$ENA $ENA Since the passage of the GENIUS Act in July, which prohibits stablecoin issuers from providing returns, the supply of yield-bearing stablecoins has surged.

Data shows that the biggest beneficiaries are Ethena's USDe (USDe) and Sky's USDS (USDS), which can earn returns through protocol staking.

Since July 18, the circulating supply of USDe has increased by 70% to 9.49 billion, making it the third largest by market capitalization. Meanwhile, the circulating supply of USDS has also increased by 23%, reaching nearly 4.81 billion, ranking fourth in market capitalization.