mStable
2.2K posts
@mstable_
mStable efficiently stacks yield with Pendle
Pendle now holds 2,453,331 $STRC non-custodially through our $STRC yield coin markets, forming the primary venue for yield discovery and liquidity in onchain digital credit.
Following the recent post outlining the backing diversification of USDe, we have published an analysis of the basis trade on gold perpetuals Tokenized gold and commodity perpetuals are two of the fastest growing markets in the industry today Gold funding rates offer an uncorrelated source of return and tend to hold or rise when crypto funding compresses This post explores how commodity basis trades can complement Ethena's overall basis strategy, with research from Ethena Risk Committee members Read more below:
AI agents are starting to manage capital onchain. No sleep. No emotion. No days off. But without permissions, limits, or controls, that's how funds get lost. dHEDGE is now Chamber. Secure vaults for AI trading
🔥 NOW: Tokenized $STRC, Strategy's perpetual preferred stock yielding 11.5% monthly dividends is now live on Ethereum, BNB Chain, and Solana via Ondo Global Markets.
🚨 JUST IN: Over $116M were liquidated from the crypto market in an hour, with $114M in shorts wiped out as Bitcoin briefly touched $80,000.
Joshua Moss from @Visa says the relationship between Visa and the stablecoin issuers has been framed wrong: "We view our role as bridging the gap." "We support a number of coins and a number of chains, especially where they add value for our clients." "Visa Direct connects DeFi clients to real-time payment networks. The stablecoin-linked card operates as a way to spend the stablecoin and make it useful." "Whatever the underlying currency, we bring TradFi principles to DeFi."
Only ~10% of onchain dollars pay yield to their holders. The category of yield-bearing dollars or tokenized funds is up ~100% YoY. A chart to follow 👇
$150 million in $USDm supply on @megaeth The first Ethena Whitelabel stablecoin to hit 9 figures MegaEthena 🐇
Well, that escalated quickly.
Stablecoin yield might be entering a new phase if the US keeps tightening the rules. The key thing is to separate two types of yield: one is an issuer or exchange paying you directly for holding a stablecoin. The other is yield formed by the market itself. That’s why Pendle is interesting here @pendle_fi doesn’t work like @coinbase or @krakenfx paying rewards on your USDC balance. It works more like an interest rate market, where users can buy PTs at a discount, hold to maturity, and redeem back at face value. The spread between the entry price and maturity value becomes the fixed yield. The interesting part is that Pendle is not just about one type of stablecoin yield. It is bringing different risk profiles into the same market. > On the conservative side, you have things like USDG with Paxos T-Bill yield, or @ethena sUSDe with more diversified backing. Lower yield, but easier to understand for users who care more about stability. > In the moderate bucket, you have products like @apyx_fi and @saturn_credit, with yield tied to STRC dividends or more complex yield structures. Higher return, but users need to understand where the yield actually comes from. > On the aggressive side, there are @EmberProtocol eTHIRD and Ember eACRED, tied to basis trading or Apollo credit. More attractive yield, but also more risk around the strategy, liquidity, and underlying assets. So the thesis is not just “Pendle has high APY.” The better thesis is that Pendle is becoming a market where different types of USD yield get priced, from T-bills and stablecoins to basis trades and credit. If stablecoin issuers get restricted from paying yield, yield-bearing stablecoins become harder to scale. If exchanges also get squeezed on rewards, programs like holding USDC for 3–5% become less attractive. At that point, capital looking for USD yield may start moving more onchain, and Pendle is one of the most obvious places for it to go. But fixed yield doesn’t mean no risk. Users still need to look at the underlying asset, liquidity, smart contract risk, depeg risk, redemption risk, and the quality of the yield source. The real point is not that Pendle is safer than everything else. It is that Pendle is starting to look like the onchain interest rate market for stablecoin yield.
DeFi is built on resilience. Puffer has deployed treasury capital in support of @aave DeFi United. As a security-first liquid staking protocol, we believe strong infrastructure and aligned incentives are what sustain DeFi through moments like this. We believe DeFi is a core part of the modern financial system, that means competing, building, and standing together when it matters. DeFi is united.
An estimated $60 billion was spent on remittance fees in 2025. This could be almost zero with stablecoins.
SPECIAL: Cathie Wood (@CathieDWood) On Digital Assets, Stablecoins, and The Innovation Convergence Cathie Wood joins us to break down her innovation platforms thesis, the story behind her firm @ARKinvest, and their foray into digital assets. She also unpacks the tokenization thesis, what 'good deflation' is, and her "Big Four" crypto assets. Full episode links below. Timestamps: 00:00 Intro 01:22 5 Innovation Platforms 04:53 Why ARK Started 08:11 Bitcoin's Institutional Journey 12:38 First Bitcoin Position 15:11 Institutional Adoption Today 17:33 Larry Fink's Conversion 19:30 Stablecoins Are Impactful 22:06 Cathie's Tokenization Thesis 23:07 DeFi Value Accrual 28:48 Bitcoin & The Big Four 32:39 Macro Liquidity Dynamics 34:24 Bitcoin vs Gold 35:38 ARK's Bitcoin Bull Case 38:00 The Fed & Good Deflation 41:15 New Fed Chair 45:05 Four Year Cycle Debate 46:10 Why Agentic AI Needs Blockchain 49:15 Self-Driving Labs & Healthcare
