Collateral, Not Yield, Will Decide Which Stablecoins Win

Yield-bearing stablecoins allow holders to earn interest while maintaining dollar exposure. But competitors can easily replicate their returns, potentially prompting capital to chase higher rates from quarter to quarter. Artem Tolkachev, Chief RWA Officer at Falcon Finance, says the real moat is whether high-quality collateral gains acceptance at exchanges and lending markets, allowing tokens to be used for margin, borrowing and hedging.

Writing in CoinDesk on July 5, 2026, Tolkachev said yield-bearing stablecoins grew by about 300% last year. 21Shares expects their market capitalization to more than triple this year and surpass $50 billion, with most platforms offering yields of 3%–4%. Regulators must finalize rules under the GENIUS Act by July 18, with the framework taking effect no later than January 2027. Even federal regulatory compliance, however, would not guarantee competitive collateral ratios at trading venues.