Tether and Circle’s on-chain revenue totals $664 million in December 2024

Data from DeFiLlama shows that the cryptocurrency industry's on-chain revenue in December 2024 is considerable, with stablecoin issuers accounting for the largest share. These issuers have earned more than $664 million in total, accounting for more than 40% of the total revenue of $1.5 billion generated by crypto protocols. Tether, the issuer of the USDT stablecoin, became the largest contributor, with revenue reaching $532.1 million. It was followed by USDC issuer Circle, with revenue of $132.77 million. Together, these two issuers dominate the stablecoin space, accounting for nearly 90% of the market share and a market valuation of more than $200 billion. (Cryptoslate)