According to CoinGecko Research, Tether led crypto protocol revenue in 2025 with about $5.2B, accounting for 41.9% of total revenue across 168 protocols. Stablecoin issuers dominated, with four entities contributing 65.7% (~$8.3B), while the rest were mainly trading protocols.

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According to CoinGecko Research, Tether led crypto protocol revenue in 2025 with about .2B, accounting for 41.9% of total revenue across 168 protocols. Stablecoin issuers dominated, with four entities contributing 65.7% (~.3B), while the rest were mainly trading protocols.






According to CoinGecko Research, Tether led crypto protocol revenue in 2025 with about $5.2B, accounting for 41.9% of total revenue across 168 protocols. Stablecoin issuers dominated, with four entities contributing 65.7% (~$8.3B), while the rest were mainly trading protocols.













According to CoinGecko Research, Tether led crypto protocol revenue in 2025 with about $5.2B, accounting for 41.9% of total revenue across 168 protocols. Stablecoin issuers dominated, with four entities contributing 65.7% (~$8.3B), while the rest were mainly trading protocols.





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