近年來，承重的Stablecoin市場見證了強勁的增長。

儘管散戶投資者沒有得到太多關注，但最新數據揭示了該行業的巨大潛力。

The yield-bearing stablecoin market has seen strong growth in recent years, although retail investors may not be paying much attention yet. But the latest data shows this sector’s significant potential.

近年來，承擔屈服的穩定幣市場的增長強勁，儘管散戶投資者可能還沒有引起太多關注。但是最新數據顯示了該行業的巨大潛力。

This article explores the challenges facing the yield stablecoin space amid changing regulatory landscapes and rising institutional interest.

本文探討了隨著監管景觀的變化和機構利益的不斷增長，造福處穩定空間面臨的挑戰。

Yield Stablecoin Market Cap Surpasses $10 Billion in 2025

在2025年，收益穩定市值超過100億美元

Unlike traditional stablecoins, yield-bearing stablecoins not only maintain a stable value but also generate returns for holders. These returns come from investment strategies like staking, lending, or investing in yield-generating assets such as government bonds.

與傳統的穩態不同，承重的穩定劑不僅保持穩定的價值，而且還可以為持有人帶來回報。這些回報來自投資策略，例如積分，貸款或投資於產生產生的資產，例如政府債券。

According to data from Stablewatch, the total supply of yield-bearing stablecoins has grown 13 times in under two years, from just $666 million in August 2023 to $8.98 billion in May 2025. At one point, in February 2025, the market hit an all-time high of $10.8 billion.

根據StableWatch的數據，承重穩定的Stablecoins的總供應已在兩年內增長了13次，從2023年8月的6.66億美元增加到2025年5月的89.8億美元。 2025年2月，該市場持續了1008億美元。

Stablewatch also reports that the total accumulated yield paid out has reached nearly $600 million. The current average payout stands at around $1.5 million per day.

StableWatch還報告說，支付的總累積收益率達到了近6億美元。目前的平均支出每天約為150萬美元。

Among the most notable projects, Ethena’s sUSDe and Sky’s sUSDS and sDAI are leading the market. Together, these projects account for 57% of the total yield stablecoin market capitalization — about $5.13 billion.

在最著名的項目中，埃塞納（Ethena）的Susde和Sky的Susds和Sdai正在領導市場。這些項目共同佔總收益穩定市值的57％，約為51.3億美元。

Data from DeFiLlama shows that the market now includes over 1,900 stablecoin pools, spread across 465 protocols and more than 100 different chains. These pools allow investors to deposit stablecoins and earn yield.

Defillama的數據顯示，現在市場包括1,900多個Stablecoin池，分佈在465個協議和100多個不同的連鎖店中。這些游泳池允許投資者存入穩定幣並賺取收益率。

Despite impressive growth, Jacek Czarnecki, co-founder of L2Beat, notes that yield-bearing stablecoins still make up only a small portion of the broader stablecoin market. At the time of writing, the total stablecoin market cap has reached over $244 billion.

儘管增長了令人印象深刻的增長，但L2Beat的聯合創始人Jacek Czarnecki指出，承重的Stablecoins仍然僅佔更廣泛的Stablecoin市場的一小部分。在撰寫本文時，Stablecoin市值的總上限已超過2440億美元。

“Yield-first stablecoins are still just a small fraction (3.7%) of the general stablecoin market,” Jacek said.

賈斯克說：“產量優先的穩態仍然只是一般穩定市場的一小部分（3.7％）。”

Still, this small share also reflects the enormous growth potential of yield-stablecoins. More investors are now seeking passive income opportunities in the DeFi space.

儘管如此，這一很小的份額也反映了產量穩定的巨大增長潛力。現在，越來越多的投資者正在挑戰空間中尋求被動收入機會。

Challenges Facing the Yield Stablecoin Sector

產量穩定行業面臨的挑戰

According to L2Beat co-founder Jacek Czarnecki, yield-bearing stablecoins still lack a standardized definition. This lack of clarity makes it challenging to categorize and evaluate these assets.

根據L2BEAT聯合創始人Jacek Czarnecki的說法，承重的穩定蛋白仍然缺乏標準化的定義。這種缺乏清晰度使得對這些資產進行分類和評估具有挑戰性。

Jacek classifies stablecoins into two groups: payments vs. yield. While this categorization is simple, it could help shape dedicated legal frameworks for each type of stablecoin.

Jacek將Stablecoins分為兩組：付款與收益。儘管這種分類很簡單，但它可以幫助塑造每種類型的穩定劑的專用法律框架。

“Stablecoins are widely seen as crypto's breakout use case. But to scale, we need a more user-centric framework. You shouldn't buy coffee with your yield vault. Combining both types in one category (as many dashboards do) is like storing your paycheck in a hedge fund: technically possible, but it doesn't make too much sense,” said L2Beat co-founder, Jacek Czarnecki.

“Stablecoins are widely seen as crypto's breakout use case. But to scale, we need a more user-centric framework. You shouldn't buy coffee with your yield vault. Combining both types in one category (as many dashboards do) is like storing your paycheck in a hedge fund: technically possible, but it doesn't make too much sense,” said L2Beat co-founder, Jacek Czarnecki.

Lawmakers are beginning to recognize this division. For instance, the GENIUS Act in the US specifies that stablecoins offering yields or interest do not qualify as “payment stablecoins.”

立法者開始認識到這一分裂。例如，《天才法》在美國規定，穩定的股幣提供收益率或利息不符合“付款穩定者”的資格。

This classification excludes these stablecoins from the bill's regulatory scope. Instead, they may be classified as securities, falling under the supervision of the US Securities and Exchange Commission (SEC).

該分類將這些穩定幣排除在法案的監管範圍之外。相反，它們可能被歸類為證券，屬於美國證券交易委員會（SEC）的監督。

Meanwhile, the MiCA (Markets in Crypto-Assets Regulation) in the European Union prohibits interest payments on stablecoins entirely.

同時，歐盟中的雲母（加密資產管理市場中的市場）完全禁止對穩定的股票支付。

Due to this regulatory ambiguity and legal limitations, the yield stablecoin market may not be booming yet. So far, it has mainly attracted attention from insiders and early investors.

由於這種監管歧義和法律局限性，產量Stablecoin市場可能還沒有蓬勃發展。到目前為止，它主要引起了內部人士和早期投資者的關注。

However, the involvement of major financial institutions in the stablecoin sector gives reason to expect a more flexible stance from lawmakers. To maintain momentum and ensure sustainability, projects must address key regulations, transparency, and risk management challenges.

但是，主要金融機構參與Stablecoin行業，這使人們期望立法者更加靈活。為了維持動力並確保可持續性，項目必須解決關鍵法規，透明度和風險管理挑戰。