{"id":162179,"date":"2025-08-10T20:33:38","date_gmt":"2025-08-10T20:33:38","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/?p=162179"},"modified":"2025-08-10T20:33:38","modified_gmt":"2025-08-10T20:33:38","slug":"guerre-stablecoins-usde-10-milliards-genius-act","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/guerre-stablecoins-usde-10-milliards-genius-act\/","title":{"rendered":"Cette nouvelle loi US fait de USDe le N\u00b01 \u00e0 10 milliards de TVL"},"content":{"rendered":"<p>Sur les champs de bataille du march\u00e9 crypto, certains affrontements se jouent \u00e0 coups de rendements, d\u2019innovation et parfois, de lois inattendues. En moins de dix-huit mois, cet outsider du nom de USDe a franchi la barre des 10 milliards de TVL. Une performance record en termes de vitesse et gr\u00e2ce \u00e0 laquelle il d\u00e9tr\u00f4ne ses rivaux historiques et r\u00e9\u00e9crit les r\u00e8gles du jeu. \u00c0 l\u2019origine de cette ascension fulgurante, un texte de loi am\u00e9ricain pens\u00e9 pour encadrer les stablecoins. Mais il finit par d\u00e9clencher un mouvement massif de capitaux vers la DeFi.<\/p><h2 class=\"wp-block-heading\">Le GENIUS Act, d\u00e9clencheur inattendu<\/h2><span class=\"replacer\"><\/span><p>En juillet 2025, le Congr\u00e8s am\u00e9ricain adopte le <a href=\"https:\/\/cryptonews.com\/fr\/news\/vote-genius-act-usa-stablecoins-regulation-cryptomonnaies\/\">GENIUS Act<\/a> (Guiding and Establishing National Innovation for U.S. Stablecoins). L\u2019objectif affich\u00e9 avec cette loi ambitieuse c\u2019est de renforcer la s\u00e9curit\u00e9 des stablecoins. Entre autres dispositions, la nouvelle l\u00e9gislation impose :<\/p><ul class=\"wp-block-list\">\n<li>Que chaque stablecoin soit garanti \u00e0 hauteur de 1:1 par des r\u00e9serves en actifs s\u00fbrs (bons du Tr\u00e9sor am\u00e9ricain),<\/li>\n\n\n\n<li>Une surveillance f\u00e9d\u00e9rale accrue,<\/li>\n\n\n\n<li>Une hi\u00e9rarchie claire pour indemniser les clients en cas de probl\u00e8me.<\/li>\n<\/ul><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1006\" height=\"530\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/10201837\/image-56.png\" alt=\"\" class=\"wp-image-162180\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/10201837\/image-56.png 1006w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/10201837\/image-56-300x158.png 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/10201837\/image-56-768x405.png 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/10201837\/image-56-450x237.png 450w\" sizes=\"auto, (max-width: 1006px) 100vw, 1006px\"><\/figure><\/div><p>Mais c\u2019est une clause discr\u00e8te, pass\u00e9e presque inaper\u00e7ue au d\u00e9part, qui va bouleverser le secteur. L\u2019interdiction pour les stablecoins r\u00e9glement\u00e9s de verser des int\u00e9r\u00eats \u00e0 leurs d\u00e9tenteurs.<\/p><p>En quelques jours, les investisseurs particuliers et institutionnels sont priv\u00e9s de rendement sur leurs stablecoins traditionnels. Nombre d\u2019entre eux se sont alors tourn\u00e9s vers d\u2019autres alternatives dont notamment la DeFi.<\/p><h2 class=\"wp-block-heading\">Pourquoi USDe a rafl\u00e9 la mise<\/h2><span class=\"replacer\"><\/span><p>Le GENIUS Act emp\u00eache donc des g\u00e9ants comme USDC ou USDT de r\u00e9compenser leurs utilisateurs pour la d\u00e9tention ou l\u2019utilisation de leur stablecoin. Mais l\u2019<a href=\"https:\/\/x.com\/ethena_labs\/status\/1954153833321631997\" target=\"_blank\" rel=\"noreferrer noopener\">USDe, op\u00e9r\u00e9 par Ethena Labs<\/a> dans un cadre d\u00e9centralis\u00e9, a continu\u00e9 \u00e0 offrir des rendements comp\u00e9titifs via ses propres strat\u00e9gies de coffre-fort (vaults).