CoinGecko Research found that crypto revenue in 2025 was concentrated in a small group of protocols. Across the 168 protocols covered in the study, Tether generated about $5.2 billion in revenue, equal to 41.9% of the total. The data showed that stablecoin issuers and transaction-focused protocols were the two main forces behind industry revenue during the year.
Stablecoin issuers captured most of the top-tier revenue
Among the 10 highest-earning protocols in 2025, four stablecoin issuers accounted for 65.7% of revenue, with a combined total of roughly $8.3 billion. That figure put them well ahead of most other protocol categories and highlighted how central stablecoin businesses had become to the sector’s revenue base. The other six protocols in the top 10 were all tied to transaction activity, showing that market participation still drove a large share of earnings.
The performance pattern was not the same across both groups. Transaction protocols were strongest in the first quarter, then saw revenue fall as market direction changed. Stablecoin-related revenue moved on a steadier path through the year. That contrast stood out clearly in the annual data.
Tron rose to second place on USDT transfer demand
When blockchain networks were included in the revenue calculation, Tron ranked second in 2025 with about $3.5 billion in revenue. CoinGecko Research linked that result to Tron’s role as one of the main networks used for USDT transfers. Persistent stablecoin activity on the chain supported its revenue throughout the year.
This helps explain why networks tied closely to stablecoin flows showed a more consistent revenue profile. Protocols that rely mainly on bursts of trading demand can post strong returns in active periods, but their numbers can also reverse quickly when that activity fades. The gap between those models became more visible over the course of 2025.
Phantom illustrated the pressure on transaction-led models
One of the clearest examples in the dataset was Phantom. During the meme coin peak in January 2025, the protocol generated about $95.2 million in revenue. By December, after interest had cooled, that figure had dropped to roughly $8.6 million. The same transaction-volume model that can produce sharp upside in hot markets also carries weaker durability when trading demand slows.
The 2025 figures point to a revenue map that was far from evenly distributed. Stablecoin issuers, along with networks and protocols handling heavy USDT transfer flow, held the strongest positions, while transaction-led businesses remained much more exposed to market swings.