The stablecoin market welcomes new players, interest in yield-generating stablecoins

The cryptocurrency market has always given the impression of high volatility, but stablecoins, as a relatively mature sector, have an overall market value exceeding 200 billion USD. Although the current market share is mainly concentrated in centralized stablecoins such as USDT and USDC, the development of decentralized stablecoins has never ceased.

Recently, some emerging interest-generating stablecoin projects have attracted market attention. These projects attempt to strike a balance between stability and yield through innovative mechanism designs, meeting users' demand for high-yield stablecoins.

USUAL: RWA income-generating stablecoin with a strong political and business background

The USD0 launched by USUAL is a RWA interest-bearing stablecoin based on short-term government bonds. Users can stake USD0 to earn USD0++, and receive USUAL tokens as additional rewards. One of the major advantages of this project is its strong political and business background, which is crucial for transferring physical assets onto the blockchain.

USD0's market value grew by 66% in the past week, reaching 1.4 billion USD, surpassing PayPal's launched PyUSD. Currently, USD0++ has an annualized yield of up to 50%. In addition, USUAL has recently partnered with Ethena to further expand its business scope.

Anzen: An Attempt at Tokenizing Credit Assets

USDz issued by Anzen supports multiple public chains, with its underlying assets being a private credit asset portfolio. Through collaboration with the US licensed broker-dealer Percent, Anzen's portfolio primarily targets the US market and maintains asset diversification. Currently, the annualized yield after staking USDz is approximately 10%.

Anzen has completed a $4 million seed round financing, with investments from several well-known institutions. Its ANZ coin adopts a ve model design, allowing holders to earn protocol income sharing through locked staking.

Resolv: The Stablecoin Protocol for Delta-Neutral Strategies

Resolv offers two products: USR and RLP. USR is a stablecoin minted through over-collateralization with ETH, while RLP is a non-stablecoin product used to support the over-collateralized portion of USR.

Resolv adopts a Delta-neutral strategy to manage collateral, staking most of the ETH with Lido while opening short positions on multiple exchanges. This strategy aims to balance risk and earn returns from staking rewards and funding rates.

Currently, the annualized return of stUSR is 12.53%, while the annualized return of RLP has reached 21.7%. The total locked value (TVL) of Resolv has reached $183 million, with a collateralization rate of 126%.

With the development of these emerging interest-generating stablecoin projects, the market's understanding and demand for stablecoins are continuously evolving. These projects offer users more choices through different mechanism designs and asset allocation strategies, injecting new vitality into the entire cryptocurrency ecosystem. However, investors still need to exercise caution when participating in these emerging projects and fully understand their operational mechanisms and potential risks.