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

Original author: Biteye core contributor @viee 7227

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: regulatory certainty, the compliance path of leading players, and the direction of market innovation.

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

It is within this context of “certainty” that Circle’s IPO journey appears 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 entering the stablecoin market.

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

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

Payments: The cross-border payment system of traditional finance, represented by SWIFT, is inefficient, costly, and opaque, making it difficult to meet the demands of the digital age. Stablecoins, with their near-zero costs, 24/7 availability, and programmability, are implementing a disruptive impact on the traditional system. The integration of stablecoins by mainstream payment companies such as Stripe, PayPal, and financial network Visa validates the commercial potential of this trend. Stablecoins are rapidly expanding from being the valuation and settlement unit in crypto-native exchanges to becoming a global payment and remittance tool.

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 (mainly U.S. Treasury bonds) in risk-free markets. This model turns users into uncompensated capital providers. Unlike traditional stablecoins like USDT and USDC, which are merely digital cash tools, yield-bearing stablecoins embed revenue mechanisms such as U.S. Treasury bonds, 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-dollar scale. Its essence lies in bringing assets with stable cash flows in the real world (especially U.S. Treasury bonds) onto the blockchain, providing DeFi with sustainable, low-risk “real yields,” and attracting institutional-level capital. If DeFi injects “efficiency” into stablecoins, RWA injects “value” and “scale,” opening up the imaginative space for stablecoins to access the trillion-dollar market.

2. Introduction to the Top Ten Unlaunched Stablecoin Projects

2.1 @PlasmaFDN

Introduction: Plasma is a high-performance blockchain designed specifically for stablecoins, aimed at addressing issues such as high transaction fees, transaction failure rates, and lack of functionality present 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 transaction fees paid in assets like USDT/BTC, offers zero-fee USDT transfers, and is developing confidential transaction features.

Participation method: Users deposit assets into Aave and Maker through the audited vault contract to earn returns, and after the lock-up period, 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 may follow up on whether new deposit limits will be opened in the future.

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2.2 @noble_xyz

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

Participation method: USDN 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 points pool (giving up interest for points) or the earnings pool (earning 14.8% annualized return). The points pool requires a stake of at least 30 days to receive rewards, with longer lock-up times increasing the points multiplier, and additional rewards can be stacked with 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 issued TBILL token is backed by short-term US Treasury bonds and US dollars. It also issues yield-bearing stablecoins USDO (with daily earnings reinvested) and cUSDO (with net 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 DeFi activities of cUSDO (such as providing liquidity on Curve, staking on Morpho, or depositing into strategy vaults), with different tasks offering different multiplier bonuses.

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2.4 @capmoney_

Introduction: Cap issues two products: 1) cUSD, a digital dollar supported 1:1 by various blue-chip stablecoins (such as USDC, USDT, BUIDL, etc.), which can be redeemed at any time; 2) stcUSD, an interest-bearing stablecoin generated after staking cUSD, which generates returns through a decentralized operator network. Operators must obtain support from restakers for collateral, execute strategies after over-borrowing funds, and return the earnings; failure to meet standards will trigger forced liquidation to ensure the principal safety of stcUSD holders. The funds behind stcUSD are managed by decentralized operators who need to obtain collateral from others to borrow funds for investment. If the investment fails, the guarantor will bear the losses, ensuring that the principal of stcUSD holders is unaffected.

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

2.5 @0x Coinshift

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

How to participate: Users complete daily tasks (such as visiting the website, testing the DApp, joining Discord, etc.) to earn XP points, and they 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, U.S. Treasury bonds, and repurchase agreements, following the ERC-20 standard. It features freely tradable and open scalable characteristics, and supports 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. Additionally, Agora is about to collaborate with FSL to launch a 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 compounding pool fees and obtaining unified liquidity. USD* can be used for trading, staking, or integrated into other DeFi applications.

Participation methods: Users can earn Petals points through the first 5 stablecoin exchanges each day, providing liquidity for the Seed or Growth Pool (holding for more than 15 days can earn 2 – 3 times Petals), inviting friends to participate in Swap or Pool, and participating in integrations with partner platforms, which can be used for subsequent incentives.

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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 like 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 the original principal and accumulated returns. slvlUSD can be unstaked after a 7-day cooling period.

Participation method: Level users can earn XP through three ways: depositing lvlUSD and Curve LP assets into XPFarm, holding Pendle and Spectra LP or yield tokens in their wallet, and staking Level assets on Morpho. XP is used to measure users’ contributions to the protocol, can be viewed in real-time, and serves as a basis for future rewards, with assets being withdrawable 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 of time in exchange for liquidity, maintaining over-collateralization security. The platform manages collateral through a neutral market strategy to ensure asset stability. Additionally, Falcon will use the strategy revenue to issue additional USDf daily and reward users through the sUSDf Vault and Boosted Yield mechanism.

Participation method: Users can earn Falcon Miles by minting USDf (preferably non-stablecoin method) and staking sUSDf to complete tasks, where the Boost Yield reinvestment reward is the highest, and the longest locking period can reach 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 with multiple collateral ratios (such as MCR, CCR, SCR) and has a liquidation mechanism and Peg stability module to maintain the pegged USD 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 minting the stablecoin YU by either staking BTC or using the ETH-USDC exchange method. After that, users can participate in the stable pool or LP mining to earn rewards and Berries points. Zero-cost users can also accumulate points by binding their wallets, completing tasks, and other methods 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-generating stablecoins, could define the next decade of stablecoins one day in the future.