<\/p><p>Pour le trader Cas Abb\u00e9, cette diff\u00e9rence r\u00e9glementaire a agi comme un aimant \u00e0 capitaux. Les gros investisseurs se sont engouffr\u00e9s dans cette faille, et USDe s\u2019est retrouv\u00e9 en premi\u00e8re ligne pour capter ces flux massifs.<\/p><p>R\u00e9sultat des courses, le stablecoin a non seulement attir\u00e9 des capitaux colossaux en un temps record, devenant le premier \u00e0 passer le cap de 10 milliards aussi vite. Mais il a aussi consolid\u00e9 sa position de leader dans la finance d\u00e9centralis\u00e9e.<\/p><h2 class=\"wp-block-heading\">L\u2019ENA profite de l\u2019effet d\u2019entra\u00eenement<\/h2><span class=\"replacer\"><\/span><p>L\u2019afflux massif de capitaux n\u2019a pas seulement gonfl\u00e9 la TVL d\u2019USDe. Il a aussi d\u00e9clench\u00e9 une envol\u00e9e spectaculaire du prix de son token de gouvernance, ENA. En l\u2019espace d\u2019un mois, sa valeur a plus que doubl\u00e9. Une envol\u00e9e notamment port\u00e9e par l\u2019enthousiasme des investisseurs particuliers et des acteurs institutionnels qui b\u00e9n\u00e9ficient de l\u2019\u00e9cosyst\u00e8me.<\/p><h2 class=\"wp-block-heading\">Quand la r\u00e9gulation cr\u00e9e de nouveaux champions<\/h2><span class=\"replacer\"><\/span><p>Ironie du sort, le GENIUS Act avait \u00e9t\u00e9 con\u00e7u pour rendre le march\u00e9 des stablecoins plus s\u00fbr et plus stable. Mais en fermant la porte aux rendements dans la sph\u00e8re r\u00e9glement\u00e9e, il a ouvert un boulevard aux projets DeFi capables de contourner cette contrainte.<\/p><p>USDe en est l\u2019exemple parfait. La r\u00e9gulation, loin d\u2019\u00e9touffer l\u2019innovation, peut parfois en acc\u00e9l\u00e9rer l\u2019\u00e9mergence ; \u00e0 condition de savoir exploiter ses zones grises.<\/p><p>Aujourd\u2019hui, USDe illustre une v\u00e9rit\u00e9 simple mais percutante. Dans la guerre des stablecoins, la r\u00e9gulation peut cr\u00e9er de nouveaux leaders aussi vite qu\u2019elle en fragilise d\u2019anciens. La prochaine manche se jouera entre la capacit\u00e9 des r\u00e9gulateurs \u00e0 combler ces br\u00e8ches et l\u2019agilit\u00e9 des acteurs DeFi \u00e0 en exploiter de nouvelles.<\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Source : <a href=\"https:\/\/www.binance.com\/en\/square\/post\/28124127587097\" target=\"_blank\" rel=\"noreferrer noopener\">Binance Square<\/a><\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Pour aller plus loin sur le sujet :<\/p><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/stablecoin-crypto-chine-gouvernement-regulation\/\">le gouvernement souhaite \u00e9viter la fuite des capitaux<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/jpmd-stablecoin-jpmorgan-crypto-industrie\/\">JPMD : le nouveau stablecoin de JPMorgan est en approche<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/wall-street-se-lance-dans-les-stablecoins\/\">Wall Street se lance dans les stablecoins<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Sur les champs de bataille du march\u00e9 crypto, certains affrontements se jouent \u00e0 coups de rendements, d\u2019innovation et parfois, de lois inattendues. En moins de dix-huit mois, cet outsider du nom de USDe a franchi la barre des 10 milliards de TVL. Une performance record en termes de vitesse et gr\u00e2ce \u00e0 laquelle il d\u00e9tr\u00f4ne [&hellip;]<\/p>\n","protected":false},"author":663,"featured_media":162181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"editors":[2554],"sponsored_companies":[],"class_list":["post-162179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","editors-ronan-gaillard"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USDe : record N\u00b01 \u00e0 10 milliards $ de TVL<\/title>\n<meta name=\"description\" content=\"USDe d\u00e9passe les 10 milliards de TVL en un temps record. 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