Analysis of the Emerging Yield Stablecoin Market

In the cryptocurrency market, stablecoins have become an important sector, with a total market value exceeding $200 billion. Traditional USDT and USDC dominate, but emerging projects are seeking breakthroughs. Recently, some innovative yield-bearing stablecoins have attracted attention, as they offer new earning models and anchoring mechanisms.

Ethena has launched USDe, pioneering a model of arbitrage between futures and spot trading + staking yields, with a market capitalization of 5.9 billion USD. Recently, they partnered with BlackRock to introduce USDtb, which provides stable returns through real-world assets (RWA). This success story has sparked market interest in yield-generating stablecoins.

This article will focus on three emerging yield stablecoin projects: USUAL, Anzen, and Resolv.

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

USD0 launched by USUAL is a RWA interest-bearing stablecoin backed by short-term government bonds. Users can stake USD0 to earn USD0++ and receive $USUAL tokens as rewards. The project claims to return 90% of its value to users.

The team background of USUAL is strong, with the CEO having served as a member of the French Parliament and as an advisor to the President, while the executives in Asia also have rich political experience. This political and business relationship provides strong support for the project's regulation and compliance.

In terms of token economics, USUAL adopts an inflation model linked to TVL. As TVL increases, the emission of USUAL decreases, which theoretically can drive up the token value. Currently, the market value of USD0 has reached 1.4 billion USD, and the APY of USD0++ is as high as 50%.

USUAL has also partnered with Ethena to accept USDtb as collateral and will migrate some assets to USDtb. The two parties will collaborate on multiple fronts, including the establishment of an sUSDe vault and increasing liquidity.

Recently, USUAL has opened token staking, with a current APY of up to 730%. However, it is important to note that this high-yield model may carry certain risks.

Anzen: Tokenizing Credit Assets

USDz issued by Anzen supports multiple public chains, with its underlying assets being a private credit asset portfolio. Users can stake USDz to obtain sUSDz, thereby earning RWA returns.

Anzen has partnered with the U.S. licensed brokerage Percent, with the investment portfolio primarily focused on the U.S. market and diversified across 6-7 assets. The current APY is approximately 10%. The project has also established partnerships with several well-known financial institutions.

In terms of financing, Anzen secured $4 million in seed funding and $3 million in public offerings. Its token ANZ adopts the ve model, allowing for locked staking to obtain veANZ and share in the protocol's revenue.

Resolv:Delta Neutral Stablecoin Protocol

Resolv has launched two products: USR and RLP. USR is a stablecoin minted through over-collateralization of ETH, which can be staked for yield. RLP, on the other hand, is supported by excess collateral from USR and has a variable price.

Resolv uses a Delta-neutral strategy to manage collateral, with most ETH staked on-chain and a portion used as futures margin. Revenue sources include on-chain staking and funding rates, with 70% distributed as base rewards to stUSR and RLP holders, and 30% distributed as risk premium to RLP.

The project has recently launched on the Base network and introduced a points activity to prepare for future coin issuance. Currently, the APY of stUSR is 12.53%, RLP is 21.7%, and the total TVL has reached 183 million USD.

Overall, these emerging interest-bearing stablecoin projects each have their own characteristics, providing users with a variety of yield options. However, investors still need to cautiously assess the risks involved, especially the potential issues that may arise behind high yields. As the market develops, competition in the stablecoin space will become more intense, and innovation will continue to emerge.