Stablecoin yield products continue to heat up, Gate GUSD minting phase 15 launched

Why the Stablecoin Market Is Entering the “Yield Competition” Stage

In the past few years, the main functions of stablecoins in the crypto market have been as a trading medium and a safe-haven asset. But as the market size continues to expand, the role of stablecoins has gradually changed. Currently, whether it’s trading platforms or on-chain protocols, everyone aims to improve the capital utilization of stablecoins. The reason is simple:

A large amount of stablecoins are idle for long periods. Especially during market volatility cycles, users often convert some assets into stablecoins like USDT, USDC, etc., but these funds are not always actively traded. Therefore, how to keep stablecoins liquid while continuously generating yields has become an important direction for the entire industry. It is precisely because of this that stablecoin yield products have begun to grow rapidly.

From early simple savings products to now combining:

• Government bond RWA
• DeFi lending
• On-chain liquidity
• Platform ecosystem yields
• Minting stablecoin mechanisms

various models, stablecoin products have gradually evolved into a comprehensive yield management system.

The emergence of GUSD is also an important attempt under this trend.

What Is the Core Logic of GUSD

From a product structure perspective, GUSD is closer to a “yield-bearing stablecoin certificate.” Users can mint GUSD by using USDT or USDC at a 1:1 ratio, and continue to earn yields during the holding period.

Unlike traditional stablecoins, GUSD’s yields do not solely depend on platform subsidies but are combined with multiple underlying yield sources, including:

• Gate ecosystem revenue
• Government bond RWA yields
• Stablecoin asset yields
• On-chain low-risk yield strategies

This means that GUSD’s annualized yield will fluctuate dynamically based on market conditions and the status of underlying assets, rather than being fixed. From an industry perspective, this type of product essentially belongs to the rapidly growing “yield-bearing stablecoin” track in recent years. Compared to ordinary stablecoins, the biggest difference is that users not only hold stable assets but can also automatically accumulate yields.

Therefore, such products are attracting increasing attention in the current market environment.

Why GUSD Emphasizes “Multiple Yields”

In this GUSD Phase 15 activity, a notable feature is the support for yield stacking of products like Launchpool and Pre-IPOs. This means that after holding GUSD, users can not only earn minting yields but also continue participating in other platform ecosystem products.

In simple terms, GUSD is more like a “yield-capable underlying asset.” In the past, users participating in Launchpool or Pre-IPOs often needed to lock stablecoin funds. Now, some GUSD can still generate minting yields while participating in related products.

This model essentially improves capital efficiency. In traditional financial markets, “capital reuse efficiency” has always been one of the most important indicators for institutions. In the crypto industry, more and more platforms are also trying to enhance asset utilization through ecosystem integration. Therefore, GUSD’s focus is not just on high annualized returns but on enabling stablecoins to generate yields across multiple scenarios continuously.

What Does a 100% Annualized Return Mean

From a product logic perspective, it’s important to understand that such high annualized yields are usually limited-time new user reward mechanisms, not long-term fixed returns. In this activity, the 100% reference annualized yield mainly targets eligible new users and is usually constrained by:

• Reward pool size
• Subscription limits
• Activity duration
• User eligibility

among other factors.

Therefore, users should pay more attention to the overall yield structure of the product rather than a single number. In fact, more and more platforms in the industry are shifting away from long-term ultra-high annualized yields toward real yields plus limited-time incentives. The reason is that this model is more sustainable.

Especially as regulatory clarity increases, the market is paying more attention to the transparency of yield sources rather than short-term high returns themselves.

Why RWA Has Become an Important Direction for Stablecoin Yields

Another keyword worth noting in this GUSD product is RWA. RWA (Real World Assets) refers to tokenized real-world assets. One of the most mainstream directions currently is U.S. Treasury yields.

In recent years, with a large influx of institutional funds into on-chain markets, the market has become more favorably inclined toward:

• Low risk
• Stable cash flow
• Compliant asset backing

U.S. Treasuries happen to meet these characteristics. Therefore, more stablecoin yield products are beginning to incorporate some underlying yields from government bonds and similar assets. This shift also indicates that the crypto industry is moving away from relying heavily on market volatility profits and gradually toward a more traditional finance-like yield system.

In the long run, RWA is likely to become a core component of the future stablecoin yield market.

What Is the Current Focus of Stablecoin Product Competition

By 2026, competition in the stablecoin market is no longer just about scale. Today, the market pays more attention to:

• Whose yields are more stable
• Whose asset structure is more transparent
• Whose ecosystem scenarios are richer
• Who can improve capital utilization

As a result, we see more products emphasizing:

• Multi-scenario yields
• On-chain transparency
• Liquidity management
• Sustainable yield models

GUSD’s current development direction clearly aligns with this trend. Especially as products like Launchpool, Pre-IPOs, and on-chain earning platforms gradually form an ecosystem linkage, platforms hope to connect the entire wealth management system through stablecoins as the core asset.

What Does GUSD Minting Mode Mean for Users

For ordinary users, the biggest feature of the GUSD model is lowering the barrier to participating in complex on-chain yield activities. In the past, if users wanted to earn yields on stablecoins on-chain, they typically needed to:

• Manage wallets themselves
• Participate in on-chain protocols
• Pay gas fees
• Manage cross-chain assets
• Handle complex contract interactions

But now, through platform integration, users can participate in on-chain yield systems more simply. Additionally, because the product supports high liquidity, users can flexibly adjust their funds according to market changes. It’s important to note that no yield product is completely risk-free. Even stablecoin products can be affected by:

• Market liquidity changes
• Underlying protocol risks
• Extreme market conditions
• Yield volatility
• Regulatory changes

Therefore, users should carefully consider their risk preferences when participating in related products.

Summary

As the stablecoin yield market continues to develop, competition among platforms has shifted from simply high annualized returns to ecosystem integration and capital efficiency enhancement. The 15th issue of Gate’s GUSD minting new user benefits not only offers limited-time high reference annualized rewards but also further strengthens GUSD’s yield synergy in scenarios like Launchpool and Pre-IPOs.

Looking at industry trends, the future development focus of stablecoin products is likely to concentrate on:

• RWA yield integration
• Multi-scenario asset reuse
• On-chain transparent yields
• Stable cash flow models

The yield-bearing stablecoin model represented by GUSD is also becoming an important direction for the next wave of on-chain financial development.