🚨Tether $USDT led crypto protocol revenue in 2025 with around $5.2B, making up 41.9% of total revenue throughout 168 protocols.

⚪️Stablecoin issuers dominated

⚪️Four entities contributed 65.7%, around $8.3B

⚪️The remaining were trading protocols

⚪️Tron $TRX comes second at ~$3.5B, due to its role as a large USDT transaction network.