What is the yield on demand? This is not just a gimmick. In the past, stablecoin holders were often zero-interest "non-interest depositors," while issuers invested the idle funds in safe assets such as U.S. Treasury bonds and bills to earn substantial returns, just like USDT/Tether and USDC/Circle. However, now the exclusive dividends that used to belong to the issuers are being redistributed—**in addition to the interest subsidy war of USDC, an increasing number of new generation yield-bearing stablecoin projects are breaking down this "yield wall," allowing coin holders to directly share in the interest income from the underlying assets.** This not only changes the value logic of stablecoins but may also become a new growth engine for the RWA and Web3 sectors. 1. What is a yield-bearing stablecoin? By definition, **a yield-bearing stablecoin refers to a stablecoin whose underlying assets can generate income and distribute that income (usually from U.S. Treasury bonds, RWA, or on-chain yields) directly to the holders,** which is clearly different from traditional stablecoins (like USDT/USDC), where the income belongs to the issuer, and holders only enjoy the peg to #美7月PPI年率高于预期# #以太坊ETF突破300亿美元# #Gate Alpha巅峰交易赛# .