Overview of the Stablecoin Market and Analysis of New Stablecoins

The total market capitalization of stablecoins has surpassed $205 billion, and the market shows a trend of diversified development. Although USDT still dominates, its market share continues to decline. This article will provide a comprehensive analysis of traditional stablecoins and emerging stablecoins.

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, USDT market share continues to decline, understand the diversification of stablecoins in one article

Traditional stablecoins

USDT (Tether)

• Issuer: Tether
• Launch date: 2014
• Value pegging: Tied to the US dollar at a 1:1 ratio, backed by reserve assets
• Market Position: The earliest and largest trading stablecoin in the world
• Controversy: The issue of reserve transparency has attracted significant attention.

USDC (USD Coin)

• Issuer: Circle and Coinbase co-founded
• Launch date: 2018
• Features: Strong compliance, high transparency of reserve assets
• Market Position: The second largest stablecoin, highly favored by institutional users.

FDUSD (First Digital USD)

• Issuer: First Digital Labs
• Launch Date: 2023
• Pegging mechanism: 100% US dollars or equivalent cash equivalents as reserves
• Blockchain Support: Compatible with Ethereum and Binance Smart Chain

DAI

• Issuer: MakerDAO
• Launch date: 2017
• Features: Decentralized, over-collateralized stablecoin
• Operating Network: Ethereum and EVM-compatible blockchains

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversity of stablecoins in one article

New Stablecoin

The new stablecoin not only maintains price stability but also provides additional returns to holders through innovative models. Key features include:

1. Provide returns through investment or staking of low-risk assets
2. Maintain price stability and high liquidity
3. Combine on-chain assets with off-chain financial instruments

1. USDe

• Developer: Ethena Labs
• Operating mechanism: Maintains a 1:1 peg with the US dollar through a Delta neutral strategy.
• Sources of income: staking rewards, funding rates, and basis profits
• Current yield: approximately 8.64%

2. USD0

• Issuer: Usual Protocol
• Features: Issued with RWA assets as reserves at a 1:1 ratio
• Mechanism: Users deposit assets to obtain LDT tokens, representing the initial value of the deposit.

3. Sky Dollar (USDS)

• Issuer: Sky (formerly MakerDAO)
• Features: Can be exchanged 1:1 with DAI, SKY tokens distributed to USDS holders.

4. USDD

• Issuer: TRON联合储备
• Features: Over-collateralized endorsement of multiple mainstream digital assets
• Circulating Chains: including TRON, Ethereum, BNB Chain and 11 other public chains

5. BlackRock USD (BUIDL)

• Issuer: BlackRock
• Features: Tokenized fund, investing in low-risk financial instruments
• Earnings: Daily accrued earnings, approximately 4.5% annualized rate

6. Ondo US Dollar Yield (USDY)

• Issuer: Ondo Finance
• Mechanism: Supported by short-term U.S. Treasury bonds and bank deposits
• Yield: Base asset yield and compound yield, current APY approximately 4.65%

7. USDX Money (USDX)

• Developer: Stables Labs
• Mechanism: Earn income through a delta-neutral investment portfolio strategy.
• Features: Offers a variety of coin options with potentially higher returns

8. Frax (FRAX)

• Issuer: Frax Finance
• Mechanism: Combination of partial collateral and algorithmic mechanisms
• Sources of income: interest income, liquidity mining, governance token earnings
• Current yield: approximately 10%

9. Resolv USD (USR)

• Mechanism: Use ETH and derivatives as collateral to protect assets through hedging operations.
• Source of income: ETH staking rewards and hedging operation spreads

10. M By M⁰ (M)

• Features: Decentralized stablecoin protocol
• Mechanism: Mint M tokens through off-chain collateral.
• Sources of income: collateral earnings, minting fees, penalties

11. yala

• Features: stablecoin protocol based on the Bitcoin ecosystem
• Mechanism: Users deposit BTC to borrow $YU stablecoin
• Source of income: Earn additional income through DeFi protocol products.

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, and USDT's market share continues to decline. Understand the diversity of stablecoins in one article

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, the market share of USDT continues to decline, understand the diversified stablecoins in one article

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, USDT market share continues to decline, understand the diversity of stablecoins in one article

![\Stable Dog Original] The total market value of stablecoins exceeds $205 billion, USDT's market share continues to decline, understand the diverse stablecoins in one article

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, and USDT's market share continues to decline. Understand the diversification of stablecoins in one article

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversification of stablecoins in one article

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversified stablecoins in one article

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, USDT market share continues to decline, understand the diversified stablecoins in one article

Stablecoin Market Outlook

The stablecoin market is enormous and is the cornerstone of DeFi and future payment finance. In the short term, fiat-backed stablecoins like USDT/USDC will continue to dominate the market. The development of new stablecoins depends on their recognition by exchanges and DeFi protocols. Investors should pay attention to emerging stablecoin protocols to seize early positioning opportunities, but they must be cautious about platform coin risks.