Stablecoins are repositioning after the GENIUS Act (July 18):

- USDe (Ethena) $ENA has increased the most with +$2.7B → the yield-bearing stablecoin model is leading the cash flow.

- USDT remains strong (+$2.4B), showing confidence in liquidity & coverage.

- USDC has seen a net withdrawal of nearly $800M → gradually losing market share.

- USDS (Mountain Protocol) has also attracted over $1B, indicating that the demand for profit-generating stablecoins is no longer a trend – but a new structure of DeFi.