Yield-bearing stablecoins are growing faster than the overall stablecoin market as Washington remains divided on regulatory issues related to cryptocurrency-linked yields, according to data from Messari.
Messari noted that the largest yield-bearing stablecoins are increasingly functioning similarly to money market funds or bank deposits. "Winners don't do payments," Messari stated, adding that the largest issuers are focused on single assets rather than payment-related use cases.
Messari stated that starting in mid-October 2025, yield-bearing stablecoins have grown faster than the stablecoin supply. This trend indicates a growing market demand for blockchain-based dollar products that offer yield without direct exposure to broader cryptocurrency volatility.
In terms of yields, Maple's Syrup USDC led this week with a 4.54% annual percentage yield (APY), followed by Maple USDT with a 4.17% APY, Sky Lending's SUSDS ranked third with a 3.75% APY, and Ethena's USDe had a 3.49% APY, according to Messari.
Despite growing demand, U.S. lawmakers remain divided on the market structure bill provisions related to yield-bearing stablecoins.