Tether tops crypto protocol revenue rankings in 2025 as stablecoins dominate

Tether led crypto protocol revenue in 2025 with approximately $5.2 billion, accounting for 41.9% of total revenue across 168 revenue-generating protocols, according to CoinGecko Research. Stablecoin issuers dominated the rankings, with just four entities generating 65.7% or roughly $8.3 billion…