Stablecoin Supply Crosses $320B Despite CLARITY Act Stalemate, Yield-Bearing Tokens Gain Ground

Stablecoin supply reached a record $320 billion this week, continuing the expansion of dollar-pegged digital assets. This growth persists while a key regulatory question remains unresolved in Washington: whether revenue from reserve backing should stay with issuers or be shared with token holders. The new peak highlights how far stablecoins have moved beyond their original function as trading instruments within crypto markets. Over the past year, dollar-pegged tokens have seen increasing adoption for payments, payroll, savings, and cross-border transfers. This broadens their role in the financial system at a time when lawmakers are still working to define the rules governing them. Why this matters: A small number of issuers and blockchains now control how dollars move on-chain. Washington has not yet decided whether users can share in the income those reserves generate. The longer this gap remains, the more capital and innovation may shift to other jurisdictions while policy in the United States falls behind. This tension is central to the debate over the CLARITY Act, a broader digital asset market structure bill currently stalled in the Senate over stablecoin reward treatment. Coinbase's Brian Armstrong recently signalled support after a Treasury push, yet the Senate Banking Committee has not advanced the legislation. A record market still runs through a handful of issuers and chains. The latest growth in stablecoin