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Diversifying a portfolio is key to creating a less risky environment in every aspect of your investments, especially when it comes to cryptocurrency. 
Stablecoins are, by far, the most risk-free assets available in the Web3 world. But, why would somebody hold stablecoins if they will never bring any additional value over time? Because yield-bearing stablecoins exist!
In this article, we’ll give you all the information you might need to understand what yield-bearing stablecoins are and why you should hold them in your wallet. Enjoy! 
What Are Yield-Bearing Stablecoins?
Yield-bearing stablecoins are cryptocurrencies that combine stability with the ability to earn passive income. They are similar to traditional financial instruments like fixed deposits or treasury notes. By simply holding these stablecoins in your wallet, you can accrue yield without actively managing investments.
The concept resembles how banks operate. When you deposit money in a bank, it remains accessible to you for transactions, but the bank loans the funds to others, earning interest. The bank then shares a portion of this interest with you. In this way, your bank balance acts like a tokenized version of your fiat money, earning interest passively.
Yield-bearing stablecoins function similarly, using blockchain technology. Depositors add assets, such as USDC, BTC, or ETH, into a stablecoin protocol. The protocol then invests these assets in various yield-generating strategies, such as lending or liquidity provisioning, and mints stablecoins to represent the deposits. The yield earned is shared proportionately among stablecoin holders.
The yield sources for these stablecoins vary. Some protocols use traditional methods like lending to generate interest. Others leverage innovative blockchain mechanisms, such as staking or DeFi strategies, to maximize returns.
Yield-bearing stablecoins provide a low-risk way to grow your holdings, combining stability with passive earning potential.
How Do These Stablecoins Generate Yield?
Yield-bearing stablecoins earn returns through three main methods: DeFi native yield, crypto derivatives, and traditional finance (TradFi) with real-world assets (RWAs). Each strategy uses distinct financial techniques to generate income for stablecoin holders.
DeFi Native Yield
DeFi platforms generate yield by utilizing the supply and demand for crypto assets like Ethereum and Bitcoin. These platforms employ lending and borrowing protocols to earn interest, which is distributed to stablecoin holders.
MakerDAO’s sDAI: This stablecoin accrues yield through the DAI Savings Rate (DSR), where users deposit DAI to earn interest.Ethena Finance: It uses delta-neutral hedging to generate yield while stabilizing its stablecoin’s value.
Crypto Derivatives
Yield from crypto derivatives comes from liquid staking tokens and restaking. These instruments derive value from staked crypto assets, such as Ethereum.
Prisma Finance’s mkUSD: Backed by staking derivatives, it distributes staking rewards to holders.Davos Protocol’s DUSD: Maximizes yield through restaking derivatives, which involve staking assets multiple times.
TradFi and RWAs
TradFi and RWAs tokenize traditional financial assets, like treasury bills and corporate bonds, to generate stable returns.
Ondo Finance & Flux Finance: Invest in tokenized financial instruments for predictable yields.Mountain Protocol & stEUR: Use diversified assets like real estate and money market funds to provide stable returns.Paxos Lift Dollar: Relies on traditional investments like treasury bills to offer secure, steady yields.
Each method ensures yield-bearing stablecoins maintain their value while providing passive income, blending blockchain innovation with traditional financial strategies.
Top 3 Yield-Bearing Stablecoins in 2025
There are tens of yield-bearing stablecoins out there. Out of all of them, we have selected three that will offer you the best combination of security, interest and longevity. Here they are: 
Ethena
Ethena is a synthetic dollar protocol offering a stablecoin, USDe, that doesn’t rely on traditional banks or fiat reserves. Instead, it uses technologically advanced strategies to maintain stability and generate yield.
Ethena achieves price stability for USDe through delta-hedging. This involves balancing the price risks of its underlying assets like ETH. For example, if Ethena holds 1 ETH, its value changes with ETH’s price. To neutralize this risk, it takes an equal short position in ETH through a derivatives exchange. The positive and negative price movements cancel out, keeping USDe’s value stable regardless of ETH’s price fluctuations.
Users can mint USDe by depositing staked Ethereum (stETH) into Ethena’s protocol. The protocol creates an equal value of USDe and hedges the ETH position with a short contract. Backing assets remain on-chain for security, minimizing counterparty risks.
USDe offers returns through two main sources. First, staked ETH earns rewards by validating transactions in Ethereum’s proof-of-stake system. These rewards come from new ETH issuance and transaction fees. Second, Ethena uses short positions in perpetual contracts. Positive funding rates on these contracts generate additional income.
