Analysis of New Trends and Potential Projects in the Stablecoin Industry

The second half of the stablecoin sector may be reshaped by three key factors: the clarity of regulations, the compliance processes of leading companies, and the direction of market innovation.

The global regulatory framework is moving from ambiguity to clarity, delineating a clear development path for the entire industry. In this context of certainty, the listing of a well-known stablecoin company is particularly significant. On its first day of trading, the company's stock price soared nearly 170%, not only marking the mainstreaming of the stablecoin industry but also providing a benchmark for traditional capital's entry into the stablecoin market.

In the future, the development of stablecoins may be driven by three core trends: innovation in stablecoin DeFi protocols, the popularization of payment tools, and deep integration with physical assets.

1. Three Major Use Cases of Stablecoins

1. Payment: Stablecoins, with their near-zero cost, 24/7 availability, and programmable features, are challenging traditional cross-border payment systems. The integration of stablecoins by mainstream payment companies and financial networks confirms the commercial potential of this trend.

2. DeFi: Yield-generating stablecoins embed revenue mechanisms such as U.S. Treasury bonds, DeFi lending, and arbitrage into the token design, allowing holders to automatically earn income and addressing the capital efficiency issues of mainstream stablecoins.

3. Physical assets: Bringing real-world assets with stable cash flow (such as U.S. Treasury bonds) on-chain, providing sustainable and low-risk "real yield" for DeFi, attracting institutional-level capital into the market, and opening up the possibility for stablecoins to access trillion-dollar markets.

2. Introduction to the Top Ten Unissued Stablecoin Projects

1. Plasma: A high-performance blockchain designed specifically for stablecoins, addressing the issues that traditional chains face when processing stablecoins. It supports fee payments in various assets, offers zero-fee stablecoin transfers, and develops confidential transaction features.

2. Noble: A stablecoin project based on the M^0 architecture and backed by short-term US Treasury bonds, with an expected annualized yield of approximately 4.31%. It supports cross-chain transmission and is suitable for multi-chain development environments.

3. OpenEden: An institution that provides on-chain U.S. Treasury yield products, issuing tokens backed by short-term U.S. Treasury bonds and USD, as well as yield-generating stablecoins.

4. Cap: Issue digital dollars and interest-bearing stablecoins backed by multiple blue-chip stablecoins, generating returns through a decentralized operator network.

5. Coinshift: An on-chain financial management platform for institutions and teams, integrating payment, accounting, and asset management functions. It issues two types of stablecoins, one is yield-bearing and the other is suitable for efficient liquidity and earning yields in DeFi.

6. AUSD: A stablecoin fully backed by cash, U.S. Treasury bonds, and repurchase agreements, following the ERC-20 standard, with features such as free trading and open scalability.

7. Perena: A stablecoin infrastructure protocol built on Solana, issuing yield-bearing stablecoins supported by various blue-chip stablecoins.

8. Level: Issue stablecoins fully backed by USDC and USDT, earning low-risk returns by deploying them to blue-chip lending protocols.

9. Falcon: Offers a stablecoin with two minting mechanisms, allowing users to mint using stablecoins or over-collateralized non-stable assets. Collateral is managed through a neutral market strategy to ensure asset stability.

10. Yala: A native liquidity protocol for Bitcoin that allows users to mint over-collateralized stablecoins by staking BTC. It features multiple collateralization ratios and liquidation mechanisms to maintain its peg to the US dollar.

Conclusion: The competitive dimensions of stablecoins have completely changed. From Bitcoin sidechains designed specifically for stablecoins to yield-bearing stablecoins, these innovative projects may define the next decade of stablecoins.