The yield-bearing stablecoin market has reached $22.7 billion and is growing roughly 11% monthly, according to the newer report, while Alea Research previously counted 26 products worth $21.43 billion. In that earlier snapshot, sUSDS, BUIDL and USYC held 23.8%, 16.7% and 12.7%, respectively, for a combined 53.1%, with Sky, BlackRock and Circle representing about half the market. Third-party exchange rewards, including Coinbase’s approximately 3.5% APY on USDC and rates above 3.75% at Kraken and Gemini, are testing the GENIUS Act’s prohibition on payment stablecoin issuers directly paying interest or yield.