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Uniswap's Major Buyback Proposal: Can UNI Trigger a Value Reassessment?
Uniswap’s latest governance proposal aims to transition the UNI token into a deflationary model by activating protocol fees and implementing a buyback-and-burn mechanism. These changes could profoundly impact UNI’s long-term value. Core Proposal HighlightsEnable protocol fees and use them to repurchase and burn UNI tokens, transforming UNI from a governance token into a productive asset backed by cash flow.Conduct a one-time burn of 100 million UNI tokens (16% of total supply), immediately bo...
Is Polymarket Considered Gambling? Legal Risks for Chinese Users
Polymarket is a blockchain-based prediction market platform that allows users to predict future events and profit by buying and selling related contract shares. This article analyzes the risks for Chinese users from a legal perspective: * How Polymarket Works: Users use stablecoins to bet on outcomes of future events like politics or sports, trading shares that represent the probability of a particular outcome. Settlements are executed via smart contracts once the event outcome is determined....
Can Stablecoins Break Visa and Mastercard's Duopoly?
Stablecoins have emerged as a potential challenger to the $1 trillion duopoly of Visa and Mastercard. These stablecoins offer the promise of significantly lower transaction fees, which could disrupt the current market dynamics dominated by Visa and Mastercard. However, the path to widespread adoption is fraught with regulatory and banking industry pressures.The Current LandscapeVisa and Mastercard currently charge merchants transaction fees of up to 2-3%, which is often the second-largest exp...
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For users seeking to maximize profits, yield-bearing stablecoins can help optimize the value of their stablecoin holdings.
Yield-bearing stablecoins are assets that generate returns through DeFi activities, derivative strategies, or RWA investments. Currently, these stablecoins account for 6% of the $240 billion stablecoin market. As demand grows, JPMorgan suggests that this share could feasibly reach 50%.
These stablecoins are minted by depositing collateral into protocols. The deposited funds are then invested in yield-generating strategies, with profits shared among holders. This resembles traditional banking, where deposited funds are lent out and interest is shared with depositors—except yield-bearing stablecoins offer higher returns.
This article highlights 20 yield-bearing stablecoins.
Ethena maintains its stablecoin’s value and generates yield through delta-neutral hedging.
USDe is minted by depositing staked ETH (stETH) into the Ethena protocol. The ETH position is then hedged via short positions.
In addition to stETH’s yield (currently 2.76% APR), the positive funding rate from shorting also generates returns. Ethena distributes these yields to users who stake USDe for sUSDe (5% APR).
sDAI is generated by depositing DAI into Maker’s DAI Savings Rate (DSR) contract, currently offering a 3.25% APY.
Yields accumulate through DSR interest (set by MakerDAO). sDAI can also be traded or used in DeFi like other stablecoins.
Ondo issues USDY against USDC deposits. The deposited assets are invested in low-risk instruments like Treasury bills (~4–5% APY), with most interest shared among USDY holders.
USDY’s yield is set monthly and remains stable throughout the month. This month’s APY is 4.25%.
Note: USDY’s yield is reflected in its token price, not quantity, which is why USDY always trades above $1.
BUIDL represents ownership in BlackRock’s tokenized money market fund (MMF).
The fund invests in cash, short-term Treasuries, and repo agreements, distributing interest to BUIDL holders.
Yields are calculated daily but paid monthly.
YLDS is the first yield-bearing stablecoin registered with the U.S. SEC as a public security.
Figure Markets generates yield by investing in securities held by high-quality MMFs, which carry slightly higher risk than tokenized government-backed MMFs.
YLDS offers a 3.79% APY. Interest accrues daily and is paid monthly in USD or YLDS tokens.
USDS is a rebranded version of DAI, minted by depositing eligible assets into Sky Protocol.
It can be used in DeFi or earn yields via Sky’s Savings Rate (SSR) contract. sUSDS is issued against USDS deposits, offering a 4.5% APY.
USD0 is fully backed by real-world assets (RWAs) like Treasury bills and minted by depositing USDC or eligible RWAs as collateral on Usual’s platform.
Users can also stake USD0 on Curve to earn USD0++ (0.08% APY). USD0++ can be used in DeFi, with rewards paid in USUAL tokens (13% APY).
Note: Earning USD0++ requires a 4-year lockup.
Mountain Protocol generates yield by investing in short-term U.S. Treasuries, but USDM is exclusively for non-U.S. users.
Yields are distributed daily via an auto-adjusting system, so balances reflect accrued earnings.
USDM currently offers a 3.8% APY.
OUSD is minted by depositing stablecoins like USDC, USDT, and DAI into Origin Protocol.
Origin deploys collateral into low-risk DeFi strategies (lending, liquidity provision, trading fees) and distributes yields automatically.
OUSD is backed by stablecoins and offers a 3.67% APY.
mkUSD is backed by liquid staking derivatives. Yields come from staking rewards (2.5%–7% variable APY) and are shared among holders.
mkUSD can be used for liquidity mining (e.g., on Curve) or staked in Prisma’s stability pool to earn PRISMA and ETH rewards from liquidations.
USDN is backed by short-term Treasuries. Yields come from government securities (4.2% APY) and are distributed to holders.
Users can earn base yields via Noble’s flexible vault or boost returns by locking USDN for up to 4 months to earn Noble points.
frxUSD is backed by BlackRock’s BUIDL and generates yield via Treasuries and DeFi participation.
The Benchmark Yield Strategy (BYS) dynamically allocates staked frxUSD to maximize returns for sfrxUSD holders.
lvlUSD is minted by depositing and staking USDC or USDT, which are deployed into blue-chip lending protocols like Aave and Morpho.
Staking lvlUSD for slvlUSD earns DeFi strategy yields (9.28% APY).
DUSD is a cross-chain stablecoin mintable with sDAI and other liquid collateral. It generates yield via restaking derivatives.
DUSD can be deposited into liquidity pools, value vaults, or staked on Davos for 7–9% APY plus lending interest.
USD3 is minted by depositing PYUSD on Aave v3, DAI on Spark, or USDC on Compound v3.
Yields from top DeFi lending platforms are shared with USD3 holders (~5% APY).
Reserve Protocol overcollateralizes USD3 to prevent depegging.
USDA is minted with USDC. Yields come from DeFi lending, Treasuries, and tokenized securities trading.
Staking USDA into Angle’s savings solution yields stUSD (6.38% APY).
USDL is the first regulated stablecoin offering daily yields. Returns come from short-term U.S. securities (~5% APY), distributed automatically.
yUSD is backed by stablecoins and minted by depositing USDC/USDT (11.34% APY).
YieldFi deploys collateral via delta-neutral strategies, while yUSD can be used in DeFi (lending, liquidity provision).
USDO is backed by tokenized U.S. Treasuries and MMFs (e.g., OpenEden’s TBILL).
Yields from on/off-chain strategies are distributed daily via rebase.
Like Ethena’s USDe, deUSD earns yield from Treasuries and lending funding rates.
Staking deUSD as sdeUSD offers 4.39% APY plus 2x "potion" rewards.
For users seeking to maximize profits, yield-bearing stablecoins can help optimize the value of their stablecoin holdings.
Yield-bearing stablecoins are assets that generate returns through DeFi activities, derivative strategies, or RWA investments. Currently, these stablecoins account for 6% of the $240 billion stablecoin market. As demand grows, JPMorgan suggests that this share could feasibly reach 50%.
These stablecoins are minted by depositing collateral into protocols. The deposited funds are then invested in yield-generating strategies, with profits shared among holders. This resembles traditional banking, where deposited funds are lent out and interest is shared with depositors—except yield-bearing stablecoins offer higher returns.
This article highlights 20 yield-bearing stablecoins.
Ethena maintains its stablecoin’s value and generates yield through delta-neutral hedging.
USDe is minted by depositing staked ETH (stETH) into the Ethena protocol. The ETH position is then hedged via short positions.
In addition to stETH’s yield (currently 2.76% APR), the positive funding rate from shorting also generates returns. Ethena distributes these yields to users who stake USDe for sUSDe (5% APR).
sDAI is generated by depositing DAI into Maker’s DAI Savings Rate (DSR) contract, currently offering a 3.25% APY.
Yields accumulate through DSR interest (set by MakerDAO). sDAI can also be traded or used in DeFi like other stablecoins.
Ondo issues USDY against USDC deposits. The deposited assets are invested in low-risk instruments like Treasury bills (~4–5% APY), with most interest shared among USDY holders.
