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The Rise of Yield Stablecoins: Diversified Income Strategies Leading a New Trend in Cryptocurrency Investment
Yield Stablecoin: A New Earning Engine for Crypto Investors
In the cryptocurrency market, stablecoins are quietly evolving. They are no longer just a tool for preserving value, but are beginning to generate income for holders. From U.S. Treasury bonds to perpetual contract arbitrage, interest-bearing stablecoins are becoming a new source of income for investors. Currently, there are dozens of related projects with a market capitalization exceeding $20 million, with a total value of over $10 billion. This article will delve into the sources of income for mainstream interest-bearing stablecoins and highlight the most representative projects in the market.
Definition and Characteristics of Interest-bearing Stablecoins
Yield stablecoins differ from traditional stablecoins in that they not only maintain price stability but also provide passive income to holders. Their core value lies in generating additional returns for users through underlying strategies while maintaining price anchoring.
Diversification of Revenue Sources
The sources of income for yield stablecoins mainly include:
Real World Asset (RWA) investment: Invest in low-risk assets such as US Treasury bonds, money market funds, or corporate bonds.
DeFi Strategy: Participate in decentralized finance liquidity pools, liquidity mining, or adopt delta-neutral strategies.
Lending: Lending deposits to borrowers to earn interest income.
Debt Support: Users can lock up encryption assets as collateral to borrow stablecoins, with returns coming from stability fees or collateral interest.
Mixed Sources: Combining various channels such as tokenized RWA, DeFi protocols, and centralized financial platforms.
Market Structure Analysis
The following is an overview of the current mainstream yield-generating stablecoin projects, categorized by their main yield generation strategies:
1. RWA supported type
This type of stablecoin primarily generates returns by investing in low-risk physical assets:
2. Basis Trading/Arbitrage Strategy Type
This type of stablecoin generates returns through market-neutral strategies:
3. Lending/Debt Support Type
This type of stablecoin generates returns through lending or collateralized debt positions:
4. Mixed Revenue Source Type
This type of stablecoin diversifies risks and optimizes returns by combining multiple strategies:
Risk Warning
Although interest-bearing stablecoins offer attractive returns, investors should be aware that these products are not without risks. They may face various challenges such as smart contract risks, protocol risks, market risks, or collateral risks. Before investing, it is essential to fully understand the associated risks and make informed decisions based on individual risk tolerance.