Stablecoin issuers dominate the crypto revenue landscape, accounting for 60% to 75% of total daily protocol earnings across DeFi and infrastructure sectors, according to The Block.
> Tether leads the pack, projected to generate $15B in profit this year with a 99% margin, making it one of the most profitable companies globally.
> The model thrives on yield from US Treasuries and cash equivalents, which issuers keep instead of distributing to users.
> The GENIUS Act bans interest payments on payment stablecoins.
> Competition is growing as newer entrants like USDe offer yield via synthetic models, and Coinbase indirectly rewards USDC holders with 3.85% APY.
> As Tether expands its regulated USAT product, the battle for user trust and market share among stablecoin issuers is entering a new phase.
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