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New research shows stablecoin issuers, led by Tether, generated the majority of crypto protocol revenue in 2025, highlighting a shift away from trading-driven income toward payment and settlement infrastructure. 

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.css-1iqe90x{box-sizing:border-box;margin:0;min-width:0;color:#EAECEF;}New research shows stablecoin issuers, led by Tether, generated the majority of crypto protocol revenue in 2025, highlighting a shift away from trading-driven income toward payment and settlement infrastructure.

New research shows stablecoin issuers, led by Tether, generated the majority of crypto protocol revenue in 2025, highlighting a shift away from trading-driven income toward payment and settlement infrastructure.