According to CoinGecko Research, Tether leads the revenue of cryptocurrency protocols in 2025, reaching approximately $5.2 billion, accounting for 41.9% of the total revenue of 168 protocols surveyed. Data shows that stablecoin issuers dominate: the top four entities contribute a total of 65.7% of the overall market revenue, equivalent to about $8.3 billion. The remaining revenue mainly comes from trading protocols, reflecting the growing role of liquidity infrastructure and order matching.
Ranked second is Tron with an estimated revenue of around $3.5 billion. This result is primarily driven by Tron’s position as the largest USDT transaction processing network, where stablecoins are widely used for remittances, payments, and cross-border trading. The report emphasizes the revenue trend focusing on stablecoins and networks supporting high-volume transactions.
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