Tether, Tron, and Circle Lead the Pack in Crypto Profitability

While the crypto world at large remains in a state of some volatility, a small core of projects has been able to prove themselves consistently profitable. Of the approximately 40,000 projects that exist in the crypto space, Token Terminal recently took a look at the 10 that generate not only clear business models but also impressive profit margins. More often than not, those projects serve as either technical or financial infrastructure inside the crypto world. Industry stalwarts such as Tether, Tron, and Circle top the profit tables. They reap the rewards of huge user numbers and steady on-chain activity. These crypto firms seem to have hit a sweet spot — in a part of the digital economy where resilience is the name of the game. Tether Earns $432M in Fees, Cementing Its “Money Printer” Status Tether sits comfortably at the top of the list. It has reportedly generated an astonishing $432 million in fees. This performance has earned the issuer of the USDT stablecoin the informal nickname of “money printer,” reflecting its unparalleled dominance in the stablecoin arena. With over $100 billion in circulating supply and widespread adoption across exchanges, blockchains, and DeFi protocols, Tether’s consistent revenue stream stems largely from the interest it earns on its reserves, as well as its operational fees. The blockchain network supporting most of USDT’s circulation, Tron ranks second for profitability. It has steadily created a low-cost, high-volume transaction economy that appeals to users in emerging markets, as well as to anyone sending money across borders. Its profitability and performance during the bull market of 2020-2021 and the bear market that started in late 2021 make it an essential part of crypto to crypto transfers. And USDT transfers. And TRC20 transfers. Coming in third is Circle, who issues USDC. While it is not directly competing with Tether for market share, it has established a reputation for operating within the regulations, and for being transparent. Its supply of USDC is also in the tens of billions, but it remains profitable. Its compliance and transparency are reasons for the trust an increasing number of institutions and developers are placing in it. DeFi Staples: Uniswap, PancakeSwap, and Lending Protocols See Steady Gains Beyond stablecoins and infrastructure, decentralized finance (DeFi) remains remarkably resilient. The unicorns in the DeFi sector, Uniswap and PancakeSwap, occupy the fourth and fifth spots respectively in terms of profitability. These two decentralized exchanges (DEXs) profit directly from trading volume; each of them nets 0.30% of the outgoing transaction amount from every swap. They make money when you make a trade, and—despite the turbulence elsewhere in the crypto space—they’ve been making some pretty significant bank. In the past 30 days, revenue for PancakeSwap has soared 87%. This is mostly due to the Binance Alpha campaign, which has pumped new attention and new liquidity into the platform. As a major player in the Binance Smart Chain ecosystem, PancakeSwap’s performance shows how much DeFi protocols can benefit from marketing and good exchange partnerships. Prominent in the rankings of profitable platforms are lending platforms, with the biggest earners captured in the top spots. We have Lido, the leader in liquid staking solutions, and Aave, a long-standing Decentralized Finance (DeFi) lending protocol, taking the sixth and seventh spots. Who are the top 10 most profitable projects in crypto? According to @tokenterminal , #Tether , #Tron , and #Circle take the top three spots. Tether leads the pack with a whopping $432 million in fees, earning it the nickname “money printer.” #4-5: Uniswap, PancakeSwap #6-10:… https://t.co/hzrsBrEUwP — Followin (@followin_io) June 24, 2025 Aave reported a strong 32% increase in revenue in the past month, signaling a rebound in borrowing and lending activity across the ecosystem. Emerging Players and Ethereum’s Enduring Role Completing the list of the top 10 are Pump.fun, Ethereum, and Axiom. This might seem an odd grouping, and it is; but that only highlights the respective strengths of each oddity in appealing to user bases of sufficient size and fervor to land themselves among the top 10. Which is to say nothing of Axiom, Elixir, and the entirely fictional (at least as of now) platform Pump.fun, whose unfettered imagination wins it a place in the top 10 for 2020. Ethereum, which serves as the foundation for much of the DeFi and NFT ecosystem, appears surprisingly low on the most profitable crypto list. Dip into the inclusion of the second-largest crypto by market cap and look at what makes it the most unprofitable Layer 1 with a considerable distance to bridge to Layer 2 in terms of profitability. Axiom (more recent) adds to the top 10; its presence hints at something notable: unique services are on the rise, falling under protocols not well-known to most people. They might be well-known to enthusiasts, just like the most famous people in the world are known to some but not to all. And well, the most famous people don’t necessarily do anything particularly notable or unique from day to day. Profitability Reflects Market Maturity and Strategic Focus This updated profitability ranking shows more than just who in crypto is raking in the most cash at this moment. It’s a look, more than anything, at which projects in the space have built something sustainable, something that users trust, and something that offers real-world utility. From the supremacy of stablecoins and exchanges to the emergence of liquid staking and niche applications, the profitability we see in the crypto market is becoming tethered to operational efficiency and actual use cases. While the market is still maturing, these ten projects have set themselves apart—not just for the revenue they’re generating, but for their long-term potential to stick around in an industry that’s still finding its legs. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !

Source: NullTx