DeFi Warhol@Defi_Warhol
My Tier List of Yield-bearing Stablecoins 🧵
S:
@ethena – USDe
USDe is a synthetic dollar backed by delta-neutral ETH strategies, so the system maintains a peg while farming yield in the background. You can also stake into sUSDe to get a direct, yield-bearing version of the coin.
@SkyEcosystem – USDS
USDS is the stablecoin from the Sky eco that becomes yield-bearing when you deposit it into the Sky Savings Rate. In SSR, it basically acts like an onchain savings account, where protocol revenues and RWA income are passed back to depositors.
@OndoFinance – USDY
USDY is a tokenized note backed by short-term U.S. Treasuries and bank deposits, designed to behave like a stablecoin while staying tied to RWA income. You get most of the underlying Treasury yield, so it’s technically more of a liquid, onchain bond.
@falconfinance – USDf
USDf is a stablecoin minted against a diversified pool of collateral, with that backing capital routed into various yield strategies. As a holder, you’re effectively holding a dollar that is constantly put to work in CeFi/DeFi.
@re – reUSD
reUSD is a dollar-pegged stablecoin minted against other yield-bearing stables like USDe, crvUSD, or frxUSD. It lets you keep earning yield on those underlying assets while borrowing reUSD on top.
A:
@maplefinance – syrupUSDC/syrupUSDT
syrupUSDC and syrupUSDT are yield-bearing tokens that represent deposits into Maple’s institutional credit pools, where funds are lent to vetted borrowers. Borrowers' interest goes to syrup holders.
@almanak – alUSD
alUSD is a stablecoin minted when users deposit assets into Almanak AI vaults that automatically deploy capital into sophisticated DeFi strategies like lending and LPing in exchange for yield.
@USDai_Official – USDai
USDai is a synthetic dollar backed by loans to AI and GPU infrastructure operators, so real-world hardware revenue sits behind the token. sUSDai is the staked version that receives the yield from those loans.
@avalonfinance_ – USDa
USDa is a Bitcoin-backed stablecoin from Avalon, where BTC is used as collateral to mint a dollar-pegged asset. sUSDa is the savings version that earns interest from borrowers and protocol activity.
B:
@ResolvLabs – USR
USR is a dollar-pegged coin backed by ETH (and BTC) that’s hedged via perps to stay market-neutral while earning funding and staking yield that's distributed to holders.
@Neutrl – NUSD
NUSD is a synthetic stable yielding returns from market-neutral strategies like discounted OTC deals and basis trades. sNUSD, the staked version, boosts this exposure, offering holders increased yield while maintaining a dollar peg.
@Frax – frxUSD
frxUSD is fully collateralized and stable within the Frax ecosystem. sfrxUSD, the yield-bearing version, invests reserves in Treasuries and income assets, sharing yields with stakers.
@OriginProtocol – OUSD
OUSD is a stablecoin that takes USDC/USDT/DAI, deploys them into DeFi strategies, and automatically increases your balance as yield comes in.
C:
@StableJack_xyz – aUSD
aUSD is a stablecoin on Avalanche backed by AVAX liquid-staking tokens, passing through AVAX staking rewards to holders. It’s still tiny and very dependent on Avalanche.
@usualmoney – USD0/USD0++
USD0 is Usual's base stablecoin. USD0++ is a yield-bearing version, locking funds for years for T-bill and token rewards. After the redemption floor drama in January, I've lost faith and trust in the project.
@UnitasLabs – USDu
USDu focuses on emerging markets with over-reserved backing and hedged yields. Nice vision, but currently, I see risks due to their low liquidity.
D:
@reservoir_xyz – srUSD
srUSD is a yield-bearing stable from Reservoir that rode the yield-stable hype up and then saw brutal outflows and a 96% TVL drop. Although it held the peg, I wouldn't touch it now.
@StreamDefi – xUSD
xUSD had a huge fund loss in November, triggered a bank run, a massive depeg, and frozen withdrawals. It’s now basically a rugged project that should be studied.
@elixir – deUSD
deUSD was tightly connected to xUSD, using similar neutral strategies and routing collateral into that ecosystem. When xUSD went down, deUSD also crashed and lost its peg.
@GetYieldFi – yUSD
yUSD is YieldFi’s yield-bearing stablecoin that is allocated into a basket of DeFi/CeDeFi strategies, but took a big hit in mcap. It's still alive now and holding peg, but I would not come around it.
What YB stablecoin did I miss?
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