Analysis of the Emerging Yield Generating Stablecoin Market

Stablecoins, as an important component of the cryptocurrency market, have an overall market value exceeding $200 billion. Although centralized stablecoins like USDT and USDC still dominate, decentralized stablecoins are continuously evolving and innovating. Recently, several yield-bearing stablecoin projects have attracted market attention, and we will analyze three representative projects among them.

Success Cases of Ethena

Ethena has pioneered the USDe model that generates returns through futures arbitrage and staking, with its stablecoin market cap reaching $5.9 billion, ranking third in the entire market. Recently, Ethena also partnered with BlackRock to launch the USDtb stablecoin, which offers returns backed by RWA, further enhancing its product line.

USUAL: Strong Background and Innovative Mechanism

The USD0 issued by USUAL is a RWA interest-earning stablecoin, backed by short-term government bonds. The project team has a strong political and business background, with the CEO having previously served as a member of the French Parliament and as a political advisor to the president.

The tokenomics design of USUAL is quite unique:

• The issuance of USUAL tokens is linked to the TVL of USD0.
• Adopts an inflation model, but the issuance will be adjusted according to the growth of protocol revenue.
• The Minting Rate presents an exponentially decreasing curve, rewarding early participants.

Recently, USUAL reached a cooperation with Ethena to accept USDtb as collateral and to migrate some USD0 supported assets to USDtb.

Anzen: Tokenization of Credit Assets

The USDz issued by Anzen supports multiple supply chains, with the underlying assets being a portfolio of private credit assets. The project collaborates with the licensed U.S. brokerage Percent, and the portfolio is mainly focused on the U.S. market, with the current APY being around 10%.

Anzen has secured $4 million in seed funding, with investors including well-known institutions such as Mechanism Capital and Circle Ventures. Its ANZ coin adopts a ve model, allowing holders to earn protocol revenue sharing through locking and staking.

Resolv: Delta Neutral Stablecoin Protocol

Resolv offers two products: USR and RLP.

• USR: A stablecoin minted by over-collateralizing ETH, which can be staked to earn stUSR.
• RLP: Non-stablecoin backed by excess collateral from USR

Resolv uses a delta-neutral strategy to manage collateral, with most of the collateral staked on-chain and a portion held by institutions as futures margin. The sources of income include on-chain staking and funding rates, which are distributed proportionally to stUSR and RLP holders.

Recently, Resolv launched on the Base network and introduced a points activity to prepare for future coin issuance.

These emerging interest-bearing stablecoin projects showcase different innovative models and risk-return characteristics, providing users with a diverse range of options. As the market evolves, we expect to see more innovative stablecoin projects emerge.