Stablecoins Control 60% of Revenue but Face 'Liquidation' from Interest Rate Cuts
The article analyzes the revenue structure of the crypto industry, highlighting that stablecoin issuers, particularly Tether and Circle, dominate with over 60% of the total revenue, though their share is expected to weaken due to declining interest rates. Decentralized perpetual exchanges (perp DEXs) like Hyperliquid emerged as a significant revenue driver, accounting for 7-8% of total revenue in 2025, surpassing older DeFi sectors. Three key revenue sources are identified: spread income (from stablecoins), trade execution (from perp DEXs), and distribution channels (from token launch platforms). The industry generated $16 billion in revenue in 2025, with 58% retained by protocols after paying suppliers. Notably, value transfer to token holders via rewards, buybacks, and burns increased, reaching over 18% of protocol revenue at its peak, signaling a shift toward token-based economic ownership. The trend is expected to accelerate in 2026 as protocols prioritize incentivizing holders.
比推01/14 14:21