US Treasury Secretary: Stablecoins Will Expand Global Channels for Dollar Usage and Drive Surging Demand for US Treasuries

According to ChainCatcher, U.S. Treasury Secretary Besant stated, "Implementing the GENIUS Act is crucial to ensuring America's leadership in the digital asset sector. Stablecoins will expand the global channels for dollar usage by tens of billions and lead to a surge in demand for U.S. 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 offer yields when staked within their respective protocols. According to DefiLlama, since July 18, the circulating supply of USDe has grown by 70%, surpassing $10 billion and making it the third-largest stablecoin by market capitalization. During the same period, the circulating supply of USDS increased by 23% to nearly $4.81 billion, ranking fourth in market capitalization.