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《GENIUS Act》 Leads to Surge in Revenue-Sharing Stablecoin Supply
BlockBeats News, August 5th, according to Cointelegraph, since the passing of the July "GENIUS Stablecoin Act," the supply of yield-bearing stablecoins has surged. Data shows that the biggest beneficiaries are Ethena's USDe and Sky's USDS, both of which can earn yield when staked in their respective protocols.
According to DefiLlama data, as of July 18th, the circulating supply of USDe has grown by 70% to reach $9.49 billion, placing it third among all stablecoins by market cap. During the same period, the circulating supply of USDS increased by 23% to nearly $4.81 billion, ranking fourth by market cap.
Anthony Yim, co-founder of analytics firm Artemis, stated: "Despite the 'GENIUS Act' prohibiting the issuance of yield-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, stated, "It is precisely because the 'GENIUS Act' prohibits issuers from directly providing yield to holders that investors have turned to yield-bearing stablecoins or staking stablecoins to earn yield."
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