Stablecoin Market Shifts Towards Yield-Bearing Assets

Stablecoins have evolved from being mere digital cash equivalents to yield-bearing assets. According to data from Token Terminal, tokenized funds now represent around 10% of the total stablecoin market, valued at approximately $4.76 to $4.78 billion, per CoinGecko data.

The growth of yield-bearing stablecoins has been remarkable, with the segment growing by about 300% throughout 2025. This trend is driven in part by the increasing popularity of tokenized US Treasuries, which have surged from around $750 million at the start of 2024 to nearly $11 billion by early 2026.

One of the key drivers behind this growth is the convergence of traditional financial instruments and blockchain technology. Products like BlackRock's BUIDL fund have become poster children for this convergence, allowing holders to collect yield without leaving the crypto ecosystem.

However, recent data suggests that the supply of native yield-bearing stablecoins fell by 15% in the second quarter of 2026, resulting in a decline of more than $3.5 billion in market cap.