Tether, the crypto world’s equivalent of a steady boyfriend who still lives with his mom, dominated protocol revenue in 2025 with a cool $5.2B. Because who needs wild market swings when you can just be the boring one everyone relies on?
In a shocking turn of events, Tether emerged as the crypto industry’s top earner in 2025. Turns out, stablecoins are like the reliable friend who always picks up the check-consistent, predictable, and slightly dull. Meanwhile, trading platforms were out here acting like that one cousin who spends all their money on fidget spinners and then cries about being broke.
Stablecoins: The Unlikely Heroes of Crypto Revenue
According to CoinGecko Research, Tether raked in $5.2B in protocol revenue, which is 41.9% of the total revenue from 168 crypto protocols. That’s right, Tether is basically the Oprah of crypto: “You get a stablecoin! And you get a stablecoin! Everybody gets a stablecoin!”
INSIGHT: Stablecoins generated $5.2B in revenue in 2025, accounting for 41.9% of total protocol revenue.
– CoinGecko (@coingecko)
So, Tether basically became the crypto prom queen, crowned by default because everyone else was too busy drama-dumping about market volatility. Its success? Blame it on the fact that people like their crypto as stable as a middle-aged man’s weekend plans.
Related Reading: Iran Builds $507M USDT Reserve to Support Rial
Stablecoin issuers, as a group, outperformed like they were the only ones who studied for the final exam. Four entities alone brought in 65.7% of total revenue, or $8.3B. Meanwhile, trading platforms were over here tripping over their own volatility like they’re wearing heels on a cobblestone street.
The rest of the top 10 were trading platforms, which, let’s be honest, are about as stable as a Jenga tower after a few glasses of wine. Their revenue? More up and down than a rollercoaster designed by a sadist.
CoinGecko Research noted that protocol revenue was as unpredictable as a toddler’s mood swings. January saw $3.3B, but by April, it dropped to $2.9B because, you know, markets decided to have an existential crisis. Then, like a summer fling, revenue rebounded to $3.5B in August, only to plummet again by October. Drama, drama, drama.
Trading-focused protocols were the ultimate drama queens of 2025. Their revenue spikes were tied to speculative cycles, which is just a fancy way of saying they were chasing trends like a dog chasing its tail.
Trading Protocols: The Emotional Teenagers of Crypto
Take Phantom, for example. In January, it was raking in $95.2M during the Solana memecoin craze. By December? Down to $8.6M. That’s the crypto equivalent of a New Year’s resolution to go to the gym every day-starts strong, ends in tears.
Other platforms like Circle, Hyperliquid, and PancakeSwap had their moments of glory, but let’s be real, they were just riding the wave of speculation. Stablecoins, on the other hand, were the adults in the room, sipping their tea and collecting their fees.
Tron, the unsung hero of blockchain, came in second with $3.5B in revenue, mostly thanks to its role in USDT transactions. Because apparently, everyone still loves using Tron for USDT transfers, even though it’s like using a flip phone in 2025-nostalgic but kind of confusing.
In the end, 2025 taught us one thing: stablecoins are the reliable ex you keep coming back to, while trading protocols are the fling that leaves you with nothing but a hangover and a bad story to tell. As the market continues to throw tantrums, stablecoins will be there, steady as ever, reminding us that sometimes boring is better.
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2026-01-25 21:44