Stablecoin issuers generated approximately $5 billion in revenue on Ethereum throughout 2025, according to data from Token Terminal. The total supply of stablecoins on Ethereum surged by $50 billion, reaching over $180 billion by the end of the year. This growth in supply contributed to a significant increase in issuers' revenue, which hit $1.4 billion in the fourth quarter alone. The revenue boost is partly attributed to returns from reserve assets backing the stablecoins. Ethereum remains the primary platform for major stablecoin issuers, supporting the largest supply of these digital assets.