The Rise of Emerging Yield-Generating Stablecoins: Exploring the Innovative Power of the Stablecoin Market

The cryptocurrency market has always been known for its high volatility, but the stablecoin sector has become a relatively mature blue ocean. Currently, the total market value of stablecoins exceeds $200 billion, with centralized stablecoins like USDT and USDC accounting for nearly 90% of the market share. However, the development of decentralized stablecoins has never ceased, and the demand for them continues to grow.

Recently, the concept of interest-bearing stablecoins has attracted widespread attention. USDe, launched by Ethena, has quickly become the third-largest stablecoin by market capitalization, reaching 5.9 billion USD, thanks to its arbitrage and staking yield mechanisms. Ethena has also partnered with BlackRock to launch USDtb, which offers stable returns through physical assets, further enhancing its product line.

Inspired by the success of Ethena, more yield-generating stablecoin projects have emerged in the market. This article will focus on three emerging projects: Usual, Anzen, and Resolv, exploring their anchoring mechanisms and sources of yield.

Usual: RWA Interest-Generating Stablecoin under Strong Background

Usual's USD0 is a RWA interest-bearing stablecoin based on short-term government bonds. Users who stake USD0 can receive USD0++, with $USUAL as an additional reward. The project aims to return 90% of the value to users, breaking the traditional centralized stablecoin issuer model.

The background of the Usual team is impressive, including former French parliament members and presidential advisors, which provides strong advantages for the project in terms of regulation and government support.

In terms of project mechanics, the issuance of the USUAL token is linked to the TVL of USD0, adopting an inflation model, but the issuance will be adjusted based on the growth of protocol revenue. Recently, the market value of USD0 has grown rapidly, surpassing PyUSD, reaching 1.4 billion USD, with an APY of USD0++ as high as 50%.

Usual has also reached a partnership with Ethena to accept USDtb as collateral and plans to become a major holder of USDtb. This collaboration will provide more earning opportunities for Usual users while increasing Ethena's TVL.

Anzen: The Pioneer of Credit Asset Tokenization

USDz issued by Anzen supports multiple supply chains, with underlying assets being a portfolio of private credit assets. By collaborating with the U.S. licensed brokerage firm Percent, Anzen mainly invests in the U.S. market, maintaining asset diversification to mitigate risks.

Anzen's partnership lineup is strong, including financial giants such as BlackRock, JP Morgan, and Goldman Sachs. The project has completed a $4 million seed round financing and successfully raised $3 million in public funding through Fjord.

In terms of token design, Anzen adopts the ve model, and ANZ holders can obtain veANZ through locking, participating in protocol revenue sharing. Currently, Anzen's TVL has reached 94.72 million USD, demonstrating strong growth momentum.

Resolv: Innovative Application of Delta-Neutral Strategies

Resolv offers two main products: USR and RLP. USR is a stablecoin over-collateralized by ETH, while RLP provides additional yield opportunities using surplus collateral.

Resolv adopts a Delta neutral strategy to manage collateral, staking most of the ETH on-chain while keeping a portion as futures margin. This strategy combines on-chain staking yields and funding rate income, providing users with diversified returns.

In terms of profit distribution, 70% is allocated as basic rewards to stUSR and RLP holders, while 30% is distributed as a risk premium to RLP. This design allows RLP to achieve higher returns but also incurs greater risks, especially when the funding rate is negative.

Recently, Resolv launched on the Base network and introduced a points program in preparation for a possible token issuance in the future. Currently, Resolv's TVL has reached $183 million, with a collateralization ratio of 126%. stUSR and RLP provide annualized returns of 12.53% and 21.7%, respectively.

With the emergence of these innovative projects, the yield stablecoin market is undergoing a transformation. They not only provide users with more diversified earning opportunities but also drive the entire crypto ecosystem towards a more mature and attractive direction. However, investors should still exercise caution when participating in these emerging projects and fully understand their risks and potential returns.