Tether dominated the 2025 crypto protocol revenue landscape, generating approximately $5.2 billion, according to CoinGecko Research. This accounted for 41.9% of the total revenue from 168 income-generating protocols, establishing Tether as the primary revenue driver for the year.
Stablecoin issuers were prominent among the top ten revenue-generating protocols, with four stablecoin-related entities contributing 65.7% (around $8.3 billion) of the total revenue. The remaining revenue was primarily from trading protocols. Including public blockchains, Tron ranked second with approximately $3.5 billion in revenue, benefiting from its high usage as the preferred network for USDT transactions. These dynamics underscore how market activity shapes protocol earnings, with stablecoins and high-usage networks driving a large share of revenue even as trading activity fluctuates.
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