Among the four major yield-generating stablecoin protocols that are about to launch TGE, which one can define the new pa

Original article by Marco Manoppo

Compiled by Odaily Planet Daily Golem ( @web3_golem )

Before USDC and USDT were truly integrated with CEX and DEX, we had to short 1x BTC futures to get delta neutral exposure on BitMEX. This was basically the most capital efficient way to “get neutral returns” at the time without having to transfer funds back and forth between CEXs.

But those days are gone, and stablecoins have become a safe haven in the crypto market, providing a way to preserve capital without relative volatility. Stablecoins have gradually dominated the trading pairs in the crypto market, and trading pairs such as XXX/ETH, XXX/BTC are no longer commonly used unless you are an experienced trader who is betting in a specific direction.

These stablecoins have been able to convince so many users (about $100 billion+ in assets) to give up yield in exchange for quick digital dollar exposure. In retrospect, it was easier to give up yield when interest rates were 2% or less, but everything changed after the COVID-19 rate hike.

Old-school (first-generation) stablecoins have little use other than being a great tool for transferring value. A new wave of stablecoin projects is changing that.

Imagine how incredible it would be if the dollars you own could automatically work for you, earning returns from reserves, market making, rehypothecation, lending, and even AI-driven infrastructure.

The first versions of stablecoins were simply backed by US Treasuries (ONDO, Mountain, etc.), then Ethena launched a yield-generating stablecoin backed by underlying transactions. Today , new stablecoin protocols are constantly innovating in terms of revenue sources and distribution, providing users with a better experience.

The next generation of stablecoins don’t just sit in users’ wallets, they can generate yield in a way that was once only available to hedge funds, market makers, and institutional players. From DeFi native lending pools to AI-driven financial networks, these yield-generating stablecoins are unlocking a new kind of passive income (with some risk).

We are in a bear market for altcoins, and seeking higher returns in a more stable environment has become a mainstream demand. This article will introduce 4 stablecoin protocols that can generate returns and may soon have TGEs.

CAP (cUSD)

CAP is a new stablecoin protocol built on MegaETH that allows users to earn real returns without relying on common DeFi tricks (such as through token issuance). Instead, it leverages external sources of returns such as market making, MEV, and arbitrage, which are all methods that big players have been profiting from the market for many years.

The key to its appeal is that now everyday users can enjoy the same money-making strategies without the need for insider connections or a certain level of financial knowledge. cUSD (CAP’s stablecoin) is backed by USDC/USDT at a 1:1 ratio, meaning it is fully collateralized and always redeemable.

Unlike other yield-generating stablecoins that rely on DeFi liquidity incentives, CAP transfers risk to re-stakeholders (people who stake ETH to protect the protocol through EigenLayer).

There are two versions of cUSD:

• Interest-bearing: Gain passive income from agency strategies.

• Interest-free: Pegged to the USD, making it easier to use in DeFi.

CAP will also launch stablecoins pegged to BTC and ETH, so in the future users can choose different assets while still earning returns.

Key Statistics

• Not dependent on token issuance

Most DeFi protocols rely on token issuance to attract liquidity, but this model is unsustainable. The top 5 DEXs in the market issue about $462 million per year just to keep liquidity providers engaged.

Many stablecoins rely on these incentives to maintain their pegs or generate yield, but this creates a flywheel problem where liquidity disappears when issuance dries up.

CAP does not rely on token incentives, instead, it obtains real returns from exogenous sources such as MEV, arbitrage, and RWA. This makes CAPs stablecoin more scalable and resilient, avoiding the liquidity loss that stifles many incentive-driven protocols. Users do not need to rely on new token issuance to obtain returns, making it sustainable in any market conditions.

• Market Making, MEV, and RWA

Market making revenue as a whole exceeded $2 billion last year. MEV profits on Ethereum alone reached $686 million. Most stablecoins ignore corporate bonds, which is a $40 trillion market. While some stablecoins use U.S. Treasury bonds, they rely on centralized custodians.

CAP does not rely on TradFi middlemen, instead, it combines RWA yield streