Overview of the Stablecoin Market and Analysis of Emerging Trends

The total market capitalization of stablecoins has exceeded 205 billion USD, showing a diversified development trend. Although USDT's leading position in the market remains solid, its market share is gradually declining. This article will provide a comprehensive analysis of the current diversity in the stablecoin ecosystem.

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

Traditional stablecoins

USDT (Tether)

• Issuer: Tether
• Launch date: 2014
• Value anchoring: pegged to the US dollar at a 1:1 ratio, backed by reserve assets.
• Market Position: The world's earliest and largest trading stablecoin
• Controversy Focus: Reserve Transparency Issues

USDC (USD Coin)

• Issuer: Circle in collaboration with Coinbase
• Launch time: 2018
• Features: Strong compliance, monthly audits conducted
• Market Position: The second largest stablecoin after USDT

FDUSD (First Digital USD)

• Issuer: First Digital Labs
• Launch time: 2023
• Anchor mechanism: 100% backed by US dollars or equivalent cash equivalents
• Supported Networks: Ethereum and BNB Chain

DAI

• Issuer: MakerDAO
• Launch date: 2017
• Features: Decentralized, Over-collateralized
• Operating Network: Ethereum and EVM-compatible chains

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

New Stablecoin

The new type of stablecoin not only maintains price stability but also provides additional investment returns for holders. Key features include:

1. Provide returns through investing or staking low-risk assets
2. Use government bonds and other assets as collateral to maintain stability and liquidity.
3. Combine on-chain assets with off-chain financial instruments

USDe

• Developer: Ethena Labs
• Mechanism: Maintain USD peg through Delta neutral strategy
• Sources of income: staking rewards, funding rates, and basis income
• Current yield: approximately 8.64%

USD0

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

Sky Dollar (USDS)

• Issuer: Sky ( original MakerDAO )
• Features: Can be exchanged with DAI at a 1:1 ratio, annually distributing 600 million SKY coins to USDS holders.

USDD

• Issuer: Tron联合储备
• Features: Over-collateralization of various mainstream digital assets, supporting multiple chains.

BlackRock USD (BUIDL)

• Issuer: BlackRock
• Features: Tokenized funds, investing in low-risk financial instruments
• Current yield: approximately 4.5%

Ondo US Dollar Yield (USDY)

• Issuer: Ondo Finance
• Mechanism: Supported by short-term US Treasury bonds and bank deposits.
• Current yield: 4.65%

USDX Money (USDX)

• Issuer: Stables Labs
• Mechanism: Earn profits through multi-coin arbitrage and perpetual contract hedging.

Frax (FRAX)

• Issuer: Frax Finance
• Mechanism: Combination of partial collateral and algorithmic stability
• Current yield: approximately 10%

Resolv USD (USR)

• Mechanism: ETH and derivatives collateral, stabilizing value through hedging operations

M By M⁰ (M)

• Features: A decentralized stablecoin that allows holders of collateral to earn yields.

yala

• Features: A stablecoin protocol based on the Bitcoin ecosystem, currently in the testing phase.

![\Stable Dog Original] The total market value of stablecoins exceeds 205 billion USD, USDT's 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 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 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 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 diversified stablecoins in one article

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

Stablecoin Market Outlook

The stablecoin market is enormous and is the cornerstone of DeFi and future payment finance. In the short term, fiat-backed stablecoins like USDT/USDC will continue to dominate. The development of new stablecoins can be mainly divided into two categories:

1. Using traditional financial assets as reserves, providing stable but lower returns.
2. Maintain stability through arbitrage mechanisms, but there are transparency and regulatory issues.

In the future, the stablecoin market may witness a deep integration of off-chain assets and on-chain applications, but investors should approach platform tokens with caution and pay attention to the development opportunities of emerging stablecoin protocols.