➥ Tether alone is ~46% of all tracked 24h protocol rev in the entire crypto industry
- @tether at $16.14M in 24h rev, the top protocol on the board
- @circle is next at $6.44M
- and the top pure crypto app, @HyperliquidX, is at $2.02M
USDT has $186.07B in stablecoin cap & 59.17% stablecoin dominance
Total stablecoin cap is $314.46B, so this is the largest balance sheet in crypto still converting scale into daily cash flow
I would not frame today around DEX volume or ETF flows
- Solana leads chain DEX vol at $2.03B, but the gap is not as decisive as Tether’s rev lead
- ETH ETFs are still showing outflow pressure in recent Sosovalue data
The cleanest signal today is that stablecoin infra is still where crypto’s most reliable rev is being captured iykyk
