The interest-bearing stablecoin market is becoming increasingly active, with emerging projects competing to emerge.

In recent years, although the cryptocurrency market has been highly volatile, the stablecoin sector has developed rapidly, with a total market capitalization exceeding $200 billion. Currently, the mainstream stablecoins USDT and USDC still account for about 90% of the market share, but more and more emerging projects are beginning to enter this field, trying to get a piece of this large pie.

Unlike traditional centralized stablecoins, decentralized stablecoins place more emphasis on yield, anchoring mechanisms, and DeFi composability. Ethena's USDe has pioneered a model that generates returns through futures arbitrage and staking, with a market capitalization of $5.9 billion, ranking third globally. Recently, Ethena also partnered with BlackRock to launch USDtb, providing stable returns through RWA.

Inspired by the successful case of Ethena, an increasing number of yield-bearing stablecoin projects have emerged in the market. This article will focus on three emerging protocols: Usual, Anzen, and Resolv, analyzing their anchoring mechanisms and sources of yield.

Usual: Strong Background RWA Yield Stablecoin

The USD0 stablecoin issued by Usual is supported by the returns from short-term government bonds. Users can stake USD0 to earn USD0++, and receive $USUAL as an additional reward. The project aims to return 90% of the value to users.

The Usual team has a distinguished background and close ties with the political and business sectors in France. This advantage helps facilitate the transfer of real assets onto the blockchain, serving as an important moat for the project.

In the design of token economics, the USUAL inflation model is linked to the protocol's TVL, but the issuance will be adjusted according to the growth of protocol revenue. The APY for staking USD0 can be as high as 50%, while the APY for staking USUAL reaches as high as 730%.

Recently, Usual has reached a cooperation with Ethena to accept USDtb as collateral and will migrate some USD0 supported assets to USDtb. Both parties will also engage in in-depth cooperation in several areas, including the establishment of the sUSDe vault and increasing liquidity among core assets.

Anzen: Multi-Chain Stablecoin for Credit Asset Tokenization

USDz issued by Anzen supports multiple public chains, with underlying assets being a private credit asset portfolio. By partnering with the licensed American broker Percent, Anzen's portfolio primarily focuses on the U.S. market, with no single asset accounting for more than 15%, and the current APY is approximately 10%.

Anzen has also established partnerships with several well-known financial institutions, including BlackRock, JPMorgan, and Goldman Sachs. In terms of financing, Anzen completed a $4 million seed round and a $3 million public offering.

The ANZ token adopts a ve model design, allowing holders to lock up and stake to obtain veANZ, thereby sharing in the protocol's revenue.

Resolv: ETH-based Delta Neutral Stablecoin

Resolv has launched two products: USR and RLP. USR is a stablecoin minted by over-collateralizing ETH, which can be staked to earn stUSR rewards. RLP is supported by the over-collateralized portion of USR, with a fluctuating price.

Resolv uses a delta-neutral strategy to manage collateral, with most ETH staked directly on-chain, and a portion used as futures margin. Specifically, 100% of the on-chain collateral is deposited in Lido, while the short positions are distributed across platforms such as Binance, Deribit, and Hyperliquid.

The income mainly comes from on-chain staking and funding rates, with 70% allocated as base rewards to stUSR and RLP holders, and 30% allocated as risk premiums to RLP. It is worth noting that RLP bears higher risks and must absorb losses when the funding rate is negative.

Recently, Resolv launched on the Base network and introduced a points activity to prepare for a potential token issuance in the future. Currently, the APY for stUSR is 12.53%, RLP is 21.7%, the total TVL has reached 183 million USD, and the collateralization rate is 126%.