Onchain Value: Stablecoins Now Drive Over ⅓ of DeFi Revenue – Keyrock

Thu, 05 Jun 2025 03:43:39 +0000

Stablecoins have become the financial backbone of DeFi, playing a central role not just in transferring value, but in powering leverage loops, yield strategies, and protocol revenues. This report maps their growing economic impact across leading DeFi protocols and chains. Stablecoin-driven revenue is rebounding sharply—from a low of 4.7% in June 2024 to 30.8% year-to-date—underscoring their resurgence in bull markets, not just bearish ones. Lending protocols remain the dominant recipients of this revenue (15%), though DEXes are narrowing the gap (11%).

Keyrock on Ethereum Market Research Center

Onchain Value: Stablecoins Now Drive Over ⅓ of DeFi Revenue – Keyrock