▼Stablecoin Usage Outruns Supply as Reserve Yield Fades

Score history

Daily conviction score, 0 to 100. Higher means the thesis is more strongly corroborated.

Now 36 · -2 since Nov 11 · ranged 36 to 38

Showing the last few days. Unlock full score history.

Why the conviction moved

• Nov 10
  Context

  TD Cowen's Jaret Seiberg puts only a 10% chance on Congress banning platform-paid stablecoin yield within two years, even as banks push again under a Democratic majority. That suggests the distribution model that shares reserve yield is likely to survive legislatively for now.

• Nov 10
  Strengthened +2

  Circle moved the fund behind its USYC token into longer-dated Treasury bills, a duration extension that fits issuers working to protect reserve income as short-term yields fade.

• Nov 9
  Strengthened

  Circle reported a 49% rise in USDC on-chain volume to $13.9 trillion in the third quarter, while its reserve income fell 8% as yields dropped. Total stablecoin supply has barely grown in 2026.

Source trail

• Supporting · November 10, 2026

  Canada's Budget Would Require Banks to Issue Stablecoins Through Subsidiaries Outside Deposit Protection

  Circle moved the fund behind its USYC token into longer-dated Treasury bills, a duration extension that fits issuers working to protect reserve income as short-term yields fade.

  CryptoSlate

• Context · November 10, 2026

  Elizabeth Warren Prepares to Chair Senate Banking With Prediction Markets as an Early Target

  TD Cowen's Jaret Seiberg puts only a 10% chance on Congress banning platform-paid stablecoin yield within two years, even as banks push again under a Democratic majority. That suggests the distribution model that shares reserve yield is likely to survive legislatively for now.

  Bitcoin Magazine (Warren)