Tether led crypto protocol income in 2025 with roughly $5.2 billion, accounting for 41.9% of complete income throughout 168 revenue-generating protocols, in response to CoinGecko Analysis.
Abstract
- Tether led all crypto protocols in 2025 with $5.2B, or 41.9% of complete income.
- 4 stablecoin issuers generated practically $8.3B, dominating protocol earnings.
- Buying and selling platform income proved risky, whereas stablecoins stayed resilient.
Stablecoin issuers dominated the rankings, with simply 4 entities producing 65.7% or roughly $8.3 billion of complete protocol income.
Tron ranked second amongst blockchains with roughly $3.5 billion in income, pushed by its function as the popular community for USDT transactions.
The remaining six protocols within the high 10 had been buying and selling platforms, whose income proved extremely depending on market circumstances.
The information comes from CoinGecko’s 2025 Annual Crypto Trade Report monitoring the crypto market’s first annual downturn since 2022.
Buying and selling protocol income fluctuates with market cycles
Buying and selling protocols skilled excessive volatility tied to market sentiment and meme coin hypothesis.
Phantom generated $35.2 million in income throughout January on the peak of the Solana meme coin frenzy. Income collapsed to $8.5 million by December as curiosity in meme cash dried up.
The sample repeated throughout buying and selling platforms. Income carried out effectively in Q1 however fell sharply when markets turned bearish following October’s historic $19 billion liquidation occasion.
Month-to-month protocol income fluctuated between roughly $3 billion and $3.5 billion all through most of 2025.
Stablecoin market capitalization surged 48.9% yearly, including $102.1 billion to succeed in a document $311.0 billion. The expansion offered regular income streams for issuers no matter risky crypto asset costs.
PayPal’s PYUSD emerged because the fifth-largest stablecoin, surging 48.4% to succeed in $3.6 billion market cap via YouTube creator payouts and 4.25% yield by way of Spark Financial savings Vault.
Tron captures USDT transaction community results
Tron’s $3.5 billion in blockchain income stems from excessive community utilization as the popular chain for USDT transactions.
Circle, Ethena, and MoonTrade joined Tether among the many high 4 stablecoin issuers producing mixed income of $8.3 billion.
Whole crypto market capitalization ended 2025 at $3.0 trillion, down 10.4% year-over-year within the first annual decline since 2022.
Regardless of worth contraction, common each day buying and selling volumes hit a yearly excessive of $161.8 billion in This autumn, pushed by October’s liquidation occasion and subsequent volatility.
Digital Asset Treasury Corporations deployed at the least $49.7 billion in 2025 to accumulate over 5% of complete BTC and ETH provide.
Nonetheless, This autumn deployment slowed to $5.8 billion as falling crypto costs dragged down DATCo share costs, forcing buybacks fairly than continued accumulation.
