Stablecoin issuers dominated the revenues of cryptocurrency protocols in 2025, capturing 66% of the fees across 168 tracked platforms.
Four entities generated $8.3 billion out of a total of $12.6 billion, according to data compiled by CoinGecko Research.
Tether (USDT) led all protocols with $5.2 billion in protocol revenue, accounting for 41.9% of the total sector. The stablecoin issuer reported $10 billion in net profit as of September, with CEO Paolo Ardoino forecasting $15 billion for the entire year.
The TRON (TRX) blockchain ranked second among protocols by revenue, although official annual figures have not been released. The network generated $1.2 billion in the third quarter of 2025, mainly due to its role as the dominant settlement layer for USDT transactions.
The collapse of trading protocol revenues
The revenues of trading protocols proved to be highly dependent on market conditions throughout 2025. The Phantom portfolio generated $95.2 million in January, at the peak of speculation on Solana meme coins (SOL), but saw its revenues drop to $8.6 million in December, a decrease of 91%.
Pump.fun (PUMP), the token launch platform based on Solana, experienced similar volatility. The platform recorded a 79% month-over-month revenue growth in August but remained vulnerable to shifts in speculative trading activity.
Trading protocols collectively accounted for only six of the top ten revenue-generating protocols.
Circle (USDC) retained the second revenue flow from protocols among stablecoin issuers. The USDC issuer reported $206.4 million in monthly revenues in August, although the company recorded a net loss of $482 million in the second quarter due to charges related to its IPO.
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Concentration and dependence on interest rates
The concentration of protocol revenues among stablecoin issuers reflects structural advantages related to interest income on reserves backed by Treasury bills.
Tether holds about $135 billion in U.S. Treasury bills, generating returns as the Federal Reserve maintained high interest rates for most of 2025.
Industry analysts have identified margin income on stablecoin reserves as the primary revenue driver, although this model is under pressure due to potential rate decreases. The sector generated about $30.3 billion in fees paid by users in 2025, with stablecoin issuers retaining the majority due to their business models backed by Treasury bills.
Decentralized exchanges for perpetual contracts captured 7 to 8% of sector revenues, led by the $104.3 million from Hyperliquid (HYPE) in August. Traditional DeFi protocols, including lending platforms and decentralized exchanges, generated significantly lower revenue shares.
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