TL;DR
- Stablecoin issuers accounted for over 40% of on-chain revenue in December 2024, generating more than $664 million out of the $1.5 billion total.
- Tether (USDT) led the pack with over $500 million in revenue, while Circle’s USD Coin (USDC) contributed $132.77 million.
- Blockchain networks and Telegram trading bots also played significant roles, with Ethereum generating $162.49 million and Telegram bots accounting for $91.08 million in revenue.
Stablecoin issuers have emerged as dominant players in the crypto market, accounting for over 40% of on-chain revenue in December 2024. According to data from DeFiLlama, stablecoin issuers generated more than $664 million out of the $1.5 billion in total on-chain revenue during this period. This significant share underscores the growing importance of stablecoins within the crypto ecosystem.
Tether Leads the Pack
Tether (USDT) continued its profitable streak, generating over $500 million in revenue for December 2024, making it the best performer among stablecoin issuers. Tether’s cumulative fees have now reached nearly $10 billion, highlighting its sustained dominance in the market.
The company has been using its profits to diversify its business and acquire Bitcoin for its reserves, positioning itself as one of the largest private institutions holding BTC.
Circle’s Contribution
Circle, the issuer of USD Coin (USDC), also played a significant role in the stablecoin market, contributing $132.77 million to the total on-chain revenue. Together, Tether and Circle accounted for almost all the revenue from stablecoins, which is unsurprising given their combined market share of over 90%.
Blockchain Networks and Other Players
Blockchain networks had the second-highest share of on-chain revenue, with $299.79 million, accounting for 19.71% of the total. Ethereum led the way among blockchain networks, generating $162.49 million in revenue, more than twice that of its closest competitor, Tron, which earned $68.47 million. Despite its dominance, Ethereum’s supply remains inflationary, and its price continues to trade in the $3,400 – $3,500 range.
Emerging Trends
Interestingly, Telegram trading bots have gained momentum, accounting for 5.99% of all revenue in the last 30 days, with $91.08 million. These bots make crypto trading more accessible to users via the social messaging platform, reflecting a growing trend in the market.
The dominance of stablecoin issuers in on-chain revenue highlights their critical role in the cryptocurrency ecosystem. With Tether and Circle leading the charge, stablecoins have become essential tools for traders and investors.
As the market continues to evolve, the influence of stablecoins and other emerging trends, such as Telegram trading bots, will likely shape the future of the crypto landscape.
