The stablecoin market enters a new phase, with three major trends leading the development

The stablecoin market is undergoing a transition from "barbaric growth" to standardization. The clarity of the regulatory framework, the compliance of leading players, and the direction of market innovation are becoming key factors that will influence the future of the industry.

The global regulatory environment is gradually becoming clearer, setting clear boundaries for industry development. Against this backdrop, the successful listing of a well-known stablecoin company has attracted widespread attention, marking the entry of the stablecoin industry into the mainstream and providing a valuable reference for traditional capital to enter this market.

The future development of stablecoins may be driven by three core trends: innovation in stablecoin DeFi protocols, the popularization of payment tools, and deep integration with real-world assets (RWA).

1. Three Major Use Cases of Stablecoins

1. Payment Field

Traditional cross-border payment systems are inefficient and expensive, making it difficult to meet the demands of the digital age. Stablecoins, with their low cost, round-the-clock availability, and programmability, are disrupting traditional payment systems. Several major payment companies have begun to integrate stablecoin services, validating their immense commercial potential. Stablecoins are evolving from a valuation unit in cryptocurrency trading to a global payment and settlement tool.

2. DeFi Innovation

Mainstream stablecoins have significant capital efficiency issues. Users hold non-interest-bearing stablecoins, while issuers obtain all the returns by investing reserve assets. In response to this issue, new yield-bearing stablecoins have emerged, which directly embed yield mechanisms such as U.S. Treasury bonds and DeFi lending into the token design, allowing holders to automatically earn returns.

3. RWA Integration

RWA tokenization is seen as key to driving DeFi into the next stage of growth. At its core is the on-chain representation of stable cash flow assets from the real world, such as U.S. Treasury bonds, providing DeFi with sustainable, low-risk "real yields" that attract institutional capital participation. RWA injects "value" and "scale" into stablecoins, opening up possibilities for them to access trillion-dollar markets.

2. Top Ten Potential Stablecoin Projects

1. Plasma

Plasma is a high-performance blockchain specifically designed for stablecoins, aimed at addressing issues such as high transaction fees and transaction failure rates when processing stablecoins on traditional chains. Based on the PlasmaBFT consensus protocol and Reth execution engine, it features fast confirmation and high compatibility. It supports transaction fees paid in various assets, offers zero-fee USDT transfers, and has developed confidential transaction capabilities.

2. Noble

USDN is based on the M^0 architecture, collateralized by short-term U.S. Treasury bonds, with an expected annual yield of approximately 4.31%. It supports cross-chain transmission and is suitable for multi-chain development environments. Users can choose to deposit USDN into the points pool or the yield pool to earn points or higher returns.

3. OpenEden

Provide on-chain US Treasury yield products, issue TBILL tokens (backed by short-term US Treasuries and US dollars) and yield-bearing stablecoins USDO and cUSDO. Users can earn points by holding USDO or participating in DeFi activities of cUSDO.

4. Cap

Issuing two products: cUSD (digital dollar backed by various blue-chip stablecoins) and stcUSD (interest-bearing stablecoin after cUSD staking). stcUSD generates returns through a decentralized operator network and has security mechanisms in place to protect the principal of holders.

5. Coinshift

An on-chain financial management platform for institutions and teams, issuing csUSDL (yield-bearing stablecoin) and csUSDC (collateralized by USDC). csUSDL generates yield through T-Bills and lending markets, with no need for users to stake or lock up assets.

6. AUSD

A stablecoin fully backed by cash, U.S. Treasury bonds, and repurchase agreements, adhering to the ERC-20 standard, featuring characteristics such as free trading and open scalability, and supporting compliance functions like asset freezing and issuance/burning.

7. Perena

The infrastructure protocol for stablecoins built on Solana, issuing yield-bearing stablecoin USD*. Users can deposit various stablecoins into the Seed Pool to mint USD*, automatically earn compound interest, and obtain unified liquidity.

8. Level

Issuing lvlUSD fully backed by USDC and USDT, earning low-risk returns by deploying it into blue-chip lending protocols. Users can stake lvlUSD to obtain slvlUSD, gaining returns in the form of value appreciation.

9. Falcon

USDf offers two minting mechanisms: Classic Mint and Innovative Mint. Users can mint USDf using stablecoins or over-collateralized non-stable assets. The platform manages the collateral through a neutral market strategy to ensure asset stability.

10. Yala

Bitcoin's native liquidity protocol allows users to stake BTC to mint over-collateralized stablecoin YU. YU employs multiple collateral ratios to ensure system stability and has a liquidation mechanism along with a Peg stability module to maintain the dollar peg.

These innovative projects showcase the diversified development trend of the stablecoin market. From dedicated blockchains to yield-generating stablecoins, they may have a profound impact on the stablecoin industry in the future. As the market continues to evolve, these emerging projects will play an important role in shaping the future development of stablecoins.