Crypto sector generated approximately $78 billion in revenue in 2025, according to ARK Invest’s analysis. Key takeaways👇 

1️⃣ Exchanges remain the industry’s largest revenue pool

Crypto exchanges generated $46 billion, or roughly 66% of total sector revenue.

- Binance, the largest crypto exchange, generated an estimated $17 billion or 37% of exchange revenue.

- Coinbase, the largest publicly traded exchange, generated $7.2 billion or 15%.

- Market makers such as Wintermute, DRW and GSR made $4.2B seperately.

2️⃣ Stablecoin issuance is far more profitable than stablecoin payments (for now)

Stablecoin issuance generated approximately $14 billion in revenue, outearning stablecoin payments by roughly 7:1.

- Tether, the stablecoin king, captured around 71% of issuance revenue.

- Circle generated $2.6 billion.

- Coinbase generated $1.35 billion, largely through its distributor economics linked to Circle.

Together, these three captured approximately 99% of stablecoin-issuance revenue.

By comparison, stablecoin payments generated only $1.4 billion.

3️⃣ The money is still largely off-chain

Off-chain businesses outearned on-chain applications by approximately 8.5 : 1.

You do not need to build an on-chain application to build a highly profitable crypto business.

✅ Explore more research on tokenized funds, stablecoins, tokenized deposits, market infrastructure, and collateral mobility:

• Institutional Digital Money

• Stablecoins

• Tokenized Fund & Asset Management

• Digital Securities & Capital Markets

• Collateral Mobility & Financing

• Custody & Market Infrastrcture

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