed. The network generated $1.2 billion in Q3 2025 alone, driven primarily by its role as the dominant settlement layer for USDT transactions. Stablecoin issuers dominated cryptocurrency protocol revenue in 2025, capturing 66% of fees across 168 tracked platforms.
Circle (USDC) maintained the second-largest protocol revenue stream among stablecoin issuers. The USDC issuer reported $206.4 million in monthly revenue during August, though the company posted net losses of $482 million in Q2 due to IPO-related charges. The sector generated approximately $30.3 billion in total user fees during 2025, with stablecoin issuers retaining the majority through their Treasury-backed business models.
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