Stablecoin Market Analysis: Coexistence of Diversification and Innovation

Traditional Stablecoins

USDT (Tether)

• Issuer: Tether
• Launch date: 2014
• Value pegging: Linked to the US dollar at a 1:1 ratio, backed by reserve assets.
• Market Position: One of the earliest, largest trading volume, and most liquid stablecoins in the world.
• Controversy: The issue of reserve transparency has always been a matter of concern.

USDC (USD Coin)

• Issuer: Founded by Circle and Coinbase, regulated by the Centre Consortium
• Release time: 2018
• Strong compliance: Strictly adhere to U.S. regulatory requirements, high transparency of reserve assets
• Value Pegging: Pegged to the US dollar at a 1:1 ratio, with reserves consisting of cash and short-term government bonds.
• Market Position: The second largest stablecoin after USDT, 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 time: 2017
• Value anchoring: Pegged to the US dollar at a 1:1 ratio through smart contracts and collateral mechanisms.
• Operating Network: Ethereum and other EVM-compatible blockchains
• Features: decentralized, over-collateralized stablecoin

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

New Stablecoin

The new type of stablecoin provides additional returns to holders through innovative models while maintaining price stability.

1. USDe

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

2. USD0

• Issuer: Usual Protocol
• Features: Issued 1:1 with RWA assets as reserves

3. Sky Dollar (USDS)

• Issuer: Sky ( original MakerDAO )
• Features: Can be exchanged 1:1 with DAI, SKY token serves as a governance token

4. USDD

• Issuer: TRON DAO Reserve (
• Features: Over-collateralized endorsement of various mainstream digital assets

) 5. BlackRock USD ###BUIDL(

• Issuer: BlackRock )
• Features: Tokenized fund, investment in low-risk financial instruments
• Current yield: approximately 4.5%

( 6. Ondo US Dollar Yield )USDY###

• Issuer: Ondo Finance
• Operating mechanism: backed by short-term U.S. Treasury bonds and bank deposits
• Current Yield: 4.65%

( 7. USDX Money )USDX###

• Issuer: Stables Labs
• Operating mechanism: Generate income through Delta-neutral investment strategy

( 8. Frax )FRAX###

• Issuer: Frax Finance
• Operating mechanism: combination of partial collateral and algorithmic mechanism
• Current yield: about 10%

( 9. Resolv USD )USR###

• Operating mechanism: Similar to Ethena, through ETH and derivatives collateral

( 10. M By M⁰ )M###

• Features: Decentralized stablecoin protocol that allows users to earn yield from collateral.

( 11. yala

• Features: Stablecoin protocol based on the Bitcoin ecosystem ) testnet phase ###

![\Stable Dog Original] The total market capitalization 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 USD, USDT 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 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, 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 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 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

![\Wangou 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

![\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

Stablecoin Market Outlook

The stablecoin market continues to grow, with a clear trend towards diversification. Traditional fiat-backed stablecoins such as USDT/USDC still dominate, but new types of stablecoins are attracting investor attention by providing additional returns through innovative mechanisms. Market development will depend on changes in the regulatory environment, technological innovation, and user demand. Investors should carefully assess the risk-return characteristics of various stablecoins and pay attention to the long-term development potential of projects.