Emerging Interest-Bearing Stablecoins: Market Trends and Representative Project Analysis

The cryptocurrency market has always been known for its high volatility, but the development of the stablecoin sector has brought a relatively stable aspect to it. Currently, the market size of stablecoins has exceeded $200 billion, making it a more mature area within the crypto ecosystem. Although centralized stablecoins like USDT and USDC still dominate, innovations in decentralized stablecoins are also continuously advancing.

Recently, interest-bearing stablecoins have become a new focus in the market. These stablecoins not only maintain price stability but also provide returns to holders. Among them, the USDe launched by Ethena achieves returns through futures arbitrage and staking mechanisms, with a market capitalization of 5.9 billion USD. The subsequently launched USDtb further完善了产品线 by utilizing physical assets (RWA) to provide returns.

Inspired by the successful case of Ethena, multiple yield-bearing stablecoin projects have emerged one after another. This article will focus on the operational mechanisms and characteristics of three emerging projects: USUAL, Anzen, and Resolv.

USUAL: RWA interest-generating stablecoin with obvious advantages in government-business relations

USUAL's USD0 is a RWA yield-generating stablecoin based on short-term government bonds. Users can stake USD0 to earn USD0++, with $USUAL as an additional reward. The project aims to return 90% of the value to users, achieving decentralized value distribution.

The project team has a strong background, including former French members of parliament and presidential advisors, which provides a significant advantage in government-business relations. This is crucial for RWA projects that aim to transfer real-world assets onto the blockchain.

The token economic model of USUAL has a certain level of inflation, but the issuance is linked to the growth of protocol revenue to ensure that the inflation rate is lower than the growth rate. Early participants can receive higher returns, while the return rate gradually decreases over time.

Recently, USUAL has reached a partnership with Ethena to accept USDtb as collateral and migrate part of the USD0 supported assets to USDtb. This collaboration will enhance the integration of both ecosystems.

Anzen: Multi-chain stablecoin for tokenizing credit assets

USDz issued by Anzen supports multiple blockchain networks, backed by a portfolio of private credit assets. Users can stake USDz to earn sUSDz and enjoy RWA yields.

Anzen collaborates with the US-licensed broker Percent, focusing its portfolio primarily on the US market and adopting a diversified investment strategy to control risks. The current annualized return is approximately 10%.

The project has received support from several well-known investment institutions, with a total financing amount of 7 million USD. The ANZ token adopts the ve model, allowing holders to earn protocol revenue sharing through staking.

Resolv: An ETH-based Delta Neutral Stablecoin Protocol

Resolv offers two products: USR and RLP. USR is an over-collateralized ETH stablecoin that can be staked to earn stUSR rewards. RLP, on the other hand, is a non-stablecoin asset supported by the over-collateralized portion of USR.

Resolv adopts a Delta neutral strategy to manage collateral, staking most of the ETH on-chain while using part of the funds to short in order to hedge risks. The sources of income include on-chain staking and funding rates, which are proportionally distributed to stUSR and RLP holders.

The project recently launched on the Base network and introduced a points program in preparation for future coin issuance. Currently, the annualized yields for stUSR and RLP are 12.53% and 21.7%, respectively, with a total locked value of (TVL) reaching 183 million USD.

In summary, emerging yield-bearing stablecoin projects are exploring diversified yield models and risk management strategies to provide users with richer investment choices. However, investors still need to carefully assess the risk-return characteristics of each project in order to make informed investment decisions.