Yield-bearing stablecoin supply drops 15% in Q2 as crypto-native products shrink

The supply of yield-bearing stablecoins fell 15% in Q2 2025, driven by contractions in sUSDe and sUSDS, ending a three-year growth run for crypto-native products. Treasury-backed alternatives including BUIDL, USYC and USDY continued to expand during the same period. The shift suggests investors are moving towards more regulated, traditional-asset-backed instruments.