Original Author: Biteye Core Contributor @viee7227

If the theme of the first half of the stablecoin race is "barbaric growth," then the game rules of the second half may be rewritten by three key variables: regulatory certainty, compliance pathways for leading players, and the direction of market innovation.

Firstly, the global regulatory framework—from Europe’s MiCA to the U.S. GENIUS Act—is moving from ambiguity to clarity, delineating a clear runway for the entire industry.

It is against this backdrop of "certainty" that Circle's IPO journey appears so significant. Recently, Circle's IPO surged nearly 170% on its first day, not only indicating the mainstreaming of the stablecoin industry but also providing a valuation anchor for traditional capital entering the stablecoin market.

In this context, the development path of stablecoins has far exceeded the single dimension of "dollar pegging," and future growth may be driven by three core trends: 1) Innovation in stablecoin DeFi protocols 2) Widespread adoption of stablecoin payment tools 3) Deep integration with RWA (Real World Assets).

1. From Payments, DeFi to RWA: Three Scenarios for the Stablecoin Race

Payments: The traditional financial cross-border payment system, represented by SWIFT, is inefficient, costly, 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 dimensional reduction attack on the traditional system. The integration of stablecoins by mainstream payment companies like Stripe, PayPal, and financial networks like Visa validates the commercial potential of this trend. Stablecoins are rapidly expanding from being a pricing and settlement unit in crypto-native exchanges to becoming global payment and remittance tools.

DeFi: Mainstream stablecoins (USDC, USDT) face significant capital efficiency issues. The stablecoins held by users earn no interest, while issuers earn all 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: The tokenization of RWA (Real World Assets) is widely regarded as the core engine driving DeFi into the next trillion-dollar level. Its essence is to bring on-chain assets with stable cash flows from the real world (especially U.S. Treasury bonds) to provide DeFi with sustainable, low-risk "real yields" and attract institutional capital. If DeFi injects "efficiency" into stablecoins, then RWA injects "value" and "scale," opening up the imagination space for stablecoins to access trillion-dollar markets.

2. Introduction to Ten Unlaunched Stablecoin Projects

2.1 @PlasmaFDN

Introduction: Plasma is a high-performance blockchain designed specifically for stablecoins, aiming to solve issues such as high transaction fees, transaction failure rates, and lack of functionality in traditional chains when handling stablecoins. Its core is based on the PlasmaBFT consensus protocol and Reth execution engine, featuring fast confirmation 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 an audited treasury contract to earn returns, and after the lock-up period ends, assets are uniformly converted to USDT. KYC identity verification and jurisdiction screening must be completed through the Echo Sonar platform. The current deposit cap of $1 billion has been fully filled, and users can follow up on whether new deposit limits will be opened.

Link: https://app.plasma.to/

2.2 @noble_xyz

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

Participation Method: There is currently a USDN points incentive activity that ends 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 (forgoing interest for points) or the yield pool (earning 14.8% annualized return). The points pool requires a 30-day stake to receive rewards, with longer lock-up times yielding higher point multipliers and additional rewards for reaching TVL milestones.

Link: https://points.noble.xyz/

2.3 @OpenEden_X

Introduction: OpenEden is an institution providing on-chain U.S. Treasury bond yield products. The issued TBILL token is backed by short-term U.S. Treasury bonds and U.S. dollars, and it has also issued yield-bearing stablecoins USDO (daily yield reinvested) and cUSDO (net asset value increment), both supported by short-term U.S. Treasury bonds and repurchase agreements, ensuring principal stability and continuous yield generation.

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

Link: https://portal.openeden.com/bills-campaign?chain=mainnet

2.4 @capmoney_

Introduction: Cap issues two products: 1) cUSD, a digital dollar fully backed 1:1 by various blue-chip stablecoins (such as USDC, USDT, BUIDL, etc.) that can be redeemed at any time; 2) stcUSD, a yield-bearing stablecoin generated by staking cUSD through a decentralized operator network. Operators must obtain restaker collateral support, execute strategies after borrowing excess funds, and return profits; 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 collateral from others to borrow funds for investment. If the investment fails, the guarantor will bear the loss, ensuring that stcUSD holders' principal is unaffected.

Participation Method: Users 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 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 lock-up from users; csUSDC is generated by collateralizing USDC, suitable for efficient liquidity and earning returns for both borrowers and lenders 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 invite friends to improve their rankings. Accumulating XP to rank in the top 100 can earn USDC rewards.

Link: https://campaign.coinshift.xyz/

2.6 @withAUSD

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

Participation Method: Join the AUSD-USDC liquidity pool on QuickSwap and Fluid, or lend AUSD on the Fluid Lending platform. Additionally, Agora is set to collaborate with FSL to launch a new stablecoin GGUSD.

2.7 @Perena__

Introduction: Perena is a stablecoin infrastructure protocol built on Solana, issuing the yield-bearing stablecoin USD, supported by blue-chip stablecoins like USDC, USDT, and PYUSD. Users can mint USD by depositing any or multiple stablecoins into the Seed Pool, automatically compounding pool fees and obtaining unified liquidity. USD* can be used for exchanges, staking, or integration into other DeFi applications.

Participation Method: Users can earn Petals points through daily stablecoin exchanges (up to the first 5), providing liquidity to the Seed or Growth Pool (holding for over 15 days can earn 2-3 times Petals), inviting friends to participate in Swap or Pool, and engaging in integrations with partner platforms.

Link: https://app.perena.org/

2.8 @levelusd

Introduction: Level is a stablecoin protocol that issues lvlUSD, fully collateralized 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 slvlUSD value growth, and upon unstaking, users can receive their original principal and accumulated returns. slvlUSD can be unstaked after a 7-day cooling-off period.

Participation Method: Level users can earn XP in three ways: depositing lvlUSD with Curve LP assets into XPFarm, holding Pendle and Spectra LP or yield tokens in their wallets, and staking Level assets on Morpho. XP measures user contributions to the protocol and can be viewed in real-time as a basis for future rewards, with assets withdrawable at any time without affecting points.

Link: https://app.level.money/?welcome=true

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 fully backed by assets. Innovative Mint allows users to lock non-stable assets for a period in exchange for liquidity, maintaining over-collateralization safety. The platform manages collateral through a neutral market strategy to ensure asset stability. Additionally, Falcon uses strategy returns daily to issue more USDf and rewards users through the sUSDf Vault and Boosted Yield mechanism.

Participation Method: Users can mint USDf (preferably using non-stablecoin methods), stake sUSDf, and complete tasks to earn Falcon Miles, with the Boost Yield reinvestment reward being the highest, and the longest lock-up period reaching 12 months.

Link: https://app.falcon.finance/miles

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 collateralization ratios (such as MCR, CCR, SCR) and has a liquidation mechanism and Peg stability module to maintain the pegged dollar price. Users can mint YU by collateralizing BTC or redeem YU to retrieve BTC, and they can also achieve liquidity by exchanging with other stablecoins.

Participation Method: Yala interaction mainly involves collateralizing BTC or using ETH-USDC exchange methods to mint stablecoin YU, after which users can participate in stable pools or LP mining to earn returns and Berries points. Zero-cost users can also accumulate points by binding wallets, completing tasks, and striving for airdrop opportunities.

Link: https://app.yala.org/welcome

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

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