Stablecoin Issuers Dominate Crypto Revenue with 75% Market Share

Tether and Circle are redefining profitability in the cryptocurrency sector, with stablecoins now accounting for 75% of total crypto revenue. Tether CEO Paolo Ardoino projects $15 billion in annual profit at a staggering 99% margin—placing the firm among the world's most efficient businesses by employee productivity.

The secret lies in their treasury management strategy. Both companies invest user deposits in low-risk, yield-generating assets like U.S. Treasuries, retaining all returns rather than distributing them to holders. This approach received legislative validation through July's GENIUS Act, which explicitly prohibits authorized issuers from sharing yields—a MOVE designed to position stablecoins as payment instruments rather than investment vehicles.

Market dynamics continue to evolve as competitors like USDe experiment with alternative value distribution models. The synthetic dollar protocol represents the latest innovation in a sector that has become indispensable for exchanges, DeFi platforms, and cross-border settlements due to its price stability advantages over volatile assets like Bitcoin and Ethereum.