According to Cointelegraph, the supply of revenue-generating stablecoins has surged since the passage of the GENIUS Stablecoin Act in July. The data shows that the biggest beneficiaries are Ethena's USDe and Sky's USDS, both of which earn when staked in their respective protocols.
According to DefiLlama data, since July 18, USDe's circulating supply has increased by 70% to $9.49 billion, making it the third most valuable stablecoin in terms of market capitalization. During the same period, USDS's circulating supply has increased by 23% to nearly $4.81 billion, making it the fourth most valuable.
Anthony Yim, co-founder of analyst firm Artemis, said that while the GENIUS Act prohibits the issuance of income-bearing stablecoins in the United States, the supply of such stablecoins has grown significantly, becoming an "unexpected winner". Julio Moreno, head of research at CryptoQuant, said that it is because the GENIUS Act prohibits issuers from providing income directly to holders that investors are turning to income-bearing or stablecoins for income.
The supply of income-generating stablecoins has surged since the passage of the GENIUS Act
2025-08-05 06:28:06
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