Tether dominated the 2025 crypto protocol revenue landscape, generating approximately $5.2 billion, according to CoinGecko Research. This accounted for 41.9% of the total revenue from 168 income-generating protocols, establishing Tether as the primary revenue driver for the year. Stablecoin issuers were prominent among the top ten revenue-generating protocols, with four stablecoin-related entities contributing 65.7% (around $8.3 billion) of the total revenue. The remaining revenue was primarily from trading protocols. The report highlighted that trading protocol revenues were highly dependent on market conditions, showing strong performance during the active first quarter but declining as market activity weakened. Including public blockchains, Tron ranked second with approximately $3.5 billion in revenue, benefiting from its high usage as the preferred network for USDT transactions.