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The battle of interest-generating stablecoins escalates as Ethena drives a wave of industry innovation.
The competition in the interest-bearing stablecoin market is becoming increasingly fierce.
Stablecoins have become an important component of the cryptocurrency market, with a total market value exceeding $200 billion. Unlike traditional cryptocurrencies, which are highly volatile, stablecoins are typically pegged to the US dollar and can be used in various scenarios such as trading and payments. Currently, the largest market shares are held by centralized stablecoins USDT and USDC, which together account for nearly 90%.
However, decentralized stablecoins are also continuously evolving. From the early DAI to the later UST, the anchoring mechanisms and types of collateral are constantly innovating. Recently, Ethena launched USDe, which pioneered a model using futures arbitrage and staking to generate returns, with a market capitalization reaching $5.9 billion, ranking third. Ethena also partnered with BlackRock to launch USDtb, providing stable returns through real-world assets.
Inspired by the successful case of Ethena, an increasing number of interest-bearing stablecoin projects have emerged in the market, such as Usual, Anzen, and Resolv. These projects each have their own characteristics:
USD0 issued by Usual is backed by short-term government bonds, and after being pledged, it can earn USD0++ and USUAL token rewards. The project team has a strong background and close relations with the political and business circles in France. The market capitalization of USD0 has reached 1.4 billion USD, surpassing PayPal's PyUSD.
The USDz behind Anzen is a private credit asset portfolio, in collaboration with several well-known financial institutions. Staking USDz can yield an annualized return of about 10%. The project has completed a $4 million seed round financing.
Resolv adopts a Delta neutral strategy, issuing USR stablecoin with ETH as collateral. Part of the collateral is staked to earn yield, while another part is used for futures margin. Users can obtain varying degrees of yield and risk by holding USR and RLP.
As more and more innovative projects emerge, the competition in the interest-bearing stablecoin market is becoming increasingly fierce. Various projects showcase their unique abilities in anchoring mechanisms, sources of income, and risk control, providing users with more choices. In the future, whether decentralized stablecoins can challenge the dominant positions of USDT and USDC is worth ongoing attention.