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Crypto▼ Bearish
Stablecoins idle: $300B market, $4.6B yield, Senate bill looms
Only $4.6B of $300B stablecoin supply earns yield. Velocity sits at 5x. A draft Senate bill would ban yields on idle holdings, forcing activity-linked incentives.
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The stablecoin market has crossed $300 billion in total capitalization. Only about $4.6 billion of that supply earns any yield. The rest sits idle.
Velocity tells the same story. The average stablecoin dollar gets used roughly five times before it stops circulating. Real-world payment volume for 2025 is projected at around $400 billion. Against a $300 billion-plus supply base, that number shows most tokens are held, not spent.
USDT from Tether holds about 60% of the market. USDC from Circle accounts for roughly 23%. Corporate treasuries and DAOs keep substantial stablecoin reserves as a hedge or operational buffer. Survey data suggests individual holders who do use stablecoins tend to spend or convert them quickly after acquiring them. Long-term holding is rare.