Tether emerged as the most profitable crypto entity in 2025, generating an estimated $5.2 billion in revenue as stablecoins overtook all other protocol categories in earnings. According to the latest Coingecko annual crypto industry report, Tether alone accounted for 41.9% of all stablecoin-related revenue in 2025, outpacing competitors such as Circle, Hyperliquid, Pump.fun, Ethena, Axiom, Phantom, and PancakeSwap. The results show that dollar-backed digital currencies have become the most durable reven ...