October 9, 2024: StablecoinWifYield 💵🌱
Surveying the landscape of stablecoins that earn native revenues
st-crvUSD is around the corner! When it launches, it will join a busy field of stablecoins programmed to earn a native yield. Is a new narrative taking shape?
Today we review the entire landscape. Our analysis excludes tokens whose yield derives entirely from treasury bills, such as Usual Money’s USD0++, which we consider as an RWA.
All market cap stats for the unstaked version of the stablecoin are taken from DefiLlama. Staked token market cap stats pulled from the totalSupply function on each token’s contract. Rates are as advertised on project websites.
Ethena Labs
Synthetic stablecoin backed by delta-neutral hedging strategies
USDe $2.5B → sUSDe $1.1B @ 10.6%
ethena.fi • @ethena_labs
Sky Protocol
Formerly MakerDAO, in transition from DAI to USDS
USDS $983MM → sUSDS $495MM @ 6.5%
sky.money • @SkyEcosystem
Frax Finance
The Decentralized Central Bank of Crypto
FRAX $365MM → sFRAX $495MM @ 6.5%
frax.finance• @FraxFinance
Inverse Finance
FIRM borrowing rights revenue is auto-compounded into additional sDOLA
DOLA $176MM → sDOLA $1.8MM @ 5.01%
inverse.finance • @InverseFinance
Angle Labs
Makers of capital-efficient, decentralized, over-collateralized stablecoin protocol behind Euro EURA and dollarcoin USDA
USDA $27.4MM → stUSD $8.7MM @ 6.7%
angle.money • @AngleProtocol
Protocol f(x)
f(x) is a DeFi protocol on Ethereum that offers a decentralized stablecoins by cleaving assets into stable and volatile pairs.
rUSD $2.1MM → arUSD $1.6MM @ 10%
fx.aladdin.club • @protocol_fx
Gyroscope
Redeemable, fully-backed by a basket of stablecoins and fortified with algorithmic logic & risk control
GYD $23MM → sGYD $162K @ 12%
gyro.finance • @GyroStable
defi.money
An agnostic stablecoin built for global order
MONEY $2.3MM → sMONEY $200K @ 134%
defi.money • @defidotmoney
Notes
Overall, the native staking rates converges about 1-2 percentage points above the US treasury rate. As a rule of thumb, the ceiling seems to be about 50% of the supply ends up staked.
$sUSDS, $stUSD, and $sGYR utilized proxy contracts. This capability allows for upgradability, but also implies risks to users that the contract may be altered without user consent.
$sUSDe, $sFRAX, and $sDOLA all have 35x - 50x leveraged markets on Llama Lend, which allows traders to profit from fluctuations in yields.
All the yield-bearing stablecoins may be interesting candidates for pools with st-crvUSD. More on the upcoming stablecoin:
September 24, 2024: st-crvUSD 🌱🪴
Was this… alfalfa?crv.mktcap.eth is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Did we miss any? Drop them in the comments and we’ll update!
zunUSD from zunami?