According to Stablewatch, there was 88 new yield-bearing stablecoins that entered the market in 2025.
The question remains: How will these businesses generating revenue with an ever accelerating decrease in interest rates from the fed?
Did we overindex on the profitability of being a stablecoin issuer because of the success of Circle and Tether???
Given the latest stablecoin specific language in the market structure bull prohibiting yield passing to users, I'd argue yes.
If that reverses, I think we'll see a full cambrian explosion of stablecoins.