Tether continues to dominate the sector, generating $5.2B in revenue last year — a clear signal that stablecoins are no longer just infrastructure, but one of crypto’s most profitable verticals. According to recent data, stablecoin issuers accounted for 41.9% of total crypto protocol revenue, outpacing many Layer 1s and DeFi protocols.
This shift highlights where real demand exists: settlement, liquidity, and capital efficiency. While narratives rotate around new chains and applications, revenue is increasingly concentrated in networks and protocols that power everyday on-chain activity.
As adoption scales, the stablecoin economy is becoming a core pillar of crypto’s financial layer —not a side narrative.
