Analysis: After the passage of the GENIUS Act, the supply of interest-bearing stablecoins has significantly risen.

Odaily News Since the signing of the GENIUS stablecoin bill in the United States on July 18, the supply of interest-bearing stablecoins has surged, with Ethena USDe (USDe) and Sky's USDS (USDS) benefiting the most. Data shows that the circulating supply of USDe has increased by 70%, reaching $9.49 billion, elevating its market capitalization ranking to third place. During the same period, the circulating supply of USDS has grown by 23%, nearing $4.81 billion, with a market capitalization ranking of fourth. Julio Moreno, head of research at CryptoQuant, stated that due to the GENIUS bill prohibiting issuers from directly providing yields to holders, investors are turning to stablecoins that offer yields through staking within the protocol. Currently, the Annual Percentage Rate (APY) for staking USDe (sUSDe) is 10.86%, while the APY for staking USDS (sUSDS) is 4.75%. (Cointelegraph)