Yield-bearing stablecoins look attractive, but the legal risks need to be carefully considered. The various design models in 2026 each have their pros and cons. Before investing, first clarify where the returns come from.

Crypto界网消息，yield-bearing stablecoins are tokens that maintain a stable US dollar value and pay returns to holders. Unlike regular stablecoins, yield-bearing stablecoins allow holders to earn yields, which places them in a different legal category and involves risks not present in standard stablecoins. Regular stablecoins like USDC or USDT are prohibited from paying interest, with the issuers retaining the earnings. Yield-bearing stablecoins, on the other hand, pass the earnings to holders, maintaining a stable value while allowing the balance to grow over time. By 2026, this category will be divided into several different designs, including tokenized money market funds, decentralized finance yield stablecoins, and reward or interest wrappers. Each type of yield source and risk varies, and investors should carefully evaluate the underlying yield sources and legal frameworks.