Top Crypto Projects by Revenue in 2025 ❌ Original Article These protocols have actually generated money. 🟢Tether: 8.0B 🟢Circle: 2.7B 🟢HYPE: 800M 🟢UNI: 700M 🟢PUMP: 610M 🟢Tron: 507M 🟢Axiom Pro: 360M 🟢Phantom: 322M 🟢JUP: 265M 🟢Fragment: 209M 🟢Edge X: 168M 🟢Sky: 129.3M 🟢AAVE: 111.4M 🟢Lighter: 38M Tether + Circle combined revenue is 10.7B. It's becoming clear that stablecoins are the most powerful business model in crypto. Points to note: 🟢Payment, settlement, derivatives, and liquidity rails are generating more revenue than infrastructure protocols. 🟢PerfDEX, wallets, and trading terminals are increasingly structuring their revenue structures like SaaS. Which protocol do you think will deliver the biggest surprise in revenue growth in 2026? Personally, I believe the PerfDEX + stablecoin combination model is more likely to emerge. Data: DeFiLlama