Yield Stablecoins: Different Paths for Emerging Projects

Stablecoins have become a mature and important sector in the cryptocurrency market, with a total market value exceeding $200 billion. Although centralized stablecoins such as USDT and USDC still dominate, decentralized stablecoins are continuously innovating and developing.

Recently, several emerging yield-generating stablecoin projects have attracted market attention. These projects use different mechanisms to achieve stability and yield, let's take a look at a few representatives.

USUAL: Strong political and business connections background

USUAL has launched the USD0 stablecoin, backed by short-term government bonds. Users can stake USD0 to earn USD0++, and receive USUAL tokens as rewards. The project team has a strong background in French political and business relations, which is crucial for transferring real-world assets to blockchain in RWA projects.

The token economic model of USUAL has certain inflationary characteristics, but the issuance will be adjusted according to the growth of protocol revenue. Recently, the market capitalization of USD0 has rapidly increased, reaching 1.4 billion USD, surpassing PyUSD. USUAL has also partnered with Ethena to accept USDtb as collateral.

Anzen: Tokenization of Credit Assets

The USDz stablecoin issued by Anzen supports multiple networks, backed by a private credit asset portfolio. Users can stake USDz to earn sUSDz for RWA returns. Anzen collaborates with the licensed U.S. brokerage firm Percent, and the portfolio is primarily diversified across 6-7 types of assets in the U.S. market.

The project has received investments from several well-known institutions and has successfully completed a public offering. The ANZ token adopts a ve model design, allowing holders to lock up and stake for a share of the protocol's revenue.

Resolv: Delta Neutral Strategy

Resolv offers two products: USR and RLP. USR is a stablecoin minted by over-collateralizing ETH, and it can be staked to earn stUSR for rewards. RLP, on the other hand, is a non-stablecoin backed by excess collateral from USR.

Resolv adopts a Delta neutral strategy to manage collateral, with most ETH deposited in Lido staking and a portion used for futures shorting. The revenue comes from on-chain staking and funding rates, distributed proportionally to stUSR and RLP holders.

These emerging interest-bearing stablecoin projects showcase different innovative paths, providing users with a diverse range of options. As the market evolves, we may see the emergence of more innovative models, further promoting the development of the decentralized stablecoin ecosystem.