Overview of Emerging Yield Stablecoin Market: From Ethena to Resolv

The market capitalization of the stablecoin sector in the cryptocurrency space has exceeded 200 billion USD, becoming a relatively mature segment of the market. Although USDT and USDC still dominate, the development of decentralized stablecoins has never ceased. USDe, launched by Ethena, has pioneered a yield-generating stablecoin model using futures arbitrage and staking, with a market capitalization of 5.9 billion USD, ranking third in the entire market.

With the success of Ethena, more and more yield-generating stablecoin projects are emerging in the market. This article will focus on three emerging protocols: Usual, Anzen, and Resolv, exploring their anchoring mechanisms and sources of yield.

Usual: Strong team background and innovative token design

The USD0 launched by Usual is an RWA interest-bearing stablecoin, backed by short-term government bonds. Users can stake USD0 to earn USD0++, with $USUAL as the staking reward. The project team has a strong political and business background, which provides significant advantages in the RWA field.

The tokenomics design of Usual has certain inflationary characteristics, but the issuance is tied to the growth of protocol revenue. USD0's market capitalization increased by 66% over the past week, reaching $1.4 billion, with USD0++ APY reaching as high as 50%. Recently, Usual has partnered with Ethena to further expand its business scope.

Anzen: Tokenizing Credit Assets

USDz issued by Anzen supports multiple chains, with the underlying assets being a portfolio of private credit assets. Through a partnership with the U.S. licensed broker-dealer Percent, Anzen's portfolio is primarily focused on the U.S. market, with a current APY of approximately 10%. The project has secured $4 million in seed round financing and raised $3 million through public offerings.

Anzen adopts the ve model to design the ANZ token, allowing holders to earn protocol revenue sharing through locking and staking. Currently, Anzen's TVL has reached 94.72 million USD, with a TVL/MC ratio of 4,369.

Resolv: Delta Neutral Stablecoin Protocol

Resolv has launched two products: USR and RLP. USR is a stablecoin minted through over-collateralization of ETH, while RLP supports its value through the over-collateralized portion. Resolv employs a Delta neutral strategy to manage the collateral, staking most of the ETH on-chain while shorting some positions in the futures market.

The revenue sources of Resolv include on-chain staking and funding rates. 70% of the base rewards are allocated to stUSR and RLP holders, while 30% of the risk premium is exclusively for RLP. Currently, the APY for stUSR is 12.53%, for RLP it is 21.7%, with a total TVL of $183 million and a collateralization ratio of 126%.

With the continuous development of the interest-bearing stablecoin market, these emerging projects provide users with diversified options while also bringing new opportunities and challenges. Investors should fully understand the operational mechanisms and potential risks when participating in these projects.