Tether Posts Largest Crypto Revenue in 2025: $5.2B From Stablecoin Dominance

Core Insights - Tether emerged as the most profitable crypto entity in 2025, generating an estimated $5.2 billion in revenue, accounting for 41.9% of all stablecoin-related revenue [1][3] - Dollar-backed digital currencies have proven to be the most durable revenue engine in the crypto market despite fluctuating conditions [2] - Among over 168 crypto protocols tracked, stablecoin issuers collectively generated the highest revenue, with Tether leading the way [3] Revenue Generation - Tether and Circle produced 65.7% of total earnings among the top ten revenue-generating protocols, amounting to approximately $8.3 billion [4] - The remaining six protocols in the top ten were trading-focused platforms, indicating a significant divide between stable revenue streams and market-dependent income [4] Market Dynamics - The stablecoin market capitalization reached a record $311.0 billion, with a year-over-year increase of 48.9%, adding $102.1 billion as adoption accelerated [6] - Tether holds a 60.1% share of the total stablecoin market cap, approximately $187.0 billion, followed by Circle's USDC at 24.2% or $72.4 billion [6] Asset Value - Tether is now the world's third-largest digital asset by market value at $186.8 billion, reflecting a 50% increase from the previous year [7] - Shifts within the top five stablecoins indicate changing risk appetites, with Ethena's USDe experiencing a significant market cap decline of 57.3% [7]