ChainCatcher reported 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 $1.5 billion in total revenue generated by crypto protocols. Tether, the issuer of the USDT stablecoin, became the largest contributor, with revenue of $532.1 million. It was followed by USDC issuer Circle, with revenue of $132.77 million. Together, the two issuers dominate the stablecoin space, accounting for nearly 90% of the market share and a market valuation of more than $200 billion.