According to online reports, Cointelegraph reported that since the passage of the GENIUS stablecoins Act in July, the supply of income-based stablecoins has surged. Data shows that the biggest beneficiaries are Ethena's USDe and Sky's USDS, which can earn benefits when pledged in their respective agreements. According to DefiLlama data, since July 18, USDe's circulation supply has increased by 70% to US$9.49 billion, making it the third largest among all stablecoins in market value. During the same period, USDS circulation supply rose 23% to nearly US$4.81 billion, ranking fourth in market value. Anthony Yim, co-founder of analyst firm Artemis, said: Although the GENIUS Act prohibits the issuance of income-bearing stablecoins in the United States, the supply of such stablecoins has increased significantly, making them an "unexpected winner." Julio Moreno, director of research at CryptoQuant, said that it is precisely because the GENIUS Act prohibits issuers from providing income directly to holders that investors turn to income-based or pledged stablecoins to obtain income.