On August 19, U.S. Treasury Secretary Bessant said,"Implementing the GENIUS Act is crucial to ensuring U.S. leadership in the field of digital assets. Stable coins will expand the use of billions of dollars around the world and lead to a surge in demand for U.S. Treasuries." Since the passage of the GENIUS 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 circulation supply has increased by 70% to exceed US$10 billion, making its market value ranked third among all stablecoins. During the same period, USDS circulation supply rose 23% to nearly US$4.81 billion, ranking fourth in market value.