$ENA
Significant Increase in Supply of Yield-Generating Stablecoins After GENIUS Act
The supply of yield-generating stablecoins has risen since the passage of the GENIUS Stablecoin Act in July, which prohibits issuers from offering yields on stablecoins.
Data shows that the biggest beneficiaries are Ethena USDe (USDe) and Sky’s USDS (USDS), which provide yields when tokens are placed in their respective protocols.
Since July 18, the circulating supply of USDe has increased by 70% to 9.49 billion, placing its market cap third among all stablecoins.
At the same time, the circulating supply of USDS has risen by 23% to nearly 4.81 billion, placing its market cap fourth among all stablecoins, during the same period, according to DefiLlama.
The massive increase in the supply of USDe has led to a nearly 60% rise in the price of ENA, the governance token of Ethena, since mid-July, with the current price stabilizing at $0.58, according to CoinGecko.
Yield-generating stablecoins are the winners of the GENIUS Act
Anthony Yim, co-founder of the analytics firm Artemis, said in a post on X on Monday: "The surprising winners in the post-GENIUS era - the supply of yield-generating stablecoins has increased significantly despite GENIUS preventing them in the United States.
Significant Increase in Supply of Yield-Generating Stablecoins After GENIUS Act
The supply of yield-generating stablecoins has risen since the passage of the GENIUS Stablecoin Act in July, which prohibits issuers from offering yields on stablecoins.
Data shows that the biggest beneficiaries are Ethena USDe (USDe) and Sky’s USDS (USDS), which provide yields when tokens are placed in their respective protocols.
Since July 18, the circulating supply of USDe has increased by 70% to 9.49 billion, placing its market cap third among all stablecoins.
At the same time, the circulating supply of USDS has risen by 23% to nearly 4.81 billion, placing its market cap fourth among all stablecoins, during the same period, according to DefiLlama.
The massive increase in the supply of USDe has led to a nearly 60% rise in the price of ENA, the governance token of Ethena, since mid-July, with the current price stabilizing at $0.58, according to CoinGecko.
Yield-generating stablecoins are the winners of the GENIUS Act
Anthony Yim, co-founder of the analytics firm Artemis, said in a post on X on Monday: "The surprising winners in the post-GENIUS era - the supply of yield-generating stablecoins has increased significantly despite GENIUS preventing them in the United States.