Stablecoins will capture $8.3 billion in protocol revenue in 2025

Source: Yellow Original Title: Stablecoins captured $8.3 billion in protocol revenue in 2025

Original Link: https://yellow.com/es/news/las-stablecoins-capturaron-83-mil-millones-de-dd-in-protocol-revenue-in-2025

Stablecoin issuers dominate 2025 crypto protocol revenue

Stablecoin issuers led the revenue for crypto protocols in 2025, accounting for 66% of fees across 168 tracked platforms.

Four major entities generated a total of $12.6 billion in revenue, with $8.3 billion according to data collected by CoinGecko Research.

Tether (USDT) leads all protocols with $5.2 billion in protocol revenue, representing 41.9% of the industry’s total revenue. The stablecoin issuer reported a net profit of $10 billion (as of September), with CEO Paolo Ardoino expecting the full year to reach $15 billion.

Blockchain TRON (TRX) ranks second in protocol revenue, although official annual data has not been disclosed. The network generated $1.2 billion in revenue in the third quarter alone, primarily driven by its role as the settlement layer for USDT trading.

Trading protocol revenue plummets

Trading protocol revenue showed high dependence on market conditions in 2025. Wallet Phantom generated $95.2 million in January, during a peak in Solana (SOL) meme coin speculation, but by December, revenue dropped to $8.6 million, a 91% decline.

Pump.fun (PUMP), a Solana-based token launch platform, experienced similar volatility. The platform saw a 79% month-over-month revenue increase in August but remains vulnerable to fluctuations in speculative trading activity.

Overall, only six of the top ten revenue-generating protocols are trading protocols.

Circle (USDC) remains the second-largest protocol revenue source among stablecoin issuers. USDC issuer reported $206.4 million in monthly revenue in August, despite recording a net loss of $482 million in Q2 due to listing-related expenses.

Revenue concentration and interest rate dependence

The concentration of protocol revenue among stablecoin issuers reflects the structural advantage of interest income from US Treasury-backed reserves.

Tether holds approximately $135 billion in U.S. Treasuries, generating returns during most of 2025 when the Federal Reserve maintained high interest rates.

Industry analysts identify the financial spread on stablecoin reserves as the primary driver of revenue, though this model faces potential downward pressure from rate cuts. The industry generated about $30.3 billion in total user fees in 2025, with stablecoin issuers retaining most of the revenue due to their reserve-backed model.

Perpetual futures decentralized exchanges account for 7%-8% of industry revenue, led by Hyperliquid (HYPE) with $104.3 million in August. Traditional DeFi protocols, including lending platforms and decentralized exchanges, account for a much smaller share of revenue.