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...