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Tether tops crypto protocol revenue rankings in 2025 as stablecoins dominate
Source: Cryptonews Original Title: Tether tops crypto protocol revenue rankings in 2025 as stablecoins dominate Original Link:
Protocol Revenue Overview
Stablecoin issuers dominated the crypto protocol revenue rankings in 2025, with just four entities generating 65.7% or roughly $8.3 billion of total protocol revenue across 168 revenue-generating protocols.
Tether led all crypto protocols with $5.2 billion in revenue, accounting for 41.9% of total protocol earnings. Tron ranked second among blockchains with approximately $3.5 billion in revenue, driven by its role as the preferred network for USDT transactions.
Stablecoin market capitalization surged 48.9% annually, adding $102.1 billion to reach a record $311.0 billion. This growth provided steady revenue streams for issuers regardless of volatile crypto asset prices. PayPal’s PYUSD emerged as the fifth-largest stablecoin, surging 48.4% to reach $3.6 billion market cap through creator payouts and yield offerings.
Trading Platform Volatility
Trading protocols experienced extreme volatility tied to market sentiment and meme coin speculation. Revenue performed well in Q1 but fell sharply when markets turned bearish following October’s historic $19 billion liquidation event. Monthly protocol revenue fluctuated between approximately $3 billion and $3.5 billion throughout most of 2025.
The remaining protocols in the top 10 were trading platforms, whose revenue proved highly dependent on market conditions.
Market Performance
Total crypto market capitalization ended 2025 at $3.0 trillion, down 10.4% year-over-year in the first annual decline since 2022. Despite price contraction, average daily trading volumes hit a yearly high of $161.8 billion in Q4, driven by October’s liquidation event and subsequent volatility.
Digital Asset Treasury Companies deployed at least $49.7 billion in 2025 to acquire over 5% of total BTC and ETH supply. However, Q4 deployment slowed to $5.8 billion as falling crypto prices dragged down share prices, forcing buybacks rather than continued accumulation.