2026-01-08 04:28:07

The stablecoin sector in 2025 has once again achieved impressive results. According to industry data, stablecoin issuers have generated approximately $5 billion in annual revenue through deployments on Ethereum. This income mainly comes from the interest earned on collateral assets. Interestingly, the distribution model for these revenues is quite unique—distributed proportionally based on the circulation share of each stablecoin on the Ethereum chain. This also indirectly reflects that, within mainstream public chain ecosystems, Ethereum remains the core territory for stablecoin issuers. The maturity of the interest-earning model has also gradually transformed stablecoins from mere payment tools into ecosystem components with financial attributes.

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wagmi_eventually

· 01-11 04:17

50 billion dollars in revenue sounds great, but honestly, it still depends on who can get a bigger slice of the pie. Stablecoins are now earning interest, which feels like traditional finance wearing a chain-based disguise. Ethereum is still Ethereum, and stablecoins can't do without it. However, this distribution based on circulating supply gives off a vibe of big players eating the meat and small investors sipping the soup. With USDC and USDT having such large circulation on Ethereum, they definitely make the most profit. Transforming stablecoins from a payment tool into an interest-earning tool seems a bit counterintuitive. Hey, how much do you think USDC can earn per month from this 50 billion revenue? Ethereum's monopoly in the stablecoin space is really strong; other chains simply can't compete. Once the interest-earning model matures, could stablecoins start to impact Ethereum's ecosystem? Wait, does this money eventually flow back to the holders, or does the issuer just keep it?

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MetaLord420