In December 2024, the cryptocurrency sector experienced a remarkable surge in on-chain revenue, as reported by DeFiLlama. This month, stablecoin issuers emerged as the leading contributors, collectively amassing a staggering total of over $664 million. This figure represents more than 40% of the overall revenue generated by crypto protocols, which totaled $1.5 billion.
Tether, recognized as the issuer of the USDT stablecoin, ranked as the top contributor within this segment, generating revenue amounting to an impressive $532.1 million. Not far behind was Circle, the issuer of USDC, which reported earnings of $132.77 million. The dominance of these two issuers is notable, as they control a combined market share of nearly 90%, with their collective valuation surpassing $200 billion.
Such figures underline the critical role that stablecoins play in the broader cryptocurrency ecosystem, providing liquidity and stability that numerous investors and traders rely upon. As the market continues to evolve, the influence of these leading stablecoin issuers is set to grow, further shaping the narrative of the cryptocurrency sector going forward..