Yield-bearing stablecoin supply surges after GENIUS Act

The supply of USDe has increased by 70%, while that of USDS rose 23% since the GENIUS Act was signed into law on July 18.

The supply of yield-bearing stablecoins has surged since the United States’ passage in July of the GENIUS stablecoin bill, which prohibits issuers from offering yields on stablecoins.

Data shows the biggest beneficiaries have been Ethena USDe (USDe) and Sky’s USDS (USDS), which provide a yield when the tokens are staked in their respective protocols.

Since July 18, the circulating supply of USDe has increased by 70% to 9.49 billion, placing the market capitalization in third place among all stablecoins.

Read more