Diversified stablecoin landscape: coexistence of traditional and new types, market capitalization exceeds 205 billion USD.

2025-07-27 00:12:53

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The market capitalization of stablecoins surpasses 205 billion USD, with the proportion of USDT continuing to decline, a comprehensive analysis of diversified stablecoins.

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversity of stablecoins in one article

Traditional Stablecoins

USDT and USDC are currently the mainstream traditional stablecoins.

USDT (Tether)

Issuer: Tether Launch date: 2014 Value pegging: pegged to the US dollar at a ratio of 1:1, 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 audit transparency has received much attention.

USDC (USD Coin)

Issuer: Founded by Circle and Coinbase, regulated by the Centre Consortium. Launch time: 2018 Compliance: Strictly adhere to US regulatory requirements, with high transparency of reserve assets. Value peg: 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, favored by institutional users.

FDUSD (First Digital USD)

Issuer: First Digital Labs Launch date: 2023 Pegging mechanism: 100% supported by US dollars or equivalent cash reserves, pegged 1:1 to the US dollar Blockchain support: Compatible with Ethereum and Binance Smart Chain, mainly supports trading, lending, mining, etc. on a certain trading platform.

DAI

Issuer: MakerDAO Launch date: 2017 Value anchoring: Pegged to USD 1:1 through smart contracts and collateral mechanisms. Operating Network: Ethereum and EVM-compatible blockchains Features: Currently the algorithm stablecoin with the highest market capitalization.

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT market share continues to decline, understand the diversification of stablecoins in one article

New Stablecoin

The new stablecoins not only maintain price stability but also provide additional returns to holders through innovative yield models.

Main Features:

Provide returns through investments in low-risk assets, staking, or structured financial strategies.
Use assets such as government bonds as collateral to maintain price stability and high liquidity.
Combine on-chain assets with off-chain funds, bonds, etc.

1. USDe

The synthetic US dollar stablecoin developed by Ethena Labs is currently ranked third in the stablecoin market.

Operational Mechanism:

Maintain a 1:1 dollar peg through the Delta neutral strategy
Whitelisted users can mint USDe using crypto assets.
Ethena Labs ensures value stability through hedging positions.

Source of income:

Staking rewards: using liquid staking tokens as collateral to generate
Funding rate and basis yield: from perpetual contracts and futures market

The current sUSDe yield is approximately 8.64%.

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, and the market share of USDT continues to decline. Understand the diversification of stablecoins in one article

2. USD0

The stablecoin of the Usual Protocol stablecoin agreement is issued with RWA assets as a 1:1 reserve.

Operating mechanism:

Users deposit assets to obtain LDT synthetic assets
LDT can be freely traded, supported 1:1 by the original asset.
Introduce government bonds and other RWA assets to enhance liquidity and security

3. Sky Dollar (USDS)

The new stablecoin launched after MakerDAO was renamed to Sky coexists with the original DAI and MKR.

Exchange Rules:

DAI can be exchanged 1:1 for USDS
Each MKR can be exchanged for 24,000 SKY tokens
SKY is distributed to USDS holders at a rate of 600 million coins per year.

4. USDD

The decentralized over-collateralized stablecoin initiated by the Tron Union Reserve circulates across 11 mainstream public chains. It is backed by over-collateralization with various assets such as TRX, BTC, and USDT, with the pledge rate publicly disclosed in real-time.

5. BlackRock USD (BUIDL)

BlackRock launches its first tokenized fund on Ethereum, aimed at institutional and accredited investors.

Operating mechanism:

Issue tokenized shares through Ethereum
Invest in low-risk instruments such as cash, U.S. Treasury bonds, and repurchase agreements.
Maintain a stable value of 1 USD for each token

Source of income:

Holders enjoy accrued earnings daily, distributed monthly.
The current yield is approximately 4.5%, which is similar to the yield on short-term U.S. Treasury bonds.

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, and the market share of USDT continues to decline. Understand the diversity of stablecoins in one article

6. Ondo US Dollar Yield (USDY)

Yield-bearing USD token launched by Ondo Finance.

Operating mechanism:

Backed by short-term US Treasury bonds and bank demand deposits
Investors can purchase USDY using USDC and other currencies.
Daily interest calculation, monthly profit distribution
40 days lock-up period

Source of income:

Interest income from underlying assets
Compound interest income

The current annualized yield ( APY ) is 4.65%.

7. USDX Money (USDX)

Stablecoin issuance protocol launched by Stables Labs.

Operating mechanism:

Earn income through Delta neutral investment strategy
Multi-currency arbitrage and perpetual contract hedging mechanism
Offers a wide range of coin options, with potential for higher returns but also higher risks.

8. Frax (FRAX)

A stablecoin protocol that combines partial collateralization and algorithmic mechanisms.

Operating mechanism:

Partial collateral ( such as USDC ) and governance token ( FXS ) mixed mechanism
Dynamically adjust collateral rates and supply volume
Introduce algorithmic market operation controller ( AMO )

Source of income:

Stake USDC or FXS to earn interest
Provide liquidity to earn rewards
Hold FXS to participate in governance and revenue distribution

The current annualized yield is approximately 10%.

9. Resolv USD (USR)

Protect asset value through ETH and derivative collateralization and hedging operations.

Source of income:

ETH staking rewards
Hedging operation difference

10. M By M⁰ (M)

Decentralized stablecoin protocol that allows users to earn yields from collateral.

Operating mechanism:

Deposit off-chain collateral ( such as treasury bonds ) to mint M tokens.
Maintain stability through arbitrage mechanisms
Independent custodial institutions and on-chain verification

Source of income:

Passive income generated from collateral
Minting Fee
Fine income

11. yala

The stablecoin protocol based on the Bitcoin ecosystem is currently in the testnet phase.

Operating mechanism:

Users deposit BTC or UTXO assets to borrow $YU stablecoin
Invest $YU into cooperative DeFi protocols for value appreciation.
Withdraw the original BTC and earn additional BTC rewards

Stablecoin Market Outlook

The stablecoin market is huge and serves as the cornerstone of DeFi and future payment finance. In the short term, fiat-backed stablecoins like USDT/USDC will continue to dominate. New types of stablecoins are mainly divided into two categories:

With traditional financial assets as reserves, the yield is relatively stable but not high.
Maintain stability through arbitrage, but there are transparency and regulatory issues.

The market capitalization of stablecoins has the potential to further expand, such as by mapping off-chain assets to on-chain as reserves. For ordinary users, they can pay attention to emerging stablecoin protocols to obtain airdrops and staking rewards, but should be cautious with platform coin investments.

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, and USDT's market share continues to decline. Understand the diversity of stablecoins in one article

![\Wangou Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversification of stablecoins in one article

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversification of stablecoins in one article

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