Stablecoins have quietly become the most important part of the crypto market. While many blockchain networks still chase fast trends and short term hype the real and steady money is being made somewhere else. It is being made through stablecoins.
By early 2026 the stablecoin market reached around 300 billion dollars in total value. This growth did not come from speculation. It came from use. Stablecoins are now used every day for payments trading saving and on chain settlement. They move value without price shocks. That simple role gives them power.
This is why issuers are earning large profits. Tether is the clearest example. In 2025 it generated more than 10 billion dollars in profit. This did not depend on token prices going up. It came from holding reserves and earning yield at scale. As supply grows revenue grows in a very predictable way. This is why many see that profit as only the beginning.
Ethereum plays a key role in this system. Most stablecoin activity still settles there. In 2025 stablecoin supply on Ethereum grew by around 50 billion dollars. It crossed 160 billion dollars in total. As supply expanded issuer revenue tied to Ethereum also increased. Quarterly revenue rose steadily through the year. This shows how liquidity and settlement reinforce each other.
When more stablecoins exist more value moves on chain. When more value moves on chain demand for secure settlement grows. This loop strengthens Ethereum role as core financial infrastructure in crypto.
The same liquidity effect is now shaping real world assets on chain. Platforms that tokenize assets like government debt and equities are not growing because of hype. They are growing because stablecoins provide ready capital.
Ondo Finance is a clear case. By January 2026 its total value locked reached about 2.5 billion dollars. Earlier in 2025 it was close to 1 billion. Most of this growth came from tokenized yield products. Tokenized US Treasuries now make up the majority of that value. Tokenized stocks and funds add hundreds of millions more.
This growth followed stablecoin expansion almost step by step. As stablecoin supply moved toward the 280 to 300 billion dollar range RWA value on chain climbed toward nearly 20 billion. This is not coincidence. Stablecoins are the settlement tool and the funding source for these assets.
When stablecoin issuance slows RWA growth also slows. When issuance accelerates RWA platforms see new inflows. That tells a clear story. Liquidity matters more than narrative.
This shift marks a change in how crypto grows. The market is moving away from short term speculation toward infrastructure that earns through usage. Stablecoins sit at the center of that shift. They power payments trading and now tokenized real world assets.
The result is a quieter but stronger form of growth. Profits come from scale not hype. Platforms tied to stablecoin liquidity benefit the most. That is why stablecoins now form the core of crypto financial activity and why their influence will likely keep expanding.
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