Stablecoin revenue surpasses $664 million driven by Tether

The cryptocurrency market ended 2024 with a spotlight on stablecoins, which demonstrated their importance and revenue-generating potential. In December, stablecoin issuers recorded revenues of over US$660 million, with Tether, the issuer of USDT, leading the performance ranking.

Data from DeFiLlama reveal that stablecoin issuers were responsible for 43,66% of the total on-chain revenue, which reached the US$ 1,5 billion mark in the period.

Digging deeper into the numbers, stablecoin issuers have accumulated over $664 million in revenue. Tether and USDC issuer Circle led the way with $532,10 million and $132,77 million, respectively. This concentration of revenue in the two largest issuers is not surprising, considering they hold over 90% of the stablecoin market share. Tether’s dominance, even with a slight decline towards the end of 2024, remains impressive and demonstrates users’ confidence in USDT.

“DeFi and onchain protocols raised over $1,5 billion in total revenue in the last 30 days. Of this, over 80% went to Stablecoin Issuers, Chains, Dexes, Telegram Bots, and Launchpads. Stablecoin Issuers alone accounted for 43,7% of the revenue,” highlighted the survey shared by the DeFiLlama platform.

Last month’s revenue boosted Tether’s cumulative revenue to nearly $10 billion, continuing the company’s growth trajectory. In a move to expand, Tether has been using its profits to diversify its business, investing in different areas and also acquiring Bitcoin for its reserves, becoming one of the largest private holders of the cryptocurrency.

It is worth remembering that, recently, Tether, issuer of the stablecoin USDT, realized a strategic move by adding 7.629 Bitcoin, valued at approximately $705 million, to its corporate reserves. The transaction was recorded on December 30 and monitored by the Arkham Intelligence platform. With this, Tether now holds a total of 82.983 BTC, equivalent to $7,68 billion, considering Bitcoin's current value of $92.300.