PANews reported on January 3 that according to Cryptoslate, data from DeFiLlama showed that the cryptocurrency industry's on-chain revenue in December 2024 was considerable, with stablecoin issuers accounting for the largest share. These issuers earned more than $664 million in total, accounting for more than 40% of the total revenue of $1.5 billion generated by the crypto protocol.
Tether, the issuer of the USDT stablecoin, was the largest contributor, with revenue of $532.1 million. It was followed by Circle, the issuer of USDC, with revenue of $132.77 million. Together, the two issuers dominate the stablecoin space, accounting for nearly 90% of the market, which is valued at more than $200 billion.
