Tether stablecoin USDT is expected to generate $5.2 billion in revenue by 2025, accounting for 41.9% of all stablecoin-related revenue, surpassing competitors such as Circle, Hyperliquid, Pump.fun, Ethena, Axiom, Phantom, and PancakeSwap. Among the top ten protocols by revenue, the top four entities alone generated 65.7% of the total revenue, amounting to approximately $8.3 billion. In terms of stablecoin market capitalization, Tether remains in the lead, accounting for 60.1% of the total stablecoin market cap, approximately $187 billion, followed by Circle’s USDC, which accounts for 24.2%, equivalent to $72.4 billion.
Tether’s stablecoin USDT is expected to generate $5.2 billion in revenue by 2025, accounting for 41.9% of all stablecoin-related revenue, surpassing competitors such as Circle, Hyperliquid, Pump.fun, Ethena, Axiom, Phantom, and PancakeSwap. Among the top ten protocols by revenue, the top four entities alone generated 65.7% of the total revenue, amounting to approximately $8.3 billion. In terms of stablecoin market capitalization, Tether remains in the lead, accounting for 60.1% of the total stablecoin market cap, approximately $187 billion, followed by Circle’s USDC, which accounts for 24.2%, equivalent to $72.4 billion.
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