Stablecoins have quietly evolved into the sector’s dominant revenue engine, driven by their scale, ubiquity, and control over on-chain settlement. Tether’s USDT generated over $10 billion in profit in 2025. Stablecoin issuers have evolved into large-scale revenue generators, with Ethereum serving as the dominant settlement layer, anchoring that growth. In 2025 alone, issuers generated roughly $5 billion in revenue tied to Ethereum-based supply.
Quarterly revenue expanded from near $1.2 billion early in the year to about $1.4 billion by Q4. Stablecoin supply on Ethereum grew by nearly $50 billion, surpassing $160 billion. As reserves expanded, yield-based income scaled predictably. This dynamic reinforces Ethereum’s financial gravity, deepens liquidity, and strengthens its role as core on-chain monetary infrastructure.
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