Ondo Finance
Ondo Finance bridges TradFi and DeFi by offering on-chain access to real-world assets like U.S. Treasury bonds. It enables users to invest in institutional-grade financial products directly on the blockchain, ensuring compliance through KYC requirements. This opens opportunities for both crypto enthusiasts and conservative investors seeking regulated and low-risk options.
One of Ondo’s key offerings is the OUSG Fund, which provides tokenized ownership of BlackRock’s iShares Short Treasury Bond ETF. Users deposit USDC or USD, which is used to buy short-term U.S. Treasuries. These are low-risk investments, making them attractive for risk-averse investors. Ondo charges a 0.15% management fee, alongside fees from intermediaries and BlackRock.
Ondo also offers USDY, an interest-bearing stablecoin tied to yields from short-term U.S. Treasuries and bank deposits. Most of the yield is passed on to holders, while Ondo charges small operational fees. USDY can be redeemed daily and transferred to approved users globally after a holding period. The stablecoin is designed to make institutional-grade yields more accessible while adhering to strict regulations.
Eligibility for USDY is subject to geographic and citizenship restrictions. Users from many sanctioned or high-risk regions are excluded, but it is accessible to users in Europe, Latin America, Southeast Asia, and expats from the US and UK. With a minimum investment of $500, Ondo aims to lower entry barriers for its products over time.
Sky (MakerDAO)
Sky (MakerDAO) is a DAO that powers the Maker Protocol, one of the first platforms in DeFi. It allows users to generate DAI, a stablecoin backed by cryptocurrencies like ETH and USDC. Users can mint DAI by depositing approved crypto assets as collateral or buying it on the open market.
The Maker Protocol offers a savings feature called the Dai Savings Rate (DSR). This allows DAI holders to earn interest on their stablecoin. Users deposit DAI into a smart contract, where it earns a variable interest rate set by MKR token holders through governance. Deposits can be withdrawn anytime, including the earned interest.
In May 2023, MakerDAO introduced the Spark Protocol, which adds new features for lending and borrowing assets. One of its key innovations is sDAI, a yield-bearing stablecoin tied to the DSR. When users deposit DAI into Spark, they receive sDAI tokens, which represent their position in the DSR contract. These tokens accrue interest over time, increasing in value.
sDAI has several benefits. Its value grows continuously due to the interest earned from the DSR. It can be traded, staked, or used in DeFi like any other stablecoin, providing liquidity and flexibility. Users can redeem sDAI for DAI at any time, ensuring easy access to funds.
How to Earn Yield on Other Stablecoins? 
If you don’t want to hold the stablecoins mentioned above, you can settle for the biggest in the game and still earn an interest – although it will be a little lower. Here’s how you can earn interest on USDC, USDT and other major stablecoins: 
Crypto Lending Platforms 
Crypto lending platforms connect lenders with borrowers. Lenders deposit their stablecoins, which are then loaned out to borrowers for a fee. Interest rates on these platforms can vary based on market demand and supply. 
This approach allows you to earn passive income without actively managing your funds. The platform handles loan management and risk, making it a hands-off way to earn interest on stablecoins.
Savings Accounts 
Many crypto banks or financial platforms offer savings accounts for stablecoins. These accounts provide interest rates higher than traditional fiat savings accounts. 
Interest can be earned through flexible or fixed terms, often with compound interest, which means you earn interest not only on your initial deposit but also on the interest that accumulates over time. 
This method is suitable for those looking for a straightforward and passive way to grow their stablecoins.
Crypto Exchanges 
Several exchanges offer interest-earning accounts or programs for stablecoins. You can deposit your stablecoins on these exchanges to earn interest. 
The rates and terms vary across platforms, and the funds might be used in the exchange’s lending or liquidity pools. This method is convenient for users who prefer keeping their stablecoins on exchanges they already use.
Lending Services 
Peer-to-peer lending platforms allow direct lending between individuals. As a lender, you set the terms of the loan, including the interest rate and duration. 
This method offers more control but also requires active management and a good understanding of the risks involved. It provides an opportunity to earn interest based on personalized loan agreements.
Staking 
Staking involves locking up your stablecoins in some blockchain networks to support their operations. In return, you earn rewards from the network. 
This process not only supports the security and operation of the blockchain but also provides a steady stream of interest. The rewards can vary based on the network and staking duration.
Yield Farming 
Yield farming is an advanced DeFi strategy where you lend or stake stablecoins across different protocols to earn rewards, often in the form of additional cryptocurrency. 
