The Rise of Interest-Bearing Stablecoins: Exploring the Innovative Mechanisms of Emerging Protocols

With the development of the cryptocurrency market, stablecoins have become an indispensable important component. Currently, the market size of stablecoins has exceeded 200 billion USD, with centralized stablecoins dominating. However, the demand for decentralized stablecoins continues to grow, driving the emergence of new interest-earning stablecoin protocols.

Recently, several innovative yield-generating stablecoin projects have attracted market attention. These projects provide stable returns to users through different mechanism designs while also exploring new possibilities for decentralized stablecoins. This article will delve into an in-depth analysis of three emerging yield-generating stablecoin protocols: USUAL, Anzen, and Resolv.

USUAL: RWA income-generating stablecoin supported by strong background

USUAL has launched the USD0 stablecoin, backed by short-term government bonds as interest-bearing assets. Users can stake USD0 to earn USD0++, with the $USUAL token serving as an additional reward. A major highlight of this project is its strong political and business connections, which provide robust support for the on-chain transfer of RWA assets.

The tokenomics design of USUAL is unique, adopting an inflation model, but the issuance is linked to the growth of protocol revenue. Early participants can receive higher rewards, and over time, the token emission gradually decreases, which helps to enhance the value of the token.

Recently, USUAL has reached a cooperation with Ethena to further expand its ecosystem. Currently, the market cap of USD0 has reached 1.4 billion USD, and the annualized yield of USD0++ is as high as 50%. In addition, the staking of USUAL tokens also offers an annualized yield of up to 730%.

Anzen: The Pioneer of Tokenization of Credit Assets

The USDz stablecoin issued by Anzen supports multiple blockchain networks, with its underlying assets being a diversified portfolio of private credit assets. By partnering with licensed brokerage Percent, Anzen primarily invests in the U.S. market and strictly controls the risk exposure of single assets.

The project has received investment support from well-known institutions and has established partnerships with several traditional financial giants. Anzen adopts a ve token model, allowing ANZ token holders to obtain veANZ through staking and participate in protocol revenue distribution.

Currently, sUSDz staked after USDz offers an annualized yield of about 10%, demonstrating strong competitiveness.

Resolv: Innovative Delta Neutral Strategy

Resolv offers two products: USR stablecoin and RLP coin. USR is minted through over-collateralization of ETH and is price-stabilized by RPL. RLP serves as additional collateral for USR.

Resolv adopts a Delta-neutral strategy to manage collateral by staking most of its ETH with Lido while shorting part of its positions on multiple exchanges to hedge against risk. This strategy aims to balance returns and risks.

The protocol's earnings mainly come from on-chain staking and funding rates, and are distributed proportionally to stUSR and RLP holders. RLP holders can receive higher returns, but also bear greater risks.

Currently, Resolv is live on the Base network and has launched a points activity in preparation for future token issuance. stUSR and RLP provide annualized returns of 12.53% and 21.7% respectively, with a total locked value of 183 million USD.

Conclusion

Emerging yield-generating stablecoin protocols are providing users with more options through innovative mechanisms and diversified asset support. These projects not only bring considerable returns but also explore new frontiers in decentralized finance. However, investors still need to carefully assess the risks and sustainability of each project when participating. As the market continues to develop, we may see more innovative stablecoin solutions emerge, further driving the prosperity of the cryptocurrency ecosystem.