MarketPR
Yield-bearing stablecoin supply dropped 15% in the second quarter, snapping a three-year expansion streak for crypto-native products.
Contractions in sUSDe and sUSDS led the pullback, while Treasury-backed stablecoins — BUIDL, USYC, and USDY — kept growing throughout the period.
Crypto-Native Products Take the Hit The Q2 decline is notable precisely because of how long it didn't happen. Crypto-native yield-bearing stablecoins had run for three consecutive years before this quarter's reversal.
sUSDe and sUSDS, the two products the source identifies as driving the contraction, represent the on-chain, protocol-native side of the yield-bearing stablecoin market — the kind built to generate returns from DeFi mechanisms rather than from holdings in regulated financial instruments.
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