U.S. Treasury Secretary: Stablecoins will expand the global use of the dollar and boost demand for U.S. Treasury bonds

ChainCatcher News, U.S. Treasury Secretary Besant stated, "Implementing the GENIUS Act is crucial for ensuring America's leadership in the digital asset space. Stablecoins will expand the channels for using billions of dollars globally and lead to a surge in demand for U.S. Treasury bonds."

Since the passage of the GENIUS Act 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 can earn yields when staked in their respective protocols. According to DefiLlama data, since July 18, the circulating supply of USDe has increased by 70%, surpassing $10 billion, making it the third largest by market capitalization among all stablecoins. During the same period, the circulating supply of USDS rose by 23%, approaching $4.81 billion, ranking fourth in market capitalization.