This strategy can be complex and involves navigating multiple DeFi platforms, but it has the potential for high yields. It requires careful management and a good understanding of the DeFi landscape.
Closing Thoughts 
In conclusion, sDAI, USDe, and USDY each provide unique opportunities depending on market conditions. sDAI performs well in stable economic environments with consistent interest rates, making it ideal for passive, stable returns. 
USDe is best for high-leverage environments with moderate volatility, benefiting from delta-neutral strategies. USDY shines in high-interest rate environments, offering stable yields from traditional financial instruments like U.S. Treasuries and bank deposits.

#Stablecoins #yield #yieldfarming #EthenaENA #makerdao
$ENA $USDC $USDP

عندما نتحدث عن التمويل اللامركزي (DeFi)، غالبًا ما يتبادر إلى الذهن مشهد مثالي: عالم بلا وسطاء، بلا سلطة مركزية، كل شخص يملك سيطرته الكاملة على أمواله.
لكن الواقع ليس دائمًا بهذه البساطة. الحقيقة أن السيولة وهي وقود DeFi بدأت تتكدّس بيد قلة من اللاعبين.
فمن يتحكم اليوم بـDeFi فعلا؟ ولماذا بدأت تطرح أسئلة صعبة عن مدى "اللامركزية" الحقيقية في هذا المجال؟
💧 السيولة = قوة
في عالم DeFi، السيولة هي المفتاح لكل شيء:
منصة تبادل لامركزية مثل Uniswap أو Curve لا يمكن أن تعمل بدون مزودي سيولة.
البروتوكولات التي تقدم إقراضا (مثل Aave وCompound) لا وجود لها دون السيولة.
كلما زادت السيولة، زادت الفعالية. لكن كلما تركزت، زادت السيطرة.
🐳 الحيتان والبروتوكولات المسيطرة
في كثير من الأحيان، تتكدّس السيولة في عدد قليل من:
البروتوكولات الكبرى: مثل Lido (الذي يسيطر على نسبة ضخمة من إيثيريوم المكدّس)، أو MakerDAO (الذي يتحكم بإصدار عملة DAI).
مزودي السيولة الكبار (Whales): صناديق استثمارية أو حيتان فردية تضع مئات الملايين من الدولارات، وتتحكم باتجاهات السيولة والعوائد وحتى التصويت داخل الحوكمة.
كيانات مركزية تخفي نفسها خلف واجهات لامركزية: أحيانًا تكون البروتوكولات "مفتوحة المصدر"، لكن السيطرة الفعلية على العقود أو الحوكمة تظل بيد فريق أو شركة.
🧠 من الأمثلة الواقعية:
Lido Finance (عملة LDO):
يُعتبر من أكبر البروتوكولات في مجال Staking لإيثيريوم. لكن تكدّس كمية ضخمة من ETH لديه دفع البعض للقلق من مركزية "إيثيريوم المكدّس".
MakerDAO (عملة MKR):
هو مُصدر DAI، أحد أشهر العملات المستقرة اللامركزية. يتحكم بعدد قليل من الكيانات الكبيرة التي تملك قدرة تصويت عالية على قرارات الحوكمة، مثل الفائدة أو نوع الضمانات.
Curve Finance (عملة CRV):
بسبب نظام تصويت معقد يعرف بـveCRV، يتحكم حاملو CRV الأكبر في توزيع المكافآت والسيولة بين المسابح. هذا خلق منافسة تعرف باسم "Curve Wars".
⚖️ هل نحن فعلاً في نظام لامركزي؟
الجواب المعقد: نعم ولا.
نعم، لأن الكود مفتوح، والولوج للجميع، والشفافية عالية.
لكن أيضا "لا" لأن من يملك السيولة، يملك النفوذ، التأثير، والتصويت.
اللامركزية لا تعني فقط فتح الأبواب، بل توزيع القوة. وهذا ما لم يتحقق بالكامل بعد.
🧭 إلى أين يتجه DeFi؟
الكثير من البروتوكولات الجديدة بدأت تُجرّب نماذج حوكمة أذكى، وتشجيع التوزيع العادل للسيولة.
كما أن Layer 2s تُقلّل من تكاليف الدخول، مما قد يساعد المستخدمين الصغار على المشاركة بشكل أوسع.
لكن السؤال الأهم يبقى مطروحًا:
هل سيظل DeFi أداة مفتوحة للجميع؟ أم أنه سيتحوّل تدريجيا إلى ناد مغلق تسيطر عليه النخبة؟
$LDO
$MKR
$CRV