In December, the cryptocurrency industry experienced a notable increase in on-chain revenue, with stablecoins playing a dominant role.
According to DeFiLlama, stablecoin issuers collectively generated over $664 million, representing more than 40% of the $1.5 billion earned across crypto protocols during the month.
Tether, the issuer of USDT, emerged as the standout performer, earning $532.10 million. Close behind was Circle, responsible for USDC, which brought in $132.77 million. Together, these two companies control nearly 90% of the stablecoin market, which is now valued at over $200 billion.
Stablecoins continue to prove their utility in the crypto space by offering a buffer against market volatility. Their ability to maintain price stability has made them an essential tool for traders and a reliable link to the US dollar, especially in regions with unstable economies.
Projections suggest the stablecoin market could expand to $400 billion by 2025, offering significant opportunities for profit. This potential growth has already attracted interest from emerging players like Ripple and BitGo, signaling increasing competition in the sector.
A growing number of publicly traded companies are turning to XRP as a potential reserve asset, signaling a shift in how institutions view the utility of digital assets in treasury management.
Coinbase has taken another step toward boosting cross-chain utility by introducing wrapped versions of XRP and Dogecoin on its Layer 2 network, Base.
While Bitcoin continues to capture attention with its strong 2025 outlook, several altcoins may be facing near-term turbulence.
BlackRock is making another assertive move into digital assets, quietly expanding its crypto portfolio with sizable purchases of both Bitcoin and Ethereum.