Stablecoins Now Rival L1s and DeFi in Fee Generation

Stablecoin issuers are quietly becoming one of the largest revenue engines in crypto.

Over the past 365 days, stablecoin issuers generated $8.5 billion in fees, representing 36.8% market share across major crypto sectors.

For comparison:

• Layer 1 blockchains brought in $5.0 billion (21.5%)
• Decentralized exchanges (DeFi) generated $3.6 billion (15.7%)

Combined, L1s and DeFi total roughly $8.6 billion, almost identical to stablecoin issuers alone.

What This Signals

Stablecoins are no longer just transactional tools. They are becoming a dominant profit center within the digital asset ecosystem.

Unlike L1s and DeFi protocols, which depend heavily on speculative trading cycles, stablecoin issuers generate revenue primarily from yield on reserves, typically U.S. Treasuries and short-term instruments.

That creates a more consistent, macro-linked revenue model.

The Structural Shift

This dynamic highlights a broader shift in crypto’s business model.

While infrastructure chains and DeFi platforms capture activity-driven fees, stablecoins monetize capital parked in the system. As more liquidity flows into dollar-backed assets, issuer revenues scale accordingly.

The result: stablecoins are emerging as one of the most powerful financial pillars in the industry, nearly matching the combined fee output of blockchains and decentralized exchanges.

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