GM! I think it’s time we start paying more attention to stablecoin issuers.
Because something very different is happening this time around.
▫️In December 2024, stablecoin yields peaked at 13.93% APY, but total supply was only around $115B (basically flat since 2023).
Fast forward to June 2025:
▫️Stablecoin supply has surged past $253B, hitting an ATH
▫️But yields down to just 3.45% APY
▫️And only ~$2M in daily yield being paid out/day
So what’s going on?
It’s a weird split: supply is growing like crazy, but actual liquidity in the market still feels drained.
→ My take: A large part of stablecoins are getting parked in savings/yield protocols, waiting for the next surge.
→ And that means the issuers behind these stablecoins become the biggest players to watch until then:
🥇 @ethena_labs with sUSDe - $ENA: $1.64B MC
🥈 @SkyEcosystem with sUSDS - $SKY: $1.74B MC → $SPK | @sparkdotfi is the 2nd play with only $37M MC
🥉 @syrupfi with SyrupUSDC - $SYRUP: $613M MC
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