Stablecoin Market Overview: Total Market Capitalization Exceeds $205 Billion, USDT's Share Continues to Decline

With the rapid development of the cryptocurrency market, stablecoins have become an important bridge connecting traditional finance and the world of digital assets. This article will delve into the current landscape of the stablecoin market, focusing on the development trends of traditional stablecoins and emerging stablecoins.

Traditional Stablecoins

USDT (Tether)

• Issuer: Tether
• Launch date: 2014
• Market Position: The largest circulating stablecoin in the world, widely used in cryptocurrency trading and cross-border payments.
• Controversy: The issue of reserve transparency has always been a focus of attention.

USDC (USD Coin)

• Issuer: Founded by Circle and Coinbase
• Launch date: 2018
• Features: Strictly comply with regulatory requirements, high transparency of reserve assets
• Market Position: The second largest stablecoin after USDT, highly favored by institutions.

FDUSD (First Digital USD)

• Issuer: First Digital Labs
• Launch Time: 2023
• Features: 100% US dollars or equivalent cash equivalents as reserves
• Ecosystem: Compatible with Ethereum and Binance Smart Chain, mainly used on Binance exchange.

DAI

• Issuer: MakerDAO
• Launch time: 2017
• Features: decentralized, over-collateralized stablecoin
• Operating networks: Ethereum and other EVM compatible chains
• Status: the highest market capitalization algorithm stablecoin

New Stablecoin

The new type of stablecoin not only maintains price stability but also provides additional收益 for holders through innovative models. Key features include:

1. Provide returns through investments in low-risk assets, staking, or structured financial strategies.
2. Use assets such as government bonds as collateral to maintain price stability and high liquidity.
3. Combine on-chain assets with traditional financial instruments

1. USDe

• Developer: Ethena Labs
• Mechanism: Maintain a 1:1 peg to the USD through a Delta neutral strategy
• Sources of income: staking rewards, funding rates, and basis income
• Current yield: approximately 8.64% (sUSDe)

2. USD0

• Issuer: Usual Protocol
• Features: Issued with RWA assets as reserves at a 1:1 ratio.
• Mechanism: Users deposit assets to obtain LDT synthetic assets, representing the initial value of the deposit.

3. Sky Dollar (USDS)

• Issuer: MakerDAO ( has been renamed to Sky)
• Features: Can be exchanged with DAI at a 1:1 ratio, SKY governance tokens distribute 600 million coins annually to USDS holders.

4. USDD

• Issuer: TRON Joint Reserve
• Features: Over-collateralized endorsements of various mainstream digital assets
• Transparency: The official website provides real-time staking rate inquiries.

5. BlackRock USD (BUIDL)

• Issuer: BlackRock
• Features: Tokenized fund, investing in highly liquid low-risk financial instruments
• Earnings: Daily accrued earnings, distributed monthly, current yield is approximately 4.5%

6. Ondo US Dollar Yield (USDY)

• Issuer: Ondo Finance
• Mechanism: Supported by short-term US Treasury bonds and bank demand deposits
• Earnings: Base asset earnings and compound earnings, current APY is approximately 4.65%

7. USDX Money (USDX)

• Issuer: Stables Labs
• Mechanism: Earn income through Delta neutral investment portfolio strategy
• Features: Offers a variety of coin options, potential for higher returns but also higher risks.

8. Frax (FRAX)

• Issuer: Frax Finance
• Mechanism: A combination of partial collateral and algorithmic mechanisms
• Sources of income: interest income, liquidity mining, governance token FXS
• Current yield: approximately 10%

9. Resolv USD (USR)

• Mechanism: Using ETH and derivatives as collateral to maintain stability through hedging operations.
• Sources of income: ETH staking rewards and arbitrage profit margins

10. M By M⁰ (M)

• Features: Decentralized stablecoin protocol that allows users to earn yield from collateral.
• Mechanism: Minting M tokens through off-chain collateral, the arbitrage mechanism maintains stability.

11. yala

• Features: Stablecoin protocol based on the Bitcoin ecosystem (testing phase)
• Mechanism: Users deposit BTC to borrow stablecoin $YU and can participate in DeFi products to earn returns.

Outlook of the Stablecoin Market

The stablecoin market is vast and serves as the cornerstone of DeFi and future payment finance. In the short term, stablecoins backed by fiat reserves like USDT/USDC will continue to dominate the market. Although new types of stablecoins are innovative, they face regulatory and security challenges. Investors should pay attention to airdrop opportunities and staking rewards from emerging stablecoin protocols, but should approach the investment risks of platform coins with caution.