According to ChainCatcher, the latest data from DeFiLlama shows that the cryptocurrency industry has performed well in on-chain revenue in December 2024. Stablecoin issuers played an important role in this, contributing more than $664 million, accounting for more than 40% of total revenue.

Specifically, Tether, the issuer of USDT stablecoin, became the biggest winner with $532.1 million in revenue. Close behind was Circle, the issuer of USDC, with revenue of $132.77 million. The two issuers account for nearly 90% of the stablecoin market, with a market valuation of more than $200 billion.

These data show that stablecoin issuers occupy an important position in on-chain revenue and have become an important part of the cryptocurrency market.