Tether and Circle have a total on chain revenue of $664 million in December 2024, leading the stablecoin market

According to Cryptoslate, DeFiLlama's data shows that the on chain revenue of the cryptocurrency industry in December 2024 is considerable, with stablecoin issuers accounting for the largest share. These issuers collectively earned over $664 million, accounting for over 40% of the total revenue of $1.5 billion generated by encryption protocols. As the issuer of USDT stablecoins, Tether has become the largest contributor, with revenue reaching $532.1 million. Following closely behind is USDC issuer Circle, with revenue of $132.77 million. These two issuers jointly dominate the stablecoin market, occupying nearly 90% of the market share and valued at over $200 billion