Tether tops crypto revenue charts in 2025 with $5.2 billion from stablecoin dominance

Tether has become the most profitable entity in the crypto industry in 2025, posting an estimated $5.2 billion in revenue as stablecoins overtook all other crypto sectors in earnings, driven by USDT’s global dominance.

Tether has claimed the title of the most profitable crypto company in 2025, generating an estimated $5.2 billion in revenue as stablecoins solidified their position as the industry’s most reliable income engine. The milestone reflects a broader shift in crypto economics, where dollar-backed digital currencies are outperforming trading-focused protocols amid fluctuating market conditions.

According to CoinGecko’s latest annual crypto industry report, Tether alone accounted for 41.9% of all stablecoin-related revenue during the year. This placed the issuer of USDT well ahead of competitors such as Circle, Hyperliquid, Pump.fun, Ethena, Axiom, Phantom, and PancakeSwap.

Out of more than 168 crypto protocols tracked in 2025, stablecoin issuers collectively generated the highest revenue, underscoring their growing role as foundational infrastructure for the digital asset ecosystem. Tether stood at the center of this trend, benefiting from USDT’s widespread use as the primary settlement and liquidity asset across exchanges and emerging markets.

Within the top ten revenue-generating crypto protocols, just four entities—led by Tether and Circle—produced 65.7% of total earnings, amounting to roughly $8.3 billion. The remaining six protocols in the top ten were primarily trading platforms, highlighting a clear divide between stable, interest-driven revenue models and income tied to market speculation.

This contrast became evident as trading revenues fluctuated sharply throughout the year. Phantom, for instance, recorded $95.2 million in revenue in January during the peak of the Solana meme-coin frenzy. By December, as speculative activity cooled, its monthly earnings had dropped to $8.6 million.

The broader stablecoin market also expanded significantly in 2025. Total market capitalization rose by $6.3 billion in the fourth quarter alone, reaching a record $311.0 billion. On a year-over-year basis, the sector grew 48.9%, adding $102.1 billion as adoption accelerated across regions and use cases.

Tether maintained a commanding lead, holding 60.1% of the total stablecoin market, equivalent to approximately $187.0 billion. Circle’s USDC followed with a 24.2% share, or $72.4 billion. As a result, USDT has become the world’s third-largest digital asset by market value, standing at around $186.8 billion—nearly 50% higher than a year earlier.

While the top issuers strengthened their positions, shifts within the top five stablecoins reflected changing investor risk appetites. Ethena’s USDe experienced the steepest decline, with its market capitalization falling 57.3%, or $6.5 billion, after a mid-October depegging event on Binance raised concerns around high-yield looping strategies.

Other stablecoins recorded mixed but notable growth. PayPal’s PYUSD surged 48.4%, adding $1.2 billion to reach $3.6 billion in market value and briefly securing the fifth position before being overtaken by World Liberty Financial’s USD1. Ripple’s RLUSD expanded 61.8%, adding $488.2 million, while USDD climbed 76.9% with a $366.8 million increase.

Looking ahead, analysts see even greater potential for Tether. Bitwise Chief Investment Officer Matt Hougan recently suggested that Tether could one day become the world’s most profitable company if current trends persist. He pointed to USDT’s near-total dominance in emerging markets, where users increasingly rely on stablecoins over local currencies.

Based on projected interest income, estimates suggest that custody of $3 trillion in assets could generate annual revenue exceeding the $120 billion earned by Saudi Aramco last year. If adoption continues at its current pace, Tether’s trajectory could reshape not only the crypto industry but also the global financial landscape.