FOLLOW THE FEES: STABLECOIN ISSUERS ARE THE TOLL BOOTH

Summary from the TLDR Crypto newsletter

A fee map shows stablecoin issuers dominating DeFi's cashflow. Tether $417.9M (30D) and Circle $196.2M (30D) lead the leaderboard while DeFi-native issuers Sky ($33.1M, +31.7%) and Ethena ($23.3M, +14.9%) are the fastest growers, illustrating that whoever controls on-chain USD rails captures persistent, pump-proof revenue from settlement, lending, margin, liquidity, and treasury flows.