Original Author: @arndxt_xo, crypto researcher

Original Compilation: zhouzhou, BlockBeats

Editor's Note: This article discusses several strategies and yields of interest-bearing stablecoins, including how different platforms generate returns through investments in U.S. Treasury bonds, DeFi lending, and real-world assets. Each stablecoin has different strategies and yields, such as earning returns through staking, lending, or liquidity mining. The article also mentions the characteristics of these stablecoins, such as no lock-up periods and automatic yield accumulation, making them suitable for long-term investment and users with stability requirements, providing an innovative decentralized financial solution.

The following is the original content (reorganized for better readability):

What is an interest-bearing stablecoin? It is a stablecoin that maintains a peg to 1 USD while also generating passive income. How is this achieved? Through lending, staking, or investing in real-world assets like U.S. Treasury bonds. You can think of it as an on-chain money market fund, but it is programmable and borderless.

In a stablecoin market exceeding $225 billion, with annual trading volumes reaching trillions, interest-bearing stablecoins are emerging as:

• On-chain savings accounts

• Yield products backed by RWA

• Alternatives to banks and fintech

• Achieving annual yields of approximately 3–15% while keeping assets in USD

Next, let's break down how mainstream protocols achieve these yields.

sDAI – Provided by MakerDAO through @sparkdotfi

→ Annual Yield: Approximately 5–8% (variable)

→ Strategy: DSR (Dai Savings Rate) returns from multiple sources

• Deposit DAI into Spark

• Sources of returns include:

 • Stable fees from loans

 • Liquidation profits

 • DeFi lending (e.g., Aave)

 • Tokenized assets of U.S. Treasury bonds

You will receive sDAI, a token based on the ERC-4626 standard, whose value will automatically grow (no re-pegging), with the yield adjusted by governance mechanisms based on market conditions.

sUSDe – Synthetic yield provided by @Ethena_Labs

→ Annual Yield: Approximately 8–15% (up to 29% in bull markets)

→ Strategy: Delta-neutral yield from Ethereum

• Deposit ETH → Stake through Lido

• Simultaneously short ETH on CEXs

• Financing rate + staking rewards = yield

sUSDe holders will receive compounded returns. High yield = high risk, but it does not rely on banks at all.

sUSDS – Provided by @SkyEcosystem (former MakerDAO team)

→ Annual Yield: Approximately 4.5%

→ Strategy: Hybrid RWA + DeFi lending

• Base yield comes from tokenized U.S. Treasury bonds

• Additional yield comes from Spark lending

• Returns are distributed through the Sky Savings Rate (SSR)

No staking, no lock-up, automatic balance accumulation, with governance mechanisms setting the target annual yield for SSR.

USDY – Provided by @OndoFinance

→ Annual Yield: Approximately 4–5%

→ Strategy: Tokenized traditional finance for non-U.S. holders

• 1:1 backing with short-term U.S. Treasury bonds + bank deposits

• Earn returns like a money market fund

• Due to Reg S, returns are distributed to non-U.S. users

Likely to be automatically accumulated, making passive income more seamless.

USDM – Provided by @MountainPrtcl

→ Annual Yield: Approximately 4–5%

→ Strategy: 100% backed by U.S. Treasury bills (T-Bills)

• All reserves are in short-term U.S. Treasury bonds

• Daily re-pegging to grow the balance (e.g., daily growth of 0.0137%)

• Limited to non-U.S. holders

Simple, stable, and fully transparent through audits.

USDtb – Provided by @Ethena_Labs and @BlackRock

→ Annual Yield: Approximately 3–5%

→ Strategy: Institutional-grade tokenized fund

• BUIDL is a tokenized fund composed of U.S. Treasury bonds, cash, and repurchase agreements (repos)

• USDtb uses BUIDL to support 90% of reserves

• Combines the safety of traditional finance with 24/7 DeFi availability

Ideal for DAOs and protocols seeking security and yield.

USD0 – Provided by @UsualMoney

→ Annual Yield: Approximately 5–7%

→ Strategy: RWA + DeFi + staking rewards

• Base yield: 3–5% from U.S. Treasury bonds

• Additional yield: 1–3% from DeFi lending and liquidity mining

• Stake USD0++ → Earn USUAL tokens (up to 60% APY)

Highly composable, deployed across 27 chains and 30+ decentralized applications.

YLDS – Provided by @FigureMarkets

→ Annual Yield: Approximately 3.8%

→ Strategy: Yield linked to SOFR (Secured Overnight Financing Rate), compliant with SEC regulations

• Pegged to SOFR - 0.5%

• Reserve funds held in high-quality money market funds (MMFs) and U.S. Treasury bonds

• Daily accumulation, with monthly yield payments

• Registered public securities—available for purchase by U.S. investors

Stable, regulated, and very suitable for compliant on-chain investments.

USP – Provided by @PiProtocol (Expected to launch in the second half of 2025)

→ Annual Yield: Approximately 4–5% (forecasted)

→ Strategy: Tokenized U.S. Treasury bonds, money market funds (MMFs), insurance

• Over-collateralized RWA support

• Dual-token model:

 • USP (stablecoin)

 • USI (yield)

• USPi NFTs provide profit sharing + governance rights

Aims to align users with the long-term growth of the platform.

OUSD – Provided by @OriginProtocol

→ Annual Yield: Approximately 4–7%

→ Strategy: DeFi native, automatic re-pegging of yields

• Lend USDT, USDC, DAI to Aave, Compound, Morpho

• Provide liquidity on Curve + Convex

• Daily re-pegging to increase wallet balance

No staking, no lock-up.

Original link

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