STABLECOIN ISSUERS ARE DOMINATING CRYPTO REVENUE!
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Stablecoin issuers are crushing it in 2025, grabbing 66% of fees from 168 platforms. Tether generated a massive $5.2 billion in protocol revenue, 41.9% of the total. They're on track for $15 billion profit this year. TRON is a close second, raking in $1.2 billion in Q3 alone. Trading protocols are volatile. Phantom wallet saw revenue drop 91% in December. Pump.fun is also seeing wild swings. Only 6 trading protocols made the top 10 revenue earners. Circle is the second-largest revenue source among stablecoin issuers. This concentration is due to interest income from Treasury reserves. Tether holds $135 billion in Treasuries, profiting from high interest rates. Analysts warn rate cuts could pressure this model. Decentralized perpetual exchanges are also doing well, with Hyperliquid leading.
DISCLAIMER: This is not financial advice.
