Stablecoin Issuer Revenue Climbs in 2025, Led by Ethereum Settlement

Stablecoin issuers generated substantial real revenue in 2025, driven in large part by deployments settled on Ethereum; reporting notes that revenue attributable to stablecoin supply on Ethereum increased steadily through the year rather than tracking short-term market volatility ^[1].

By the fourth quarter of 2025, issuers were collectively earning roughly $1.4 billion per quarter from Ethereum-based deployments, a run rate that contributed to an estimated $5 billion in total annual revenue for stablecoin issuers ^[1].

Separately, industry reporting highlights that Tether alone accounted for $5.2 billion in revenue in 2025, underscoring the concentration of stablecoin revenue among a few large issuers ^[2].

Analysts warn of broader financial implications: Standard Chartered projects up to $500 billion in potential bank outflows by 2028 tied to growing stablecoin use, a forecast that frames the macroeconomic significance of the sector's revenue growth ^[3].

On-chain liquidity metrics help explain the revenue trend: tracking ERC‑20 stablecoin supply — which represents ‘waiting capital’ available for deployment — can signal fresh inflows into crypto markets and underpins the observed link between expanding on‑chain supply and issuer revenue ^[4].

Overall, reporting indicates that Ethereum's role as a settlement layer materially supported stablecoin issuer revenue growth in 2025, with large issuers like Tether generating substantial shares of that revenue and macro forecasts highlighting potential systemic impacts ^[1][2][3][4].