Tether tops crypto protocol revenue rankings in 2025

#Tether generated about $5.2 billion in protocol revenue in 2025, representing 41.9% of total revenue across 168 crypto protocols. 

Stablecoin issuers accounted for roughly 65.7% of combined revenue, or around $8.3 billion, with trading-focused protocols making up most of the remainder. Tron ranked second with approximately $3.5 billion, largely due to its role as a key network for #USDT transactions.