How do stablecoins make money? Do they give all the gas fees to the stablecoin issuers?

The revenue of stablecoin issuers on the Ethereum chain has skyrocketed: By 2025, it has reached approximately 5 billion USD.

Token Terminal released data on platform X: In 2025, stablecoin issuers have earned about 5 billion USD by deploying stablecoins on Ethereum. Part of this revenue comes from the earnings generated by reserve assets that support the supply of stablecoins. Ethereum has always been the largest supply carrier for most major stablecoin issuers. The supply of stablecoins on Ethereum increased by about 50 billion USD throughout 2025, with a total scale exceeding 180 billion USD by the fourth quarter. The revenue of issuers also grew, reaching approximately 1.4 billion USD in quarterly revenue in the fourth quarter. $ETH

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