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]

Core Insights - Ethena's price increased by 8% to $0.44 on October 17, standing out in a declining crypto market where Bitcoin and Ethereum faced significant drops [1] - The rise in Ethena's price follows a recovery from a de-peg event of its stablecoin USDe, which had previously dropped to $0.65 during a $19 billion liquidation event [2][3] - Ethena's market capitalization is currently at $3.14 billion, placing it among the top 50 cryptocurrencies by valuation [6] Market Context - The broader crypto market experienced a crash, with Bitcoin and Ethereum briefly losing key support levels of $104,000 and $3,700 respectively [1] - A significant liquidation event on October 10 led to a 50% drop in ENA price from $0.56 to $0.34 [2] - Despite the market turmoil, USDe managed to maintain its peg during subsequent $1.2 billion liquidations [4] Company Developments - Ethena announced an expansion of its Stablecoin-as-a-Service (SaaS) product suite to Conduit, enabling projects to launch their own stablecoins [5] - Conduit supports 55% of Ethereum's active rollups and manages over $4 billion in total value locked across various applications [6] - Trading volume for Ethena surged by 60.5% to $627.9 million, indicating renewed interest from large investors as concerns over USDe's de-peg eased [6]

Core Insights - Tether has increased its bitcoin reserves by approximately $1 billion, bringing total holdings to $9.7 billion as the supply of its USDT stablecoin approaches $175 billion [1][5]. Group 1: Bitcoin Reserves - Tether's address labeled "Tether: Bitcoin Reserves" received 8,889 BTC from a Bitfinex wallet, with current holdings valued at $9.7 billion based on a price of about $113,000 per BTC [2]. - Tether has a history of accumulating bitcoin at the end of quarters, with similar transactions noted in March, December, and September of the previous year [3]. - As of the end of June, Tether reported $8.9 billion in BTC reserves, with an updated report expected in late October [4]. Group 2: USDT Supply and Market Position - The supply of Tether's USDT token has increased to $174.6 billion, reflecting a 10.7% growth over the last quarter, maintaining its dominance in the stablecoin market [5]. - Tether has expanded its operations into the U.S. market by establishing a local branch and developing a new stablecoin, USAT, under federal regulatory guidelines [5].