Stablecoin issuers earn nearly $5 billion on Ethereum in 2025 as transaction volume hits $8 trillion

Stablecoin issuers generated nearly $5 billion in revenue from Ethereum deployments in 2025, according to Token Terminal, as quarterly transaction volumes doubled to $8 trillion and total issuance climbed 43% to $181 billion.

Stablecoin Issuers Revenue Driven by Yield, Not Fees

At the core of stablecoin issuers revenue is a simple but highly lucrative mechanism: yield on collateral assets.

Unlike transaction-heavy revenue models, stablecoin issuers primarily earn income from interest generated on reserves such as U.S. Treasuries and cash equivalents.

Token Terminal explained that revenue attribution to Ethereum is calculated on a pro rata basis.

If 70% of an issuer’s circulating supply exists on Ethereum, then 70% of its total revenue is assigned to Ethereum deployments, the firm stated in its report.

This model has amplified stablecoin issuers revenue as Ethereum remains the preferred settlement layer for major issuers due to its deep liquidity, mature infrastructure, and composability with DeFi protocols.

Why Ethereum Supercharges Stablecoin Issuers Revenue

Ethereum’s edge goes beyond network effects. Token Terminal emphasized that issuers benefit from Ethereum’s ability to deliver more transparent, more liquid, and more composable financial products — often at significantly lower costs than traditional systems.

“Ethereum enables financial products that are globally accessible, auditable in real time, and interoperable across protocols,” Token Terminal noted.

These advantages give stablecoin issuers revenue streams a structural efficiency that off-chain alternatives can’t replicate.

Industry leaders have echoed this view. Jeremy Allaire, CEO of Circle, has previously said that public blockchains like Ethereum are “transforming how money moves, settles, and earns yield at a global scale.”

Ethereum Stablecoin Volume Hits Explosive New Highs

The revenue surge didn’t happen in isolation. Ethereum stablecoin transfers surpassed $8 trillion in Q4 2025, marking a new all-time high and nearly doubling the $4 trillion recorded in Q2, according to earlier Token Terminal data.

Stablecoin issuance on Ethereum also climbed sharply — rising from $127 billion to $181 billion in 2025, a 43% increase by year-end.

This rapid expansion has directly fueled stablecoin issuers revenue, reinforcing Ethereum’s role as the dominant settlement network.

Network activity mirrored this growth. In late December, the number of daily unique Ethereum addresses sending or receiving stablecoins exceeded one million, signaling broad user adoption.

The Hidden Risk Behind Stablecoin Issuers Revenue

Despite the bullish numbers, stablecoin issuers revenue is not without risk. The model remains highly sensitive to interest rate shifts, regulatory pressure, and concentration risk on Ethereum.

A downturn in yields or adverse regulation could compress margins quickly. Additionally, Ethereum’s dominance raises questions about systemic exposure should network congestion or policy changes impact stablecoin operations.

As crypto analyst Nic Carter has warned in past commentary, “When revenue depends heavily on macro conditions, stability can disappear faster than people expect.”

Looking ahead, stablecoin issuers revenue is poised to remain strong as long as Ethereum continues to dominate issuance and settlement.

However, competition from alternative blockchains and regulatory scrutiny could reshape revenue dynamics in 2026.

For now, Ethereum remains the engine powering one of crypto’s most profitable — and strategically critical — revenue streams.