近年来，承重的Stablecoin市场见证了强劲的增长。

尽管散户投资者没有得到太多关注，但最新数据揭示了该行业的巨大潜力。

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.

近年来，承担屈服的稳定币市场的增长强劲，尽管散户投资者可能还没有引起太多关注。但是最新数据显示了该行业的巨大潜力。

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

本文探讨了随着监管景观的变化和机构利益的不断增长，造福处稳定空间面临的挑战。

Yield Stablecoin Market Cap Surpasses $10 Billion in 2025

在2025年，收益稳定市值超过100亿美元

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.

与传统的稳态不同，承重的稳定剂不仅保持稳定的价值，而且还可以为持有人带来回报。这些回报来自投资策略，例如积分，贷款或投资于产生产生的资产，例如政府债券。

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.

根据StableWatch的数据，承重稳定的Stablecoins的总供应已在两年内增长了13次，从2023年8月的6.66亿美元增加到2025年5月的89.8亿美元。2025年2月，该市场持续了1008亿美元。

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还报告说，支付的总累积收益率达到了近6亿美元。目前的平均支出每天约为150万美元。

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.

在最著名的项目中，埃塞纳（Ethena）的Susde和Sky的Susds和Sdai正在领导市场。这些项目共同占总收益稳定市值的57％，约为51.3亿美元。

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的数据显示，现在市场包括1,900多个Stablecoin池，分布在465个协议和100多个不同的连锁店中。这些游泳池允许投资者存入稳定币并赚取收益率。

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.

尽管增长了令人印象深刻的增长，但L2Beat的联合创始人Jacek Czarnecki指出，承重的Stablecoins仍然仅占更广泛的Stablecoin市场的一小部分。在撰写本文时，Stablecoin市值的总上限已超过2440亿美元。

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

贾斯克说：“产量优先的稳态仍然只是一般稳定市场的一小部分（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.

尽管如此，这一很小的份额也反映了产量稳定的巨大增长潜力。现在，越来越多的投资者正在挑战空间中寻求被动收入机会。

Challenges Facing the Yield Stablecoin Sector

产量稳定行业面临的挑战

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.

根据L2BEAT联合创始人Jacek Czarnecki的说法，承重的稳定蛋白仍然缺乏标准化的定义。这种缺乏清晰度使得对这些资产进行分类和评估具有挑战性。

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将Stablecoins分为两组：付款与收益。尽管这种分类很简单，但它可以帮助塑造每种类型的稳定剂的专用法律框架。

“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.”

立法者开始认识到这一分裂。例如，《天才法》在美国规定，稳定的股币提供收益率或利息不符合“付款稳定者”的资格。

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).

该分类将这些稳定币排除在法案的监管范围之外。相反，它们可能被归类为证券，属于美国证券交易委员会（SEC）的监督。

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

同时，欧盟中的云母（加密资产管理市场中的市场）完全禁止对稳定的股票支付。

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.

由于这种监管歧义和法律局限性，产量Stablecoin市场可能还没有蓬勃发展。到目前为止，它主要引起了内部人士和早期投资者的关注。

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，主要金融机构参与Stablecoin行业，这使人们期望立法者更加灵活。为了维持动力并确保可持续性，项目必须解决关键法规，透明度和风险管理挑战。