The crypto industry saw significant on-chain revenue in December, with stablecoin issuers taking the lion’s share, according to data from DeFiLlama.
These issuers collectively earned over $664 million, representing over 40% of the $1.5 billion total revenue generated by crypto protocols.
On-chain revenue (Source: DeFillama)
Tether, the USDT stablecoin issuer, emerged as the top contributor, pulling in $532.10 million. Circle, the USDC issuer, followed with $132.77 million.
Together, these two issuers dominate the stablecoin sector, accounting for nearly 90% of the market, which is valued at over $200 billion.
Stablecoin Market Dominance (Source: DeFillama)
Stablecoins continue solidifying their role as one of the most practical crypto products. Their price stability shields users from the volatility typical in other digital assets, making them a preferred choice for traders and a gateway to the US dollar in emerging markets.
Market predictions suggest that the stablecoin market could grow to $400 billion by 2025, presenting substantial profit opportunities that have attracted new entrants like Ripple and BitGo.
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