Matrixport released a chart today stating that the GENIUS Act is expected to prohibit stablecoin providers from paying interest or returns to holders. Funds may therefore shift to yield-generating alternatives such as tokenized money market funds. USDC has seen net redemptions of approximately $6.5 billion over the past six weeks, leading to a contraction in stablecoin liquidity and weakening short-term purchasing power in the crypto market. Simultaneously, funds are flowing out of stablecoins and into traditional safe-haven assets such as gold and silver, further shrinking the stablecoin supply. Accordingly, Circle is shifting its focus from "market capitalization" to "trading activity" and is promoting the real-world use and payment of stablecoins through initiatives like the Circle Payment Network and partnerships with companies like Intuit.