The future of the stablecoin sector has arrived, reviewing 10 potential projects and interaction opportunities.

The second half of stablecoins focuses on payments, DeFi, and RWA, reviewing 10 project gameplay.

Written by: Biteye Core Contributor @viee7227

If the theme of the first half of the stablecoin race is “barbaric growth”, then the rules of the game in the second half may be rewritten by three key variables: the certainty of regulation, the compliance path of leading players, and the direction of market innovation.

First, the global regulatory framework—from Europe’s MiCA to the United States’ GENIUS Act—is moving from ambiguity to clarity, providing a clear runway for the entire industry.

It is against this backdrop of “certainty” that Circle’s IPO journey becomes so significant. Recently, Circle’s IPO surged nearly 170% on its first day, which not only signifies the mainstreaming of the stablecoin industry but also provides a valuation anchor for traditional capital to enter the stablecoin market.

Against this background, the development path of stablecoins has far exceeded the single dimension of “dollar pegs”. Future development may be driven by three core trends: 1) stablecoin DeFi protocol innovation 2) the popularization of stablecoin payment tools 3) and deep integration with RWA.

1. From Payments, DeFi to RWA, Three Major Scenarios in the Stablecoin Track

Payment: The cross-border payment system of traditional finance, represented by SWIFT, is inefficient, expensive, and lacks transparency, making it difficult to meet the demands of the digital age. Stablecoins, with their near-zero cost, 24/7 availability, and programmable features, are implementing a dimensionality reduction attack on the traditional system. The integration of stablecoins by mainstream payment companies such as Stripe, PayPal, and financial networks like Visa validates the commercial potential of this trend. Stablecoins are rapidly expanding from being the pricing and settlement unit in crypto-native exchanges to becoming global payment and remittance tools.

DeFi: Mainstream stablecoins (USDC, USDT) have significant capital efficiency issues. The stablecoins held by users are non-interest bearing, but the issuers earn all the interest income by investing their reserve assets (primarily U.S. Treasuries) in risk-free markets. This model turns users into uncompensated capital providers. Unlike traditional stablecoins like USDT and USDC, which are just digital cash instruments, yield-bearing stablecoins embed revenue mechanisms such as U.S. Treasuries, DeFi lending, and arbitrage directly into the token design, allowing holders to automatically earn returns.

RWA: RWA (Real World Assets) tokenization is widely regarded as the core engine driving DeFi into the next trillion-level scale. At its core, it involves putting assets with stable cash flows from the real world (especially US Treasury bonds) on-chain, providing DeFi with sustainable, low-risk “real yield” and attracting institutional capital. If DeFi injects “efficiency” into stablecoins, then RWA injects “value” and “scale,” opening up the imagination space for stablecoins to access the trillion-level market.

2. Introduction to the Top Ten Unlaunched Stablecoin Projects

2.1 @PlasmaFDN

Introduction: Plasma is a high-performance blockchain specifically designed for stablecoins, aiming to address issues such as high transaction fees, transaction failure rates, and functionality deficiencies in traditional chains when handling stablecoins. Its core is based on the PlasmaBFT consensus protocol and Reth execution engine, featuring fast confirmations and high compatibility. Plasma supports payment of transaction fees with assets like USDT/BTC, offers zero-fee USDT transfers, and is developing confidential transaction features.

Participation method: Users can deposit assets into Aave and Maker through audited treasury contracts to earn returns, and after the lock-up period ends, the assets will be uniformly converted into USDT. KYC identity verification, jurisdiction screening, and other compliance processes must be completed through the Echo Sonar platform. The current deposit limit of 1 billion USD has been fully reached, and you can follow up on whether new deposit limits will be opened.

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2.2 @noble_xyz

Introduction: USDN is based on the M^0 architecture and uses short-term US Treasury bonds as collateral, with an expected annualized return of approximately 4.31%. It supports cross-chain transmission and is suitable for multi-chain development environments. Users can choose to deposit USDN into Points Vault to earn points or deposit it into Boosted Yield Vault to obtain higher returns priced in U.

Participation method: USDN point incentive activity, which will end in 23 days. Users can cross-chain USDC to the Noble chain and exchange it for USDN, then choose to deposit into the point pool (forgo interest for points) or the yield pool (get 14.8% annual yield). The point pool requires a stake of at least 30 days to receive rewards, and the longer the lock-up time, the higher the point multiplier, which can be stacked with additional rewards from the TVL milestone.

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2.3 @OpenEden_X

Introduction: OpenEden is an institution that provides on-chain US Treasury yield products. The TBILL token issued is backed by short-term US Treasury bonds and USD. It has also issued yield-bearing stablecoins USDO (daily yields reinvested) and cUSDO (net asset value increment), both supported by short-term US Treasury bonds and repurchase agreements, ensuring capital stability and continuous yield generation.

Participation method: Users can earn BILLS points by holding USDO or participating in cUSDO’s DeFi activities (such as providing liquidity on Curve, staking on Morpho, or depositing into strategy vaults), with different tasks offering different multipliers.

