In light of Ethena's successful case, more and more yield-bearing stablecoin-related protocols are emerging in the market. This article is sourced from a piece by WOO, organized and translated by Panews. (Background: Crypto Lawyer: Is Hong Kong's latest stablecoin bill an innovation catalyst or a regulatory shackles?) (Additional Background: Forbes 2025 Heavy Forecast: G7 or BRICS countries will establish Bitcoin reserves, BTCFi will grow significantly, and the market value of stablecoins will double) The impression that cryptocurrency has always given the outside world is high volatility, with tokens prone to soaring and plummeting, seemingly having little to do with 'stability.' Stablecoins, mostly pegged to the US dollar, can not only serve as chips to exchange for other tokens but also apply to payment services and other functions. This sector has a total market value exceeding 200 billion USD, making it a relatively mature segment within the crypto market. However, the most common USDT and USDC in the market are both centralized institutions, with their combined market share approaching 90%. Other projects also aim to seize a piece of this pie. For instance, the Web 2 payment giant PayPal launched its own stablecoin pyUSD in 2023 to secure a position in advance; recently, Ripple, the parent company of XRP, also issued RLUSD in an attempt to challenge the stablecoin market. The above two cases focus more on using stablecoins for payment services, mostly backed by US dollars or short-term government bonds as collateral, while decentralized stablecoins emphasize yield, pegging mechanisms, and composability with DeFi. The market's desire for decentralized stablecoins has never diminished, evolving through several iterations from DAI to UST, from the types of collateral to the pegging mechanisms. The development history of decentralized stablecoins has seen several iterations, with Ethena pioneering the use of yield arbitrage + staking to generate income with USDe, sparking users' imaginations about yield-bearing stablecoins. USDe's market value is the third highest in the entire market, reaching 5.9 billion USD. Recently, Ethena collaborated with BlackRock to launch the USDtb stablecoin, which provides returns from RWA, avoiding the risk of funding rates turning negative and ensuring stable interest collection during both bull and bear markets, thus completing its overall product line and making Ethena the focus of market attention. In light of Ethena's successful case, more and more yield-bearing stablecoin-related protocols have emerged in the market, such as Usual, which recently announced a collaboration with Ethena; Anzen, built on the Base ecosystem; and Resolv, which uses ETH as collateral. What are the pegging mechanisms of these three protocols? Where do their yields come from? Let's take a look with WOO X Research. Source: Ethena Labs USUAL: Strong team background, token design has Ponzi attributes. RWA yield-bearing stablecoin, with underlying yielding assets being short-term government bonds. The stablecoin is USD0, with a pledge of USD0 resulting in USD0++, using $USUAL as a pledge reward. They believe that current stablecoin issuers are overly centralized, akin to traditional banks, rarely distributing value to users. USUAL aims to make users co-owners of the project, returning 90% of the generated value to users. Regarding the project team's background, CEO Pierre Person has served as a member of the French Parliament and as a political advisor to French President Macron. Asian executive Yoko was a fundraiser for the French presidential election. The project has good political and business relations in France, and the most important aspect of RWA is transferring real assets to the blockchain, where regulatory and governmental support is key to the project's success. Clearly, USUAL has good political and business relationships, which is a strong moat for the project. Returning to the project mechanism itself, USUAL's token economics has Ponzi attributes, not merely functioning as a mining coin, with no fixed issuance amount. The issuance of USUAL is linked to the TVL of USD0 (USD0++) staked, creating an inflation model. However, the issuance will vary according to the protocol's 'revenue growth,' strictly ensuring the inflation rate matches the protocol growth rate. Each time a USD0++ bond token is newly minted, a corresponding proportion of $USUAL will be generated and distributed to various parties. The conversion ratio, known as the Minting Rate, will initially be the highest after the TGE, following a gradually declining exponential decay curve. The aim is to reward early participants and create token scarcity in later stages, promoting the intrinsic value of the token. In simple terms, the higher the TVL, the less USUAL will be emitted, and the higher the value of a single USUAL. Higher USUAL price -> incentivizes staking USD0 -> increases TVL -> reduces USUAL emissions -> raises USUAL price. USD0's market value increased by 66% in the past week, reaching 1.4 billion USD, surpassing PyUSD, with USD0++ APY reaching as high as 50%. Recently, Usual also reached a collaboration with Ethena to accept USDtb as collateral, subsequently migrating part of the stablecoin USD0's supporting assets to USDtb. In the coming months, Usual will become one of the largest minters and holders of USDtb. As part of this collaboration, Usual will establish an sUSDe vault for USD0++ bond product holders, allowing Usual users to earn sUSDe rewards while maintaining their fundamental positions in Usual. This will enable Usual users to benefit from Ethena's rewards while increasing Ethena's TVL. Finally, Usual will incentivize and enable swaps between USDtb-USD0 and USDtb-sUSDe, increasing liquidity between core assets. Recently, they have also opened USUAL staking, with rewards shared among stakers amounting to 10% of the total supply of USUAL, with the current APY reaching as high as 730%. Normally: Current price: 1.04 Market cap ranking: 197 Circulating market cap: 488,979,186 TVL: 1,404,764,184 TVL/MC: 2,865 Source: usual.money Anzen: Tokenization of credit assets USDz issued by Anzen currently supports five supply chains, including ETH, ARB, MANTA, BASE, and BLAST, with underlying assets being private credit asset portfolios. USDz can be staked to obtain sUSDz, which can earn RWA returns. The underlying assets collaborate with the US-licensed brokerage Percent, with the portfolio's risk exposure primarily in the US market, with no single asset exceeding 15%, diversifying into 6-7 types of assets, with a current APY of about 10%. Partners in traditional finance are well-known, including BlackRock, JP Morgan, Goldman Sachs, Moody's Ratings, and UBS. Source: Anzen In terms of financing, Anzen has secured 4 million USD in seed funding from Mechanism Capital, Circle...