The supply of stable stocks that bear yields has soared since the U.S. Genius Stablecoin Act passed in July, which prohibits issuers from offering Stablecoins yields.
The data show that the biggest beneficiaries are Ethena USDE (USDE) and Sky’s USD (USD), which provide output when placing the tokens in their respective protocols.
USDE’s circulating supply has increased since July 18 70% It reached 9.49 billion, ranking market value among all stable stocks.
At the same time, USDS cycle supply has increased twenty three% According to Defilama, at nearly 4.81 billion, its market cap is placed in the fourth place for all Stablecoins in the same period.
The sharp increase in supply from USDE supplies has brought the price of Ena (Ethena’s governance token) to nearly 60% and is currently at $0.58, according to Go to love.
The stable who surrenders is the winner of genius
“It is surprising that the winner in the post-democratic era – despite the disobedience of genius in the United States, the victory of the shares is supplied a lot,” Artemis, Anthony Yim, Anthony Yim, Anthony Yim, Anthony Yim, explain In Monday’s X post.
Related: Stabilization status after genius: Experts weigh
Julio Moreno, head of research at CryptoQuant, told Cointelegraph that people with tokens are increasingly flocking to USDE and USD as they provide output by placing the tokens in their respective protocols.
“It is precisely because the Genius Act prohibits issuers from providing directly to holders that investors are turning to stable stocks that bear returns or fixed stable and stable stabalecoins to get yields,” Moreno said.
“That’s why you’re seeing Stablecoins like USDE and USD expand in supply because they pay yields in a more local way (by mastering their own protocols).
Stablecoin supply could reach $300 billion by the end of the year
The entire Stablecoin market has grown by 23.5% from $205 billion at the beginning of the year to $268 billion at the time of writing, according to Go to Defilama.
Morena said that the total stable supply “if the growth trend continues, it could be close to $300 billion at $300 billion by the end of the year.”
Still, Wanchain CEO Temujin Louie said Tokenization efforts of traditional financial participants May hinder the growth of stable proteins. “Tokenization” enables money market funds to adopt the speed and flexibility that previously made Stablecoins unique without sacrificing security and regulatory oversight, Louie said. ”
July’s report shows Need for decentralized financial applications On the Ethereum network, it may rise in the consequences of the Genius Act until the stability of surrender is held.
Inflation-adjusted returns
Stablecoins can generate income by staking, lending, or leveraging real-world assets such as U.S. Treasuries that generate passive income for their token holders.
The load-bearing stable person allows the token holder to obtain the actual rate of return on their assets. The real rate of return is received by inflation-adjusted token holders.
Current title inflation rate in the United States in June is in the United States 2.7%.
By contrast, Staked USDE (SUSDE) provides annual percentage (APY) 10.86%while fixed USD (SUSD) provides 4.75%which is equivalent to the actual rate of return of 8.16% and 2.05% respectively.