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2.4 @capmoney_

Introduction: Cap issues two products: 1) cUSD, a digital dollar backed 1:1 by a variety of blue-chip stablecoins (such as USDC, USDT, BUIDL, etc.), which can be exchanged at any time; 2) stcUSD, an interest-bearing stablecoin after cUSD stake, generates yield through a network of decentralized operators. Operators need to obtain restaker collateral support, execute the strategy and return the income after over-borrowing funds, and failure to meet the target will trigger forced liquidation to ensure the safety of the principal of stcUSD holders. The funds behind stcUSD are managed by decentralized operators who need to be secured by someone else’s collateral in order to lend the funds for investment. If the investment fails, the guarantor will bear the loss, ensuring that the principal of the stcUSD holders is not affected.

Participation method: You can participate in the testnet, but there are currently no clear airdrop rules.

2.5 @0xCoinshift

Introduction: Coinshift is an on-chain financial management platform designed for institutions and teams, integrating payment, accounting, and asset management functionalities. Its core assets include two types of stablecoins: csUSDL and csUSDC. csUSDL is a yield-bearing stablecoin that generates yields through Paxos’s T-Bills and the Morpho lending market, requiring no staking or locking by users; csUSDC is generated by collateralizing USDC, suitable for both borrowers and lenders to efficiently move and earn yields in DeFi.

Participation method: Users can earn XP points by completing daily tasks (such as visiting the website, testing DApps, joining Discord, etc.) and can also invite friends to improve their rankings. Accumulating XP to rank in the top 100 can earn USDC rewards.

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2.6 @withAUSD

Introduction: AUSD is a stablecoin fully backed by cash, US Treasury bonds, and repurchase agreements, following the ERC-20 standard, featuring characteristics such as free trading and open scalability, and supporting compliance functions such as asset freezing and issuance / destruction.

Participation method: Join the AUSD-USDC liquidity pool on QuickSwap and Fluid, or lend AUSD on the Fluid Lending platform. In addition, Agora is about to collaborate with FSL to launch the new stablecoin GGUSD.

2.7 @Perena__

Introduction: Perena is a stablecoin infrastructure protocol built on Solana that issues yield-bearing stablecoin USD*, supported by blue-chip stablecoins such as USDC, USDT, and PYUSD. Users can deposit any or multiple stablecoins into the Seed Pool to mint USD*, automatically compound pool fees, and gain unified liquidity. USD* can be used for swapping, staking, or integrating into other Decentralized Finance applications.

Participation methods: Users can earn Petals points for subsequent incentives by exchanging stablecoins for the first 5 times each day, providing liquidity for Seed or Growth Pools (holding for over 15 days can earn 2-3 times Petals), inviting friends to participate in Swap or Pool, and participating in integrations with partner platforms.

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2.8 @levelusd

Introduction: Level is a stablecoin protocol that issues lvlUSD fully backed by USDC and USDT, and earns low-risk returns by deploying to blue-chip lending protocols such as Aave. Users can stake lvlUSD to receive slvlUSD, with returns distributed weekly in the form of value appreciation of slvlUSD. Upon unstaking, users can receive their original principal and accumulated earnings. slvlUSD can be unstaked after a 7-day cooling period.

How to participate: Level users can earn XP in three ways: deposit lvlUSD and Curve LP assets into XPFarm, hold LP or yield tokens of Pendle and Spectra in their wallets, and stake Level assets on Morpho. XP is used to measure users’ contributions to the protocol, which can be viewed in real-time and used as a basis for future rewards, and assets can be withdrawn at any time without affecting points.

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2.9 @FalconStable

Introduction: Falcon USDf offers two minting mechanisms: Classic Mint and Innovative Mint. Users can mint USDf using stablecoins or over-collateralized non-stable assets (such as ETH, BTC), ensuring that each USDf is backed by sufficient assets. Innovative Mint allows users to lock non-stable assets for a period in exchange for liquidity, maintaining over-collateralization security. The platform manages collateral through a neutral market strategy to ensure asset stability. In addition, Falcon will use strategy profits to increase the issuance of USDf daily, and reward users through the sUSDf Vault and Boosted Yield mechanism.

Participation method: Users can earn Falcon Miles by minting USDf (preferably in a non-stablecoin way) and staking sUSDf. The Boost Yield reinvestment reward is the highest, with a maximum lock-up period of 12 months.

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2.10 @yalaorg

Introduction: Yala is a Bitcoin-native liquidity protocol that allows users to mint over-collateralized stablecoin YU by staking BTC. YU ensures system stability through multiple collateralization ratios (such as MCR, CCR, SCR) and has a liquidation mechanism along with a Peg stability module to maintain the peg to the US dollar price. Users can mint YU by collateralizing BTC, or redeem YU to retrieve BTC, and can also achieve liquidity by exchanging with other stablecoins.

Participation method: Yala interaction mainly involves mortgaging BTC or using the ETH-USDC exchange method to mint the stablecoin YU, after which you can participate in the stable pool or LP mining to earn yields and Berries points. Zero-cost users can also accumulate points by binding wallets, completing tasks, etc., to strive for airdrop opportunities.

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Conclusion: Returning to the question posed at the beginning. In the second half of stablecoins, the dimensions of competition have completely changed. The 10 projects analyzed above, from Bitcoin sidechains designed specifically for stablecoins to yield-bearing stablecoins, may one day define the next decade of stablecoins.