2026-02-24 06:29:42

Stablecoin issuers are quietly becoming one of the biggest value-capture layers in crypto.

While most attention still goes to L1 chains and DeFi protocols, the numbers tell a different story fee generation from stablecoin infrastructure is now approaching levels comparable to L1s and the broader DeFi sector combined.

That’s a major shift.

Instead of depending on speculation cycles, stablecoins capture value from real activity: trading, settlement, payments, and liquidity movement across markets.

Every time capital moves, stable infrastructure earns.

This changes how we should think about crypto economics.

The strongest businesses may not be the loudest protocols, they’re the rails moving billions daily in the background.

Narratives change fast. Infrastructure compounds slowly.
And right now, value capture is clearly migrating toward stable layers of the ecosystem.

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