In the past 30 days, decentralized finance (DeFi) and on-chain protocols have generated over $1.5 billion in total revenue, with more than 80% of this amount allocated to stablecoin issuers, chains, decentralized exchanges (Dexes), Telegram bots, and launchpads. Notably, stablecoin issuers accounted for 43.7% of the total revenue. In a related development, Tether reported $5 billion in profits at the start of 2025 and is seen as having a key ally in Howard Lutnick, who has been nominated for a position in Trump's Commerce Department. Additionally, Tether and Circle generated $664 million in revenue in December, reinforcing their dominance in the stablecoin market. Reports indicate that banks are increasingly interested in Tether’s substantial profits from stablecoin operations.