Stablecoin Issuers Made $5B on Ethereum in 2025
Stablecoin issuers earned nearly $5B in revenue on Ethereum in 2025, driven by growing on-chain activity and demand.
- Stablecoin issuers earned around $5B in 2025
- Ethereum remained the dominant network for stablecoins
- Increased DeFi use boosted on-chain stablecoin demand
In 2025, stablecoin issuers collectively earned nearly $5 billion in revenue from the supply of stablecoins deployed on Ethereum, according to blockchain analytics firm Token Terminal. This marks a significant increase compared to previous years and highlights Ethereum’s continued dominance in the stablecoin economy.
The revenue is largely generated from interest earned on reserves, especially during a time of elevated interest rates globally. As stablecoins like USDT (Tether), USDC (Circle), and DAI (MakerDAO) saw wider adoption in decentralized finance (DeFi), trading, and payments, issuers enjoyed substantial passive income from the assets backing these tokens.
DeFi and On-Chain Activity Fuel Demand
The surge in revenue is a result of the growing utility of stablecoins in DeFi applications, including lending platforms, decentralized exchanges, and yield farming protocols. With over $100 billion in stablecoin transaction volume flowing through Ethereum in 2025, the network has become the backbone for stable-value assets in crypto.
Issuers benefit as they receive inflows when users mint stablecoins by depositing fiat or crypto collateral. They then invest those reserves in safe, interest-generating assets like U.S. Treasuries. The result? A reliable stream of income without needing to charge users directly.
Ethereum Remains the Top Choice for Stablecoins
While other blockchains like Solana and Tron are gaining traction, Ethereum remains the top network for high-value stablecoin activity due to its established DeFi ecosystem and security. Despite higher fees compared to rivals, Ethereum’s robust infrastructure and institutional trust make it the preferred network for stablecoin deployment.
This $5B milestone signals the growing importance of stablecoins not just as digital dollars, but as powerful financial tools driving real revenue for issuers—and positioning Ethereum as the financial layer of the internet.
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