PANews reported on January 25th that, according to data released by Token Terminal, stablecoin issuers earned approximately $5 billion in revenue in 2025 by deploying stablecoins on Ethereum. The total supply of stablecoins on Ethereum increased by approximately $50 billion throughout 2025, exceeding $180 billion by the fourth quarter. Issuers' revenue also grew accordingly, reaching approximately $1.4 billion in quarterly revenue in the fourth quarter.

Part of the revenue comes from the returns generated by the reserve assets that underpin the supply of stablecoins, with Ethereum consistently being the largest supply carrier for most major stablecoin issuers.