In a significant development for the cryptocurrency sector, stablecoin issuers reported nearly $5 billion in revenue generated from deployments on the Ethereum network throughout 2025. This remarkable figure underscores the growing trend of financial product issuers utilizing Ethereum to broaden their reach, lower operational costs, and enhance product transparency.
The data, sourced from Token Terminal, highlights how financial product issuers are capitalizing on Ethereum”s capabilities to create more liquid and composable products at reduced costs. Such advantages position stablecoins favorably against traditional financial products that operate off-chain.
The revenue attributed to Ethereum is calculated on a pro rata basis. For instance, if 70% of a stablecoin issuer”s supply is deployed on Ethereum, then 70% of its revenue is linked to that deployment. This method of calculation reflects the increasing reliance on Ethereum for stablecoin issuance.
Token Terminal had previously noted that Ethereum-based stablecoin transfers exceeded $8 trillion in the fourth quarter of 2025, setting a new all-time high. This milestone represents a substantial increase from approximately $4 trillion in the second quarter of the same year. Moreover, stablecoin issuance on Ethereum rose from $127 billion to $181 billion, marking a 43% increase by the year”s end.
Additionally, the Ethereum network has solidified its position as the primary settlement layer for stablecoins, commanding nearly 65% of the market share, a figure that climbs to over 70% when including EVM and Layer 2 networks. Currently, Ethereum holds a 57% share of all issued stablecoins, with USDT leading the pack at $187 billion in issuance, constituting 60% of the entire stablecoin market.
In Europe, approximately 50% of stablecoins are deployed on Ethereum, with the remainder distributed across networks like Solana, Arbitrum, Base, and Polygon. Notable Euro-backed stablecoins on Ethereum include Circle”s Euro Coin (EUROC), STASIS EURO (EURS), and Société Générale”s EUR CoinVertible (EURCV).
Among the prominent stablecoin issuers, Tether reported generating over $5 billion in revenue for 2025, although it experienced a decline of about 5.5% over the past month. In the week ending December 1, 2025, Tether”s revenue was $104.35 million, which saw a drop to $100.51 million by December 8 and further declined to $97.64 million by December 15.
Circle also reported substantial figures, with a total revenue of $2.4 billion in 2025, although it faced a 2.3% decrease in the last month. Its weekly revenue fluctuated throughout December, ending the month at $46.69 million.
Another player, SKY, generated $363.9 million in revenue during the same year, but its performance also showed volatility, particularly in December, where it experienced sharp declines in weekly revenue.
These developments reflect the evolving landscape of stablecoins and the increasing adoption of Ethereum as a foundational platform for financial products, positioning it at the forefront of the cryptocurrency market.
