Tether and Circle Dominate Crypto Revenue Rankings as Stablecoin Business Expands

Stablecoin issuers Tether and Circle reportedly lead cryptocurrency industry revenue rankings, generating substantially more revenue than many blockchain protocols.
Their business models differ from those of decentralized exchanges and other onchain applications. Stablecoin issuers can generate income from assets backing their tokens, including interest earned on reserve investments.
The reported rankings highlight the commercial importance of stablecoins, which serve as payment instruments, trading collateral and liquidity infrastructure across cryptocurrency markets.
However, revenue comparisons require caution because stablecoin issuers and blockchain protocols may report different financial metrics. The supplied ranking does not specify comparable figures, reporting periods or accounting methodologies.
The broader trend suggests that financial infrastructure supporting digital assets can generate significant revenue even without relying primarily on transaction fees.