Stablecoin Market Overview: Total market capitalization surpasses 205 billion USD, USDT share continues to decline

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, and the market share of USDT continues to decline. Understand the diversification of stablecoins in one article

Traditional Stablecoins

USDT (Tether)

• Issuer: Tether
• Launch date: 2014
• Value peg: pegged to the US dollar at 1:1, backed by reserve assets
• Market Position: One of the earliest and largest stablecoins by trading volume globally.
• Controversy: The issue of reserve transparency has raised concerns.

USDC (USD Coin)

• Issuer: Founded by Circle and Coinbase
• Launch time: 2018
• Features: Strong compliance, high transparency of reserve assets
• Market Position: The second largest stablecoin after USDT

FDUSD (First Digital USD)

• Issuer: First Digital Labs
• Launch Date: 2023
• Pegging mechanism: 100% USD or equivalent cash equivalents as reserves
• Blockchain Support: Compatible with Ethereum and Binance Smart Chain

DAI

• Issuer: MakerDAO
• Launch date: 2017
• Features: decentralized, over-collateralized stablecoin
• Operating Network: Ethereum and EVM-compatible blockchains

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversification of stablecoins in one article

New Stablecoin

New stablecoins not only maintain price stability but also provide additional investment returns for holders. Main features:

1. Provide returns through low-risk asset investments, token staking, etc.
2. Use government bonds and other assets as collateral to maintain price stability and high liquidity.
3. Combine on-chain assets with off-chain traditional financial assets

1. USDe

• Issuer: Ethena Labs
• Mechanism: Maintain a 1:1 peg to the US dollar through a delta-neutral strategy.
• Sources of income: staking rewards, funding rates, and basis profits
• Current yield: approximately 8.64%

2. USD0

• Issuer: Usual Protocol
• Features: Issued 1:1 with RWA assets as reserves
• Mechanism: Users deposit assets to obtain LDT synthetic assets

3. Sky Dollar (USDS)

• Issuer: MakerDAO( has been renamed to Sky)
• Features: Can be exchanged with DAI at a 1:1 ratio, SKY tokens are distributed annually to USDS holders.

4. USDD

• Issuer: Tron Joint Reserve
• Features: Over-collateralized endorsement of various mainstream digital assets
• Circulation Chains: TRON, Ethereum, BNB Chain and other 11 public chains

5. BlackRock USD (BUIDL)

• Issuer: BlackRock (
• Launch Date: March 2024
• Features: Combines the stability of traditional finance with the efficiency of blockchain technology.
• Yield: Approximately 4.5%, similar to the yield on US short-term Treasury bonds.

) 6. Ondo US Dollar Yield ###USDY(

• Issuer: Ondo Finance
• Mechanism: Supported by short-term US Treasury bonds and bank deposits
• Sources of income: returns from underlying assets and compound returns
• Current APY: 4.65%

) 7. USDX Money ###USDX(

• Issuer: Stables Labs
• Mechanism: Achieve delta-neutral strategy through multi-currency arbitrage and perpetual contract hedging.
• Features: Offers a wider range of coin options and potentially higher returns.

) 8. Frax ###FRAX(

• Issuer: Frax Finance
• Mechanism: Combination of partial collateral and algorithmic stability
• Sources of income: interest income, liquidity mining, governance token FXS
• Current APY: about 10%

) 9. Resolv USD ###USR(

• Mechanism: Protect assets through ETH and derivatives collateral and hedging operations.
• Source of income: ETH staking rewards and hedging operation spreads

) 10. M By M⁰ ###M(

• Features: Decentralized stablecoin protocol
• Mechanism: Mint M tokens through approved off-chain collateral
• Sources of income: collateral earnings, minting fees, penalties

) 11. yala

• Features: Stablecoin protocol based on the Bitcoin ecosystem
• Mechanism: Users deposit BTC, lend stablecoin $YU
• Source of income: Earn additional income through DeFi protocols

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Stablecoin Market Summary

• The market is still dominated by USDT/USDC
• New stablecoins are divided into two categories:

1. Use traditional financial assets as reserves, with relatively stable returns.
2. Maintain stability through arbitrage, but transparency and security need to be improved.

• The stablecoin market capitalization has huge growth potential.
• Investors can pay attention to emerging stablecoin protocols to seek airdrop and staking reward opportunities.
• One should be cautious about the investment risks of platform coins.