Also known as fiat-backed stablecoins, this category of collateral is a form of liquid assets in the traditional financial world. One of the most liquid assets is direct cash. The US dollar in cash is the most liquid asset in the world. This is evidenced by the fact that no matter where you go in the world, there is nothing you cannot buy with cash dollars. US Treasury bills and bonds are also one of the most popular liquid assets. Repos and reverse repos, which have even shorter maturities t...

Also known as fiat-backed stablecoins, this category of collateral is a form of liquid assets in the traditional financial world. One of the most liquid assets is direct cash. The US dollar in cash is the most liquid asset in the world. This is evidenced by the fact that no matter where you go in the world, there is nothing you cannot buy with cash dollars. US Treasury bills and bonds are also one of the most popular liquid assets. Repos and reverse repos, which have even shorter maturities t...

First of all, the stablecoins to be analyzed under this category are classified according to the architecture of the project, not the collateral assets. In other words, the collateral can be cryptocurrencies or fiat currencies. This category is separate because the architecture of the resulting stablecoin project is not similar to the stablecoin projects in the other categories.Ethena (USDe)Developed by Ethena Labs, USDe is a cryptocurrency-collateralized and synthetic stablecoin. What differ...

First of all, the stablecoins to be analyzed under this category are classified according to the architecture of the project, not the collateral assets. In other words, the collateral can be cryptocurrencies or fiat currencies. This category is separate because the architecture of the resulting stablecoin project is not similar to the stablecoin projects in the other categories.Ethena (USDe)Developed by Ethena Labs, USDe is a cryptocurrency-collateralized and synthetic stablecoin. What differ...

Cryptocurrency-collateralized stablecoins are a category of stablecoins that accept both volatile cryptocurrencies and other stablecoins as collateral. That is, they can accept cryptocurrencies such as Bitcoin, Ether, or Solana as collateral, or they can accept stablecoins such as USDT or USDC. The critical point here is that they can only obtain collateral in cryptocurrencies. Assets such as U.S. Treasury bills or bonds, cash, or repurchase agreements are not accepted as collateral for proje...

Cryptocurrency-collateralized stablecoins are a category of stablecoins that accept both volatile cryptocurrencies and other stablecoins as collateral. That is, they can accept cryptocurrencies such as Bitcoin, Ether, or Solana as collateral, or they can accept stablecoins such as USDT or USDC. The critical point here is that they can only obtain collateral in cryptocurrencies. Assets such as U.S. Treasury bills or bonds, cash, or repurchase agreements are not accepted as collateral for proje...

Pendle is a derivative product protocol used to lock in the interest rate of products with volatile interest rates by setting a specific maturity period. Let's explain this with a real-world example for better understanding: Let's proceed with Ethena (USDe) as an example. As of August 26, 2025, if you pledge your USDe to obtain sUSDe, you can earn an annual return of 8.54%. However, this return is not fixed; it may decrease or increase over time. Pendle is a derivative product protocol that c...

Pendle is a derivative product protocol used to lock in the interest rate of products with volatile interest rates by setting a specific maturity period. Let's explain this with a real-world example for better understanding: Let's proceed with Ethena (USDe) as an example. As of August 26, 2025, if you pledge your USDe to obtain sUSDe, you can earn an annual return of 8.54%. However, this return is not fixed; it may decrease or increase over time. Pendle is a derivative product protocol that c...

In this category, we will analyze Tether, Circle, and MakerDAO projects, which account for 94.4% of the market capitalization of stablecoins. USDT, USDC, and DAI are stablecoins that almost all of us have at least heard of or used before. We will cover the developments of these giants in this part of the report and focus on other projects in the rest of the report. Note: The collateralization method of stablecoin projects under this category will be shared in the project information.Tether (U...

In this category, we will analyze Tether, Circle, and MakerDAO projects, which account for 94.4% of the market capitalization of stablecoins. USDT, USDC, and DAI are stablecoins that almost all of us have at least heard of or used before. We will cover the developments of these giants in this part of the report and focus on other projects in the rest of the report. Note: The collateralization method of stablecoin projects under this category will be shared in the project information.Tether (U...

Mixed-collateralized stablecoins are actually a categorization for both crypto-collateralized and fiat-collateralized stablecoins. It is necessary to pay more attention to the details of the projects under this categorization, as the collateralization strategies of the projects can be quite different.Usual (USD0)Usual is a project that critiques the fact that companies like Tether and Circle generate substantial revenue and achieve high valuations, yet do not share any of this revenue with th...

Mixed-collateralized stablecoins are actually a categorization for both crypto-collateralized and fiat-collateralized stablecoins. It is necessary to pay more attention to the details of the projects under this categorization, as the collateralization strategies of the projects can be quite different.Usual (USD0)Usual is a project that critiques the fact that companies like Tether and Circle generate substantial revenue and achieve high valuations, yet do not share any of this revenue with th...

Status of StablecoinsStablecoin SupplyStablecoins play an important role as a bridge between traditional finance (TradFi) and decentralized finance (DeFi). As of May 2025, the supply of stablecoins, which stands at 225 billion USD, has just passed 1% compared to the liquid dollar supply (M1) of the United States, which is worth 18.56 trillion USD. In addition, the liquid supply of the Euro (M1), the local currency of the European Union, stands at 10.69 trillion. If we convert this amount to U...

Status of StablecoinsStablecoin SupplyStablecoins play an important role as a bridge between traditional finance (TradFi) and decentralized finance (DeFi). As of May 2025, the supply of stablecoins, which stands at 225 billion USD, has just passed 1% compared to the liquid dollar supply (M1) of the United States, which is worth 18.56 trillion USD. In addition, the liquid supply of the Euro (M1), the local currency of the European Union, stands at 10.69 trillion. If we convert this amount to U...