Low-risk Arbitrage, taking stock of emerging 'earnings Stable Coin'

In view of Ethena's success stories, there are more and more interest-generating Stable Coin-related protocols on the market. This article is based on an article written by WOO and compiled by Panews. (Synopsis: Encryption lawyers: Is Hong Kong's latest Stable Coin bill an innovation catalyst or a regulatory shackle? (Background supplement: Forbes 2025 blockbuster forecast: G7 or BRICS countries will build BTC reserves, BTCFi significant rise, Stable CoinMarket Cap doubled) The impression that encryption coins have always given the outside world the impression of high volatility and easy big pumpbig dumps for tokens, which does not seem to have much to do with "stability". Stable Coin is mostly anchored to the US dollar, not only can be used as chips in exchange for other tokens, but also suitable for payment business and other functions, the overall market cap of the zone exceeds $200 billion, which is already a relatively mature zone in the encryption market. However, at present, the most common USDT and USDC on the market are centralized institutions, and the market share of the two accounts for nearly 90%, and other projects also want to grab this BTC. For example, Web 2 payment giant PayPal launched its own Stable Coin pyUSD advance card slot in 2023; Recently, XRP parent company Ripple also issued RLUSD in an attempt to challenge the Stable Coin market. The above two cases are more about the payment business using Stable Coin, which is mostly backed by US dollars or short-term Treasury bonds as collateral, while DecentralizationStable Coin emphasizes yield, anchoring mechanism, and composability with Decentralized Finance. From DAI to UST, from the type of Collateral behind it to the anchoring mechanism, the development process of DecentralizationStable Coin has gone through several iterations, and Ethena pioneered the USDe that uses Arbitrage + stake to generate revenue Coin imagination, USDe Stable CoinMarket Cap is also the third in the market, up to $5.9 billion, and recently Ethena and BlackRock cooperated to launch the USDtb Stable Coin provided by RWA, which avoids the risk of negative funding rates, and can stabilize interest during both Bull Market and Bear Market, complementing the overall product line, making Ethena the focus of market attention. In view of Ethena's success stories, there are more and more interest-generating Stable Coin-related protocols in the market, such as: Usual, which recently announced its cooperation with Ethena; Anzen built in the Base ecosystem; and Resolv with ETH as collateral. What is the anchoring mechanism of these three protocols? Where does the revenue behind it come from? Let WOO X Research show you. Source: Ethena Labs USUAL: The team has a strong background, and the token design has the Pong-style attribute RWA interest-bearing Stable Coin, the interest-bearing asset behind it is short-term treasury bonds, Stable Coin is USD0, and USD0++ is obtained after staking USD0, with $USUAL as a stake reward. They believe that Stable Coinissuance is now too centralized, like traditional banks, rarely distribute value to users, USUAL will become the same owner of the project generated, and 90% of the generated value will be returned to the user. In terms of project background, CEO Pierre Person has served as a member of the French Parliament and as a political adviser to French President Marc Macro. Asia executive Yoko is the former French presidential election responsible fundraiser, the project has a good relationship between government and business, and the most important thing for RWA is to transfer physical assets to the chain, where supervision and government support are the key to the success or failure of the project, it is clear that USUAL has a good relationship between government and business, and it is also a strong moat for the project. Back to the project mechanism itself, USUAL Token economics has Ponzi properties, not only as a mining coin, no fixed issuance amount, USUAL issuance and stake's USD0 (USD0++) TVL link, is an inflation model, but the amount of issuance will change according to the "revenue growth" of the protocol, strictly ensuring the inflation rate < protocol growth rate. Whenever the USD0++ bond token is issued by the new Mint, there will be a corresponding proportion of $USUAL generated emissions to all parties, and this conversion ratio Minting Rate will be the highest at the beginning after TGE, which is a gradually declining exponential decline curve, in order to reward early participants and create token scarcity in the later stage, promoting the intrinsic value rise of the token. In simple terms, the higher the TVL, the less USUAL emissions and the higher the value of a single USUAL. The higher the USUAL coin price -> Incentive stake USD0 -> TVL increase -> USUAL Emission reduction -> USUAL coin price increase USD0 Market Cap increased by 6 6% in the past week to $1.4 billion, surpassing PyUSD, and USD0++ APY is also as high as 50% Usual also recently reached a partnership with Ethena to accept USDtb as Collateral, and subsequently Stable Coin Some of USD0's supported assets are migrated to USDtb. In the coming months, Usual will be one of the largest minters and holders of USDtb. As part of this partnership, Usual will set up an sUSDe vault for the USD0++ holder, allowing Usual users to earn sUSDe rewards while maintaining their base position on Usual. This will allow Usual users to take advantage of Ethena's rewards while increasing Ethena's TVL. Finally, Usual will incentivize and enable USDtb-USD0 and USDtb-sUSDe swaps, increasing Liquidity between core assets. Recently, they have also opened USUAL stake, where reward source stakes are shared as 10% of the total supply of USUAL, and the current APY is as high as 730% Usually: Current price: 1.04 Market Cap rank: 197 Market Cap: 488,979,186 TVL: 1,404,764,184 TVL/MC: 2,865 Source: usual.money Anzen: Credit asset tokenization Anzen's issuance's USDz currently supports five supply chains, including ETH, ARB, MANTA, BASE and BLAST, and the assets behind it are private credit asset portfolios, USDz can obtain RWA income by staking sUSDz. Behind the asset cooperates with the US licensed broker-dealer Percent, the portfolio risk position is mainly in the US market, the maximum proportion of single assets does not exceed 15%, the portfolio is diversified 6-7 assets, and the current APY is about 10%. Partners are also well-known at TradFi, including BlackRock, JP Morgan, Goldman Sachs, Moody's Ratings, and UBS UBS. Source: Anzen In terms of funding, Anzen received a $4 million seed round of funding, which was raised by Mechanism Capital, Circle...