Overview
- Tether generated about $5.2 billion in 2025 revenue, equal to 41.9% of all protocol income tracked by CoinGecko.
- Stablecoin market value reached a record $311.0 billion in 2025, rising 48.9% year over year.
- Four top issuers led by Tether and Circle produced roughly $8.3 billion, or 65.7% of total protocol earnings.
- Tron collected about $3.5 billion in blockchain revenue as USDT transactions concentrated on its network.
- Trading-focused platforms saw sharp swings tied to speculation and an October liquidation event, with Phantom’s revenue dropping steeply from early-year highs.