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US Treasury Secretary: Stablecoins to Expand Global USD Usage Channels, Driving Surge in US Treasury Demand
Summary: In a recent statement, US Treasury Secretary Benson emphasized the importance of implementing the GENIUS Act to ensure America's leadership in the digital asset sector. Stablecoins will expand global USD channels by billions and lead to a significant increase in demand for US Treasury bonds. Since the passage of the GENIUS Act in July, the ...
In a recent statement, US Treasury Secretary Benson emphasized the importance of implementing the GENIUS Act to ensure America's leadership in the digital asset sector. Stablecoins will expand global USD channels by billions and lead to a significant increase in demand for US 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, which earn yields when staked in their respective protocols. According to DefiLlama data, as of July 18th, the circulating supply of USDe has grown by 70%, surpassing $10 billion, ranking it third among all stablecoins by market cap. Meanwhile, USDS circulating supply has risen by 23%, nearing $4.81 billion, placing it fourth in market cap.
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Link: US Treasury Secretary: Stablecoins to Expand Global USD Usage Channels, Driving Surge in US Treasury Demand [Copy]
