Tether led crypto protocol revenue in 2025 with approximately $5.2 billion, accounting for 41.9% of total revenue across 168 revenue-generating protocols, according to CoinGecko Research.
Summary
- Tether led all crypto protocols in 2025 with $5.2B, or 41.9% of total revenue.
- Four stablecoin issuers generated nearly $8.3B, dominating protocol earnings.
- Trading platform revenue proved volatile, while stablecoins stayed resilient.
Stablecoin issuers dominated the rankings, with just four entities generating 65.7% or roughly $8.3 billion of total protocol revenue.
Tron ranked second among blockchains with approximately $3.5 billion in revenue, driven by its role as…
