Stablecoin issuers earned record revenues on Ethereum during 2025. Data from Token Terminal confirms the network's leadership, with the two main stablecoins at the forefront of the digital finance market.
The Ethereum network closed out 2025 reaffirming its position as the dominant infrastructure for the stablecoin market. According to the latest report from analytics firm Token Terminal, issuers of these assets generated approximately $5.000 billion in operating income using this blockchain. This financial performance underscores the preference of large institutions for the security and liquidity that Ethereum offers compared to other alternatives.
The data indicates that profitability stems not only from transaction volume but primarily from the returns generated by the real-world assets backing these coins, such as US Treasury bonds. By holding a significant portion of their circulating supply in Ethereum, issuing companies capitalize on market confidence and high network activity, solidifying a business model that bridges traditional finance with the digital economy.
Buy ETH, the engine of stablecoinsEthereum strengthens its leadership in digital finance
The breakdown of the financial figures reveals a clear concentration of revenue in the two main players in the sector: Tether (USDT) and Circle (USDC). The analyst firm highlights that Ethereum functions as the central hub for these businesses, allowing issuers to maximize their profit margins thanks to the established infrastructure.
Tether led the charts with annual revenues exceeding $5.000 billion globally, maintaining a direct correlation with its activity on this blockchain. During the last month of the year, the company generated $421,4 million, despite experiencing a slight 5,5% correction compared to November. Its stability was reflected in consistent weekly revenues that ranged between $97 million and $104 million. With 60% of the global market share and more than half of its issuance hosted on Ethereum, the mutual dependence between the network and the world's most widely used stablecoin is evident.
Circle, the company behind USDC, reported annual revenue of $2.400 billion. Although its December figures showed a slight month-over-month decrease of 2,3%, settling at $201,4 million, the company maintains a solid operational base. Other players like SKY also contributed to these figures, closing the year with $363,9 million in revenue.
Purchase regulated stablecoins on Bit2MeOver 70% of global stablecoin transactions go through Ethereum
Beyond corporate revenue, the metric that defines the health of the network is the volume of value transferred. During the fourth quarter of 2025, Ethereum processed more than 8 trillion dollars in stablecoin transactions, doubling the figures recorded in the middle of the year. This increase coincides with a 43% growth in the total issuance of stablecoins, which rose from $127.000 billion to $181.000 billion in the same period.
User activity mirrored this influx of capital. In December, the network registered over one million unique addresses active daily, sending or receiving funds. Currently, Ethereum's base layer processes approximately 65% of all daily stablecoin transactions, equivalent to about $19.000 billion in transactions every 24 hours. Including Layer 2 scaling solutions that rely on its security, Ethereum's market share rises to 70% of the global total.
This hegemony extends geographically. In Europe, Ethereum's infrastructure supports nearly 50% of euro-linked tokens, including assets such as the EUROC from Circle, the EURS of STASIS and the EURCV from Société Générale. Although alternative networks such as Solana, Arbitrum or Base are capturing market share, the preference for Ethereum for high-value transactions and final settlement remains intact.
Access Bit2Me and trade stablecoinsEthereum in 2026: strength and maturity in the new digital economy
Ethereum's ability to manage high volumes of capital and offer a predictable environment for issuers has been a determining factor in 2025. The combination of blockchain transparency and the integration of US Treasury assets has validated the stablecoin model as a first-rate financial instrument.
With an active user base and an infrastructure that supports most of the world's liquidity, the network begins 2026 with the necessary foundations to maintain its hierarchy in the digital economy.
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