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Understanding Yield-Bearing Stablecoins: Opportunities and Risks

Introduction

Stablecoins have evolved beyond their initial role as digital assets pegged to fiat currencies. They now offer opportunities for earning passive income through yield-bearing mechanisms. This article explores how yield-bearing stablecoins work, their benefits, and the associated risks.

What Are Yield-Bearing Stablecoins?

Yield-bearing stablecoins are digital assets that combine the stability of traditional stablecoins with the ability to earn passive income. Unlike regular stablecoins, which are pegged to fiat currencies without offering returns, yield-bearing stablecoins accrue interest or rewards over time. This is achieved through various mechanisms, such as DeFi lending, staking, or investing in real-world assets (RWAs).

How Yield-Bearing Stablecoins Generate Yield

Yield-bearing stablecoins generate returns through several methods:

  • DeFi Native Yield: Platforms like Aave and MakerDAO use lending and borrowing protocols to earn interest, which is distributed to stablecoin holders.

  • Crypto Derivatives: These involve liquid staking tokens and restaking, deriving value from staked crypto assets.

  • TradFi and RWAs: Tokenizing traditional financial assets like treasury bills and corporate bonds to generate stable returns.

Examples of Yield-Bearing Stablecoins

  • sDAI (Savings DAI): A yield-bearing version of DAI that earns interest through the Dai Savings Rate (DSR).

  • USDe by Ethena: A synthetic dollar protocol that uses delta-hedging strategies to maintain stability and generate yield.

  • USDY by Ondo Finance: Tied to yields from short-term U.S. Treasuries and bank deposits, offering stable returns.

Risks and Considerations

While yield-bearing stablecoins offer attractive returns, they come with risks:

  • Smart Contract Risks: Vulnerabilities in smart contracts can lead to loss of funds.

  • Regulatory Risks: Potential changes in legislation could impact operations and classification.

  • Liquidity Risks: Market stress can lead to liquidity issues, affecting the ability to redeem stablecoins.

  • Yield Sustainability: The reliability of yield sources can vary, affecting returns.

Conclusion

Yield-bearing stablecoins represent a significant advancement in the crypto space, offering a blend of stability and passive income. However, potential investors must carefully consider the associated risks and perform due diligence. As the market evolves, these stablecoins are likely to play an increasingly important role in financial strategies, providing opportunities for both seasoned investors and newcomers to the crypto space.

Avis de non-responsabilité
Ce contenu est uniquement fourni à titre d’information et peut concerner des produits indisponibles dans votre région. Il n’est pas destiné à fournir (i) un conseil en investissement ou une recommandation d’investissement ; (ii) une offre ou une sollicitation d’achat, de vente ou de détention de cryptos/d’actifs numériques ; ou (iii) un conseil financier, comptable, juridique ou fiscal. La détention d’actifs numérique/de crypto, y compris les stablecoins comporte un degré élevé de risque, et ces derniers peuvent fluctuer considérablement. Évaluez attentivement votre situation financière pour déterminer si vous êtes en mesure de détenir des cryptos/actifs numériques ou de vous livrer à des activités de trading. Demandez conseil auprès de votre expert juridique, fiscal ou en investissement pour toute question portant sur votre situation personnelle. Les informations (y compris les données sur les marchés, les analyses de données et les informations statistiques, le cas échéant) exposées dans la présente publication sont fournies à titre d’information générale uniquement. Bien que toutes les précautions raisonnables aient été prises lors de la préparation des présents graphiques et données, nous n’assumons aucune responsabilité quant aux erreurs relatives à des faits ou à des omissions exprimées aux présentes.© 2025 OKX. Le présent article peut être reproduit ou distribué intégralement, ou des extraits de 100 mots ou moins du présent article peuvent être utilisés, à condition que ledit usage ne soit pas commercial. Toute reproduction ou distribution de l’intégralité de l’article doit également indiquer de manière évidente : « Cet article est © 2025 OKX et est utilisé avec autorisation. » Les extraits autorisés doivent être liés au nom de l’article et comporter l’attribution suivante : « Nom de l’article, [nom de l’auteur le cas échéant], © 2025 OKX. » Certains contenus peuvent être générés par ou à l'aide d’outils d'intelligence artificielle (IA). Aucune œuvre dérivée ou autre utilisation de cet article n’est autorisée.

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