The interest-bearing stablecoin market welcomes a new wave

Stablecoins, as a relatively mature sector in the cryptocurrency market, have an overall market value exceeding 200 billion USD. Although centralized stablecoins such as USDT and USDC still dominate the market, the demand for decentralized stablecoins has never waned. From DAI to UST, decentralized stablecoins have undergone multiple iterations, involving different types of collateral and anchoring mechanisms.

The USDe launched by Ethena has pioneered a new model for generating returns through futures arbitrage and staking, providing users with new possibilities for earning stablecoins. Currently, the market capitalization of USDe has reached $5.9 billion, ranking third in the entire market. Ethena has also recently collaborated with BlackRock to launch the USDtb stablecoin, providing stable returns through physical assets, further enhancing its product line.

Inspired by the successful case of Ethena, an increasing number of yield-generating stablecoin protocols have emerged in the market. This article will focus on three emerging projects: Usual, Anzen, and Resolv, analyzing their respective anchoring mechanisms and sources of yield.

Usual: Background Strong RWA Yield Stablecoin

Usual has launched a RWA-backed interest-bearing stablecoin USD0, which is supported by short-term government bonds. Users can stake USD0 to receive USD0++, while enjoying USUAL tokens as staking rewards. The project aims to return 90% of the value to users, allowing them to become co-owners of the project.

The founding team of Usual has an impressive background, including former French members of parliament and presidential advisors, and holds good relationships in the political and business circles of France. This provides strong support for the project's development in the RWA field.

In the design of tokenomics, USUAL adopts an inflation model, with its issuance linked to the TVL of USD0. The project has set a decreasing token minting rate to reward early participants and gradually increase token scarcity. Currently, the market value of USD0 has reached 1.4 billion USD, growing by 66% within a week, surpassing PayPal's PyUSD. The APY of USD0++ is as high as 50%.

Recently, Usual has also reached a cooperation with Ethena to accept USDtb as collateral and plans to become the main issuer and holder of USDtb. Both parties will collaborate in multiple areas, including establishing a sUSDe treasury, increasing liquidity among core assets, and more.

Usual has recently opened USUAL token staking, with the current APY reaching 730%. The circulating market value of USUAL tokens is approximately $490 million, with a TVL of $1.4 billion, and a TVL/MC ratio of 2.865.

Anzen: Tokenization of Credit Assets

The USDz stablecoin issued by Anzen currently supports 5 networks, with underlying assets being a private credit asset portfolio. Users can stake USDz to earn sUSDz and enjoy RWA returns.

Anzen collaborates with the U.S. licensed broker Percent to primarily invest in credit assets in the U.S. market. The portfolio is highly diversified, with no single asset accounting for more than 15%. The current APY is approximately 10%.

The project has also established partnerships with several well-known financial institutions, including BlackRock, JPMorgan Chase, and Goldman Sachs. In terms of financing, Anzen has completed a $4 million seed round and a $3 million public offering.

The ANZ token adopts a ve model design, allowing holders to lock up and stake to obtain veANZ, enjoying protocol revenue sharing. Currently, the circulating market value of ANZ is approximately $21.68 million, with a TVL of $94.72 million and a TVL/MC ratio of 4.369.

Resolv:Delta Neutral Stablecoin Protocol

Resolv offers two products: USR and RLP. USR is an over-collateralized stablecoin backed by ETH, which can be staked to earn stUSR rewards. RLP, on the other hand, is supported by the excess collateral of USR and is not a stablecoin.

Resolv adopts a delta-neutral strategy to manage collateral, with most directly staked on-chain and a small portion held by institutions as futures margin. The on-chain collateral is 100% deposited in Lido, and short collateral margin uses 3.3 to 5 times leverage, distributed across platforms such as Binance, Deribit, and Hyperliquid.

The sources of income include on-chain staking and funding rates, with 70% allocated as base rewards to stUSR and RLP holders, and 30% allocated as risk premiums to RLP. RLP receives more profit sharing, but also bears higher risks.

Resolv has recently launched on the Base network and introduced a points activity in preparation for future token issuance. The current APY for stUSR is 12.53%, RLP is 21.7%, total TVL is 183 million USD, and the collateralization ratio is 126%.