BlockBeats reported on August 5th that since the passage of the GENIUS stablecoin bill in July, the supply of income based stablecoins has surged. The data shows that the biggest beneficiaries are Ethena's USDe and Sky's USDS, which can generate profits when pledged in their respective protocols.
According to DefiLlama data, since July 18th, the circulating supply of USDe has increased by 70%, reaching $9.49 billion, making it the third largest stablecoin in terms of market value among all stablecoins. During the same period, the circulating supply of USDS increased by 23%, approaching $4.81 billion, ranking fourth in market value.
Anthony Yim, co-founder of analytics firm Artemis, stated that despite the GENIUS Act prohibiting the issuance of revenue generating stablecoins in the United States, the supply of such stablecoins has significantly increased, becoming an 'unexpected winner'. CryptoQuant research director Julio Moreno said, "It is precisely because the GENIUS Act prohibits issuers from directly providing returns to holders that investors turn to income based stablecoins or pledged stablecoins to obtain returns
