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.