U.S. Treasury Secretary: Stablecoins Will Expand the Global Channels for USD Usage, Prompting a Surge in U.S. Treasury Demand

BlockBeats News, August 19th, US Treasury Secretary Yellen stated, "Implementing the GENIUS Act is crucial to ensuring the United States' leadership in the digital asset space. Stablecoins will expand the global usage channels of the US dollar by tens of billions of dollars and lead to a significant increase in demand for US Treasury bonds."

Since the GENIUS Act was passed in July, 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 earn yield when staked in their respective protocols. According to DefiLlama data, since July 18th, the circulating supply of USDe has grown by 70%, surpassing $10 billion, ranking it third among all stablecoins by market cap. During the same period, the circulating supply of USDS rose by 23% to nearly $4.81 billion, placing it fourth by market cap.