Earning Stablecoins: The Rise of Emerging Projects

Stablecoins have become an important part of the cryptocurrency market, with a total market capitalization exceeding $200 billion. While centralized stablecoins still dominate, decentralized stablecoins are rapidly developing, attracting widespread attention from the market.

Recently, some emerging interest-bearing stablecoin projects have sparked heated discussions. These projects attempt to provide users with stable returns through innovative mechanism designs. This article will introduce three representative projects: USUAL, Anzen, and Resolv.

USUAL: RWA interest-generating stablecoin with strong political and business 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. One major advantage of this project is the strong team background, which has close ties to the French government, crucial for transferring physical assets onto the blockchain.

The tokenomics of USUAL has certain inflationary properties, but it has designed a decreasing issuance mechanism to balance inflationary pressure. Recently, the market value of USD0 has surged significantly, reaching $1.4 billion, surpassing PayPal's PyUSD. USUAL has also partnered with Ethena to further expand its ecosystem.

Anzen: Interest-earning stablecoin for credit asset tokenization

The USDz stablecoin issued by Anzen is backed by a private credit asset portfolio and currently supports multiple public chains. The project collaborates with the licensed U.S. broker Percent, with the portfolio primarily focused on the U.S. market and diversified across various assets.

Anzen has received support from well-known institutions including a certain trading platform and Goldman Sachs, and has completed a $4 million seed round financing. Its ANZ coin adopts the ve model, and staking can earn protocol revenue sharing.

Resolv: ETH-based Delta neutral stablecoin

Resolv has launched two products, USR and RLP. USR is an over-collateralized stablecoin backed by ETH, while RLP takes on some risks to achieve higher returns. Resolv employs a delta-neutral strategy to manage collateral, staking most of the ETH on a certain staking platform while shorting in the futures market to hedge risks.

The sources of income include on-chain staking and funding rates, allocated proportionally to stUSR and RLP holders. Recently, Resolv expanded to the Base network and launched a points activity to prepare for future token issuance.

Overall, these emerging interest-bearing stablecoin projects attempt to strike a balance between stability and yield through different mechanism designs. As the market's demand for decentralized stablecoins continues to grow, this field is expected to see more innovation and development.