Rich by Coin

Tether has become the most profitable entity in the crypto industry in 2025, posting an estimated $5.2 billion in revenue as stablecoins overtook all other crypto sectors in earnings, driven by USDT’s global dominance. According to CoinGecko’s latest annual crypto industry report, Tether alone accounted for 41.9% of all stablecoin-related revenue during the year. Out of more than 168 crypto protocols tracked in 2025, stablecoin issuers collectively generated the highest revenue, underscoring their growing role as foundational infrastructure for the digital asset ecosystem. Within the top ten revenue-generating crypto protocols, just four entities—led by Tether and Circle—produced 65.7% of total earnings, amounting to roughly $8.3 billion.

The broader stablecoin market also expanded significantly in 2025. Total market capitalization rose by $6.3 billion in the fourth quarter alone, reaching a record $311.0 billion. On a year-over-year basis, the sector grew 48.9%, adding $102.1 billion as adoption accelerated across regions and use cases. Tether maintained a commanding lead, holding 60.1% of the total stablecoin market, equivalent to approximately $187.0 billion.

Circle’s USDC followed with a 24.2% share, or $72.4 billion. As a result, USDT has become the world’s third-largest digital asset by market value, standing at around $186.8 billion—nearly 50% higher than a year earlier. Ethena’s USDe experienced the steepest decline, with its market capitalization falling 57.3%, or $6.5 billion, after a mid-October depegging event on Binance raised concerns around high-yield looping strategies. PayPal’s PYUSD surged 48.4%, adding $1.2 billion to reach $3.6 billion in market value and briefly securing the fifth position before being overtaken by World Liberty Financial’s USD1.

Ripple’s RLUSD expanded 61.8%, adding $488.2 million, while USDD climbed 76.9% with a $366.8 million increase. Looking ahead, analysts see even greater potential for Tether. Bitwise Chief Investment Officer Matt Hougan recently suggested that Tether could one day become the world’s most profitable company if current trends persist. He pointed to USDT’s near-total dominance in emerging markets, where users increasingly rely on stablecoins over local currencies.