Author: Biteye Core Contributor @viee7227
If the first half of the stablecoin track was characterized by "savage growth", the game rules of the second half may be rewritten by three key variables: regulatory certainty, compliance paths for top players, and market innovation direction.
First, the global regulatory framework - from Europe's MiCA to the United States' GENIUS Act - is moving from ambiguity to clarity, defining a clear runway for the entire industry.
It is against this backdrop of "certainty" that Circle's IPO path becomes particularly important. Recently, Circle's stock surged nearly 170% on its first day of trading, not only signaling the mainstream adoption of the stablecoin industry but also providing an anchor for value assessment for traditional capital entering the stablecoin market.
Under the above context, stablecoin development paths have far exceeded the single dimension of "USD anchoring", and future development may be driven by three core trends: 1) Stablecoin DeFi protocol innovation 2) Stablecoin payment tool popularization 3) Deep integration with RWA.
I. From Payment, DeFi to RWA: Three Scenarios Examining the Stablecoin Track
Payment: The traditional cross-border payment system, represented by SWIFT, is inefficient, costly, and lacks transparency, struggling to meet digital-era demands. Stablecoins, with their near-zero cost, 7x24 hour availability, and programmable characteristics, are disrupting traditional systems. Integration of stablecoins by mainstream payment companies like Stripe, PayPal, and financial network Visa validates the commercial potential of this trend. Stablecoins are rapidly expanding from pricing and settlement units in crypto-native exchanges to global payment and settlement tools.
DeFi: Mainstream stablecoins (USDC, USDT) have significant capital efficiency issues. Users hold non-interest-bearing stablecoins, while issuers capture all interest income by investing reserve assets (primarily US Treasuries) in risk-free markets. This model turns users into unpaid capital providers. Unlike traditional stablecoins like USDT and USDC, which are merely digitized cash tools, yield-bearing stablecoins directly embed revenue mechanisms such as US Treasuries, DeFi lending, and arbitrage into token design, automatically generating returns for holders.
RWA: RWA (Real World Assets) tokenization is widely viewed as the core engine driving DeFi to the next trillion-dollar scale. Its essence is to chain assets with stable cash flows from the real world (especially US Treasuries), providing DeFi with sustainable, low-risk "real yield" and attracting institutional capital. If DeFi injects "efficiency" into stablecoins, RWA injects "value" and "scale", opening up imaginative space for stablecoins to enter the trillion-dollar market.
(Note: The translation continues for the rest of the text, following the same principles. Due to character limitations, only the first part is shown here.)2.8 @levelusd
Introduction: Level is a stablecoin protocol that issues lvlUSD fully collateralized by USDC and USDT, and earns low-risk yields by deploying to blue-chip lending protocols like Aave. Users can Stake lvlUSD to obtain slvlUSD, with yields distributed weekly in the form of slvlUSD value growth, and can retrieve the original principal and accumulated earnings upon unstaking. slvlUSD can be unstaked after a 7-day cooling period.
Participation Method: Level users can earn XP through three ways: depositing lvlUSD with Curve LP assets in XPFarm, holding Pendle and Spectra LP or yield tokens in their wallet, and collateralizing Level assets on Morpho. XP is used to measure users' contribution to the protocol, can be viewed in real-time, and will serve as a basis for future rewards, with assets withdrawable at any time without affecting points.
Link: https://app.level.money/?welcome=true
2.9 @FalconStable
Introduction: Falcon USDf offers two Mint mechanisms: Classic Mint and Innovative Mint. Users can Mint USDf using stablecoins or over-collateralized non-stablecoin assets (such as ETH, BTC), ensuring each USDf is backed by sufficient assets. Innovative Mint allows users to lock non-stablecoin assets for a period in exchange for liquidity, maintaining over-collateralization safety. The platform manages collateral through neutral market strategies to ensure asset stability. Additionally, Falcon uses daily strategy yields to increase USDf and rewards users through sUSDf Vault and Boosted Yield mechanisms.
Participation Method: Users can earn Falcon Miles by Minting USDf (preferably with non-stablecoins), Staking sUSDf, and completing tasks, with Boost Yield reinvestment rewards being the highest, with a maximum lock-up period of 12 months.
Link: https://app.falcon.finance/miles
2.10 @yalaorg
Introduction: Yala is a Bitcoin-native liquidity protocol that allows users to Mint over-collateralized stablecoin YU by Staking BTC. YU ensures system stability through multiple collateralization ratios (such as MCR, CCR, SCR) and has a liquidation mechanism and Peg stabilization module to maintain USD anchoring. Users can Mint YU by collateralizing BTC, redeem YU to retrieve BTC, or achieve liquidity through exchanges with other stablecoins.
Participation Method: Yala interaction primarily involves Minting stablecoin YU by collateralizing BTC or exchanging ETH-USDC, after which users can participate in stable pools or LP mining to earn yields and Berries points. Zero-cost users can also accumulate points by binding wallets and completing tasks to compete for airdrop opportunities.
Link: https://app.yala.org/welcome
Conclusion: Returning to the initial question. The second half of stablecoins has completely transformed the competitive landscape. The 10 projects analyzed here, from Bitcoin sidechains designed specifically for stablecoins to yield-generating stablecoins, may define the next decade of stablecoins at some point in the future.
