In the cryptocurrency industry, 2025 witnessed a clear concentration of power in terms of income distribution. Data compiled by CoinGecko Research revealed that a significant portion of the revenue generated across the industry is collected by a limited number of protocols. In particular, stablecoin issuers and transaction-oriented protocols were among the main carriers of total revenue generated throughout the year. The data showed that revenue leadership was concentrated in certain actors, despite fluctuations in market conditions.
Tether’s Revenue Leadership and Stablecoin Domination
Tether was the structure that generated the highest income among crypto protocols throughout 2025. According to CoinGecko Research data, Tether generated approximately $5.2 billion in revenue throughout the year, accounting for 41.9 percent of the total revenue among the 168 protocols examined. This performance has placed stablecoin issuers at the center of industry revenues.
When the top 10 protocols that generated the most revenue during the year were examined, it was seen that four stablecoin issuers accounted for 65.7 percent of the total revenue. These four actors surpassed all other protocols with revenues of approximately $8.3 billion. The fact that all six protocols in the remaining top 10 consist of transaction-oriented structures confirmed the decisive role of market mobility in income generation.
Chart data showed that trading protocols performed strongly, especially in the first quarter of the year, but there was a significant decline in revenues as the market changed direction. It was noted that stablecoin revenues followed a more stable course.
The Rise of Tron and the Fragility of Transaction Protocols
In the CoinGecko Research evaluation, it was stated that when blockchain networks are included in the revenue calculation, Tron ranks second with approximately $3.5 billion in revenue in 2025. The basis for Tron’s high revenue generation is that it has become one of the preferred main networks for USDT transactions. Heavy stablecoin transfers on the network have steadily supported Tron’s revenues.
Data showed that the income structure based on transaction protocols is extremely sensitive to market conditions. For example, at the peak of meme coin activity at the beginning of the year, Phantom generated approximately $95.2 million in revenue in January. However, as interest decreased towards the end of the year, the revenue of the same protocol in December decreased to 8.6 million dollars.
This table showed that although models dependent on transaction volume have high return potential, they present a fragile structure in terms of sustainability. It was clearly seen with the 2025 data that networks focused on stablecoin-focused revenues and USDT transfers created a more balanced revenue profile.