USDY’s yield is set monthly and remains stable throughout the month. This month’s APY is 4.25%.
Note: USDY’s yield is reflected in its token price, not quantity, which is why USDY always trades above $1.
BUIDL represents ownership in BlackRock’s tokenized money market fund (MMF).
The fund invests in cash, short-term Treasuries, and repo agreements, distributing interest to BUIDL holders.
Yields are calculated daily but paid monthly.
YLDS is the first yield-bearing stablecoin registered with the U.S. SEC as a public security.
Figure Markets generates yield by investing in securities held by high-quality MMFs, which carry slightly higher risk than tokenized government-backed MMFs.
YLDS offers a 3.79% APY. Interest accrues daily and is paid monthly in USD or YLDS tokens.
USDS is a rebranded version of DAI, minted by depositing eligible assets into Sky Protocol.
It can be used in DeFi or earn yields via Sky’s Savings Rate (SSR) contract. sUSDS is issued against USDS deposits, offering a 4.5% APY.
USD0 is fully backed by real-world assets (RWAs) like Treasury bills and minted by depositing USDC or eligible RWAs as collateral on Usual’s platform.
Users can also stake USD0 on Curve to earn USD0++ (0.08% APY). USD0++ can be used in DeFi, with rewards paid in USUAL tokens (13% APY).
Note: Earning USD0++ requires a 4-year lockup.
Mountain Protocol generates yield by investing in short-term U.S. Treasuries, but USDM is exclusively for non-U.S. users.
Yields are distributed daily via an auto-adjusting system, so balances reflect accrued earnings.
USDM currently offers a 3.8% APY.
OUSD is minted by depositing stablecoins like USDC, USDT, and DAI into Origin Protocol.
Origin deploys collateral into low-risk DeFi strategies (lending, liquidity provision, trading fees) and distributes yields automatically.
OUSD is backed by stablecoins and offers a 3.67% APY.
mkUSD is backed by liquid staking derivatives. Yields come from staking rewards (2.5%–7% variable APY) and are shared among holders.
mkUSD can be used for liquidity mining (e.g., on Curve) or staked in Prisma’s stability pool to earn PRISMA and ETH rewards from liquidations.
USDN is backed by short-term Treasuries. Yields come from government securities (4.2% APY) and are distributed to holders.
Users can earn base yields via Noble’s flexible vault or boost returns by locking USDN for up to 4 months to earn Noble points.
frxUSD is backed by BlackRock’s BUIDL and generates yield via Treasuries and DeFi participation.
The Benchmark Yield Strategy (BYS) dynamically allocates staked frxUSD to maximize returns for sfrxUSD holders.
lvlUSD is minted by depositing and staking USDC or USDT, which are deployed into blue-chip lending protocols like Aave and Morpho.
Staking lvlUSD for slvlUSD earns DeFi strategy yields (9.28% APY).
DUSD is a cross-chain stablecoin mintable with sDAI and other liquid collateral. It generates yield via restaking derivatives.
DUSD can be deposited into liquidity pools, value vaults, or staked on Davos for 7–9% APY plus lending interest.
USD3 is minted by depositing PYUSD on Aave v3, DAI on Spark, or USDC on Compound v3.
Yields from top DeFi lending platforms are shared with USD3 holders (~5% APY).
Reserve Protocol overcollateralizes USD3 to prevent depegging.
USDA is minted with USDC. Yields come from DeFi lending, Treasuries, and tokenized securities trading.
Staking USDA into Angle’s savings solution yields stUSD (6.38% APY).
USDL is the first regulated stablecoin offering daily yields. Returns come from short-term U.S. securities (~5% APY), distributed automatically.
yUSD is backed by stablecoins and minted by depositing USDC/USDT (11.34% APY).
YieldFi deploys collateral via delta-neutral strategies, while yUSD can be used in DeFi (lending, liquidity provision).
USDO is backed by tokenized U.S. Treasuries and MMFs (e.g., OpenEden’s TBILL).
Yields from on/off-chain strategies are distributed daily via rebase.
Like Ethena’s USDe, deUSD earns yield from Treasuries and lending funding rates.
Staking deUSD as sdeUSD offers 4.39% APY plus 2x "potion" rewards.
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