Stablecoin issuers generate nearly $5B on Ethereum in 2025

Token Terminal data revealed that stablecoin issuers raked in approximately $5 billion in revenue from deployments on Ethereum in 2025. The report noted that financial product issuers are leveraging Ethereum to expand distribution, reduce costs, and reach a broader range of investors.

The Token Terminal report further noted that financial product issuers were also leveraging Ethereum to offer more transparent, more liquid, and more composable products at a lower cost. These benefits offer stablecoins a significant advantage over traditional off-chain financial products.

The report also noted that stablecoin issuers generate revenue primarily from the yield they earn on their collateral assets. The revenue assigned to Ethereum is based on a pro rata calculation, meaning if 70% of an issuer’s stablecoin supply is on Ethereum, then 70% of its revenue is assigned to the Ethereum deployment.

Ethereum stablecoin volume doubles to an ATH of $8T 

Token Terminal previously reported that Ethereum stablecoin transfers in the fourth quarter of 2025 surpassed $8 trillion, recording a new all-time high. The milestone is nearly double the Ethereum stablecoin volume in Q2, which was approximately $4 trillion. Stablecoin issuance on Ethereum in 2025 also increased from $127 billion to $181 billion by the end of the year, representing a 43% rise. 

The number of daily unique addresses active as senders or receivers on the Ethereum network surpassed a million in late December. The network remains the primary stablecoin settlement layer, which accounts for nearly 65% (~$19B) of the market share. 

That market dominance surges to over 70% when EVM and L2 networks are included. Ethereum now holds a 57% market share of all issued stablecoins, with USDT leading in issuance at $187 billion. The issued USDT also accounted for 60% of the entire stablecoin market, and over 50% of that on Ethereum.

More Token Terminal data also reveals that about 50% of stablecoins deployed in Europe are on Ethereum. The remainder is distributed across Solana, Arbitrum, Base, and Polygon. Among the top Euro-backed stablecoins on Ethereum are Circle’s Euro Coin (EUROC), STASIS EURO (EURS), and  Société Générale’s EUR CoinVertible (EURCV).

Tether tops the list of stablecoin issuers by revenue in 2025

Source: Token Terminal. Weekly revenue by project for the past 365 days.

Token Terminal data revealed that stablecoin issuer Tether generated over $5 billion in 2025. The stablecoin issuer has raked in $421.4 million in the past 30 days, representing a decline of approximately 5.5%. 

Tether generated a revenue of $104.35 million in the week from December 1, 2025, which dropped slightly to $100.51 million during the week from December 8. The revenue plummeted further to $97.64 million in the week from December 15, remained the same in the week from December 22, but rose slightly to $97.72 million in the week from December 29, 2025, to January 1, 2026.

Meanwhile, Circle’s revenue reached $2.4 billion in 2025 and managed to raise $201.4 million in the past 30 days, representing a 2.3% decrease. The stablecoin issuer’s revenue was $50.15 million in the week from December 1, 2025, before dropping to $49.13 million in the week from December 8. Circle’s revenue declined further in the week from December 15 to $48.31 million, but rose slightly to $48.81 million in the week from December 22. The revenue plummeted by at least $2 million in the final week of December 2025, clocking $46.69 million. 

Another stablecoin issuer, SKY, generated $363.9 million in revenue in 2025. SKY has generated $22.5 million in revenue over the past 30 days, representing a 33.1% decline. SKY’s revenue in December 2025 also dropped sharply from $21.56 million in the week from December 1 to just $1.16 million in the week from December 8. 

SKY’s revenue dropped further to a little under a billion (~$996.67M) in the week from December 15, and even lower to $929.83 million in the week from December 22. The revenue jumped to $19.06 million in the final week of December, ending January 1, 2026.

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