Stablecoin issuers generated approximately $5 billion in revenue in 2025 from their deployments on Ethereum, highlighting the blockchain’s growing role as the primary settlement layer for stablecoin activity.
The data shows that revenue attributed to Ethereum-based stablecoin deployments increased steadily throughout the year, alongside a rising stablecoin supply on the network.
Quarterly Revenue Growth Through 2025
According to the chart, stablecoin issuer revenue linked to Ethereum followed a clear upward trend across all four quarters of 2025:
- Q1 2025: Revenue was just under $1.2 billion
- Q2 2025: Revenue remained near $1.2 billion, showing early stability
- Q3 2025: Revenue climbed to around $1.3 billion
- Q4 2025: Revenue peaked near $1.4 billion
Cumulatively, these quarterly figures add up to roughly $5 billion in annual revenue generated from Ethereum deployments alone.
Ethereum Stablecoin Supply Expanded in Parallel
Alongside rising issuer revenue, the chart shows Ethereum’s stablecoin supply increasing throughout the year. The supply line trends upward from Q1 to Q4 2025, reaching its highest level by year-end.
This parallel growth suggests that higher stablecoin circulation on Ethereum directly contributed to increased revenue attribution for issuers operating on the network.
How Ethereum Revenue Is Calculated
The chart clarifies that stablecoin issuers primarily generate revenue from yield earned on collateral assets. Revenue attributed to Ethereum is calculated on a pro rata basis, depending on how much of an issuer’s total stablecoin supply resides on Ethereum.
For example, if 70% of an issuer’s stablecoin supply is deployed on Ethereum, then 70% of that issuer’s revenue is assigned to Ethereum deployments. This methodology directly links Ethereum’s stablecoin dominance to issuer revenue growth.
Chart Breakdown: What the Visual Data Shows
Visually, the chart combines blue bars representing quarterly revenue with a yellow line representing Ethereum’s stablecoin supply. The bars steadily increase from left to right, while the supply line slopes upward across the same period.
This alignment indicates that as stablecoin supply on Ethereum expanded quarter by quarter, revenue attributed to Ethereum followed closely behind. The strongest growth appears in the second half of the year, particularly from Q3 to Q4, where both revenue and supply reached their highest levels.
Why This Matters for Ethereum
The data underscores Ethereum’s position as the primary revenue-generating blockchain for stablecoin issuers in 2025. Rather than transaction fees alone, Ethereum is increasingly serving as the foundational layer where large-scale, yield-generating stablecoin activity occurs.
As stablecoin supply continues to concentrate on Ethereum, the network’s role in supporting issuer profitability becomes more pronounced, reinforcing its importance in the broader digital asset economy.
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