According to Messari, profitable stablecoins are growing faster than the broader stablecoin market because Washington is divided over how crypto-related yields should be treated under US law.
Profitable stablecoins outpaced the growth of the broader stablecoin market by 15 times over the past six months, according to a Messari Research report published on Thursday.
The increase was driven by a 198% increase in the market cap of Circle’s USYC (USYC), a 169% increase in the market cap of Paxos Global Dollar (USDG), a 114% increase in the value of decentralized Tron DAO (USDD), and a 91% increase in the value of Ondo Finance’s Y Ondo USY (Dollary). The total stablecoin market capitalization increased by 9%.
Messari said that the biggest profitable stablecoins are starting to work more like money market funds or bank deposits. “The winners don’t pay,” Messari said, adding that the biggest issuers are focusing their offerings on single assets rather than payment use cases.
Messari said that stablecoins yielded in mid-October 2025 ahead of stablecoin supply growth. This trend indicates growing demand for blockchain-based dollar products that offer income without direct exposure to broader crypto volatility.
According to Stablewatch, they are currently worth $22.7 billion after their market capitalization increased by 11% over the past 30 days.
While this represents a doubling from the $11 billion market cap in May 2025, the $22.7 billion worth of profitable stablecoins only represents about 7.4% of the total $303 billion stablecoin market cap, up from 4.5% in May of last year.
According to DefiLlama, among the biggest stablecoins with income by value are Sky’s (sUSDS), Athena’s (sUSDe) and Maple’s Syrup USDC.
In terms of yield, Maple’s Syrup USDC leads this week with an annual yield of 4.54%, followed by Maple USDT with 4.17% APY, SUSDS Sky Lending in third place with $3.75% APY and USDe Ethena with 3.49% MessaAPri.
related to: Stablecoin payments startup Kast raises $80 million at $600 million valuation: Report
Lawmakers are at odds over stablecoin revenue rules
Despite growing demand, US lawmakers are divided over the market structure bill’s provisions related to lucrative stablecoins.
On Thursday, US Senate Majority Leader John Thune said he doesn’t expect the chamber to move forward with the crypto market structure bill before April.
Profitable stablecoins have become a key point of debate, with banking groups warning that they could create a gap that could drive depositors away from traditional banks.
The Senate Banking Committee delayed its assessment in mid-January as bipartisan negotiations continued, drawing criticism from US President Donald Trump for delaying the bill.
related to: Stablecoin imports return to $1.7 billion as Washington fights revenue rules
The Digital Asset Market Structure Clarity Act, known as the CLARITY Act, is designed to provide a clear regulatory framework for digital assets. The House of Representatives passed the measure on July 17, 2025, and it has been debated in the Senate ever since.
The US federal framework for stablecoins, the GENIUS Act, prohibits issuers from paying interest or revenue to hold stablecoins, but still allows third-party platforms to offer reward programs tied to stablecoin holdings. This act was signed on July 18, 2025.
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