Tether emerged as the top revenue generator in the cryptocurrency sector for 2025, amassing approximately $5.2 billion, according to new research from Coingecko. This accounted for 41.9% of the total revenue across 168 crypto protocols, underscoring the dominance of stablecoins in the industry. The report highlights a shift from trading-driven income to payment and settlement infrastructure as the primary revenue source. Stablecoin issuers collectively generated 65.7% of the revenue among the top 10 protocols, with Tether leading the charge. In contrast, trading platforms experienced more volatile revenue, as exemplified by Phantom, which saw its earnings drop from $95.2 million in January to $8.6 million by December 2025. Tron also ranked high in revenue generation, producing an estimated $3.5 billion, largely due to its role in USDT transfers. The findings suggest a growing reliance on stablecoins for consistent revenue, driven by their use in payments, remittances, and on-chain liquidity, marking a significant shift in the crypto industry's business model.