🚨 Stablecoins Quietly Dominated Crypto in 2025

Stablecoin issuers captured 66% of all crypto protocol revenue in 2025, pulling in $8.3B of $12.6B across 168 platforms.

• Tether (USDT) led the entire industry with $5.2B in revenue (41.9% share), powered by Treasury yields

• TRON ranked 2nd, driven by USDT payments, generating $1.2B in Q3 alone

• Circle (USDC) remained #2 among issuers despite IPO-related losses

Meanwhile, trading protocols saw sharp revenue volatility, tied closely to speculative cycles. Wallets, meme platforms, and DEXs underperformed as hype cooled.

📉 Key insight:

Stablecoin revenue is interest-rate driven, not trading-volume driven. As long as rates stay high, issuers win — but future cuts could pressure this model.

#stablecoin #USDT #USDC #CryptoRevenue #defi

TRX

0.2974

+0.43%

USDC

1.0012

-0.02%