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8 Stablecoin Yield Strategies: A Comprehensive Analysis from Lending to RWA
Stablecoin Yield Guide: Analysis of 8 Types
Recently, the performance of the cryptocurrency market has been mediocre, and conservative and stable returns have once again become a market demand. This article will explore the classic yet evergreen topic of stablecoin returns, combining recent investment insights and research findings in the stablecoin field.
The stablecoins in the current cryptocurrency market are mainly divided into the following categories:
The main models for earning returns through stablecoins currently include:
1. Stablecoin Lending
Lending is the most traditional financial revenue model, with income coming from the interest paid by borrowers. Currently, the stablecoin lending products in the market mainly include:
The lending yield can reach over 20% during a bull market and generally stays between 2% and 4% during a bear market. Fixed-rate lending usually yields higher than flexible lending, but lacks flexibility.
Some innovations in the lending field include:
Lending, as a traditional financial model, is easy to understand and can carry a large amount of funds, will continue to be the main way to earn stablecoin income.
2. Liquidity Mining Returns
With Curve as a representative, the income comes from AMM trading fees and token rewards. As a benchmark for stablecoin DEXs, the variety of stablecoins supported by Curve is an important indicator of the adoption of new stablecoins.
The advantage of Curve mining lies in its extremely high security, while the drawback is the relatively low yield (0-2%). For small amounts of capital, the returns may not cover the gas fees.
Other DEXs like Uniswap's stablecoin pools face similar issues. The high yield of smaller DEXs often comes with higher risks. Currently, DeFi stablecoin pools are still primarily based on lending models, and Curve's classic 3Pool(DAI-USDT-USDC) only ranks in the top 20 by TVL.
3. Market Neutral Arbitrage Returns
Market neutral strategies involve simultaneously holding long and short positions to keep the net market exposure of the portfolio close to zero. Mainly includes:
Ethena brings the funding rate arbitrage model on-chain, allowing ordinary users to participate. Users deposit stETH to receive USDe, while opening a short position on a centralized exchange for hedging, earning a positive funding rate.
The main risk of Ethena lies in the long-term negative funding rates leading to losses and insufficient reserves to cover them. However, based on historical data, the probability of this situation is relatively low. Ethena performs well in terms of data transparency, with detailed data and audit reports available on its official website.
Apart from Ethena, there is currently a lack of low-threshold market-neutral arbitrage products in the market.
4. U.S. Treasury RWA Project Returns
The Federal Reserve's interest rate hike cycle from 2022 to 2023 has pushed up the dollar interest rates, making U.S. Treasuries an asset that combines high safety with relatively high returns.
Ondo, which is backed by U.S. Treasury bonds, offers a yield of 4.25% for its USDY and OUSG, leading in multi-chain support and ecological applications. Usual has added the liquidity token USD0++ on a basket of U.S. Treasury bonds worth USD0, providing liquidity for long-term locked U.S. Treasury bonds.
Most US Treasury RWA projects yield around 4%. The usual higher yields mainly come from token subsidies and other additional incentives, and long-term sustainability is questionable. The USD0++ price decoupling event reflects the misalignment between its bond attributes and market expectations, but its liquidity design is still innovative.
5. Structured Products for Options
Mainly based on the "sell options to earn premiums" strategy. U-based products are mostly Sell Put, earning option premiums or buying BTC/ETH at a low price.
The options selling strategy is suitable for sideways markets, while it is easy to miss opportunities in rising markets and incur losses in falling markets. Beginners tend to pursue short-term high returns while overlooking the risks of significant price drops. It is recommended to set a low target price for operations during market panic and to choose lending income during rising periods.
The Shark Fin strategy of platforms like OKX adopts a combination of Bear Call Spread + Bull Put Spread to earn option premiums within a price range, while hedging against profits outside the range, making it suitable for users who prioritize capital safety.
On-chain options platforms such as Ribbon Finance and Opyn are still underdeveloped.
6. Tokenization of Earnings
The Pendle protocol splits yield-bearing assets into principal tokens PT and yield tokens YT. The main strategies include:
Pendle stablecoin pool yields are considerable, but the duration is relatively short, requiring frequent operations to switch.
7. A Basket of Stablecoin Yield Products
The Market-Neutral USD pool launched by Ether.Fi offers a variety of stablecoin yield products in the form of actively managed funds, including lending, liquidity mining, funding rate arbitrage, and yield tokenization.
Suitable for users who pursue stable on-chain returns, have a small amount of funds, and do not wish to operate frequently, balancing high returns and risk diversification.
8. Stablecoin Staking Rewards
The AO network accepts DAI staking to earn AO token rewards, which can be seen as an alternative stablecoin yield model. The risk lies in the uncertainty of the AO network's development and token price.
In summary, understanding the sources of income from various stablecoins and allocating them reasonably helps to cope with the risks of the cryptocurrency market while ensuring financial stability.