Yield Stablecoin: Emerging Projects Rising Rapidly

The cryptocurrency market has always been known for its high volatility, but stablecoins, as an important segment, have developed relatively maturely, with a total market capitalization of over 200 billion USD. Although the current market share is mainly occupied by centralized USDT and USDC, the demand for decentralized stablecoins has never weakened.

From DAI to UST, decentralized stablecoins have gone through multiple iterations. The USDe launched by Ethena adopts a futures arbitrage and staking yield model, becoming the third-largest stablecoin by market cap, reaching $5.9 billion. Ethena has also recently partnered with BlackRock to introduce USDtb, which provides stable returns through physical assets.

Inspired by the successful case of Ethena, more interest-bearing stablecoin projects have emerged in the market. This article will introduce three emerging protocols: Usual, Anzen, and Resolv, and explore their anchoring mechanisms and sources of yield.

Usual: Stablecoin with Strong Background for Earning Interest

The USD0 launched by Usual is an interest-bearing stablecoin based on physical assets, with the underlying assets being short-term government bonds. Users can stake USD0 to obtain USD0++, and receive USUAL tokens as rewards. The project aims to return 90% of the value to users.

The project team has a prestigious background and close ties with the political and business circles in France, which provides strong support for the project. The USUAL token adopts an inflation model, with the issuance volume linked to the total locked amount of USD0. The current annualized yield for staking USD0++ is as high as 50%.

Recently, Usual has reached a cooperation with Ethena to accept USDtb as collateral and migrate some USD0 supported assets to USDtb. This cooperation will make Usual the main user of USDtb, while also providing users with the opportunity to earn sUSDe rewards.

Anzen: Stablecoin for Tokenized Credit Assets

The USDz issued by Anzen supports multiple chains, with its underlying assets being a portfolio of private credit assets. By collaborating with the licensed U.S. brokerage firm Percent, Anzen's portfolio primarily focuses on the U.S. market and adopts a diversified investment strategy, with no single asset accounting for more than 15%.

The project collaborates with several renowned financial institutions, including BlackRock, JPMorgan, Goldman Sachs, etc. Anzen has completed a $4 million seed round financing, with investors including Mechanism Capital, Circle Ventures, and others.

The ANZ token adopts the ve model, allowing holders to lock up and stake to obtain veANZ and participate in protocol revenue distribution. Currently, the annualized yield after staking USDz is about 10%.

Resolv: The Stablecoin Protocol for Delta-Neutral Strategies

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

Resolv uses a delta-neutral strategy to manage collateral, with most ETH staked directly on-chain, and part used as futures margin. The on-chain collateral is 100% deposited in Lido, while the short positions are distributed across platforms like Binance, Deribit, and Hyperliquid.

The sources of income include on-chain staking and funding rates, with 70% allocated as basic rewards to stUSR and RLP holders, and 30% allocated as risk premiums to RLP. Currently, the annualized yield of stUSR is 12.53%, and RLP is 21.7%.

Resolv recently launched on the Base network and introduced a points activity to prepare for a possible token issuance in the future.

With the development of these emerging interest-bearing stablecoin projects, the cryptocurrency market is providing users with more diversified options for stable returns. However, investors still need to carefully assess the risks and potential of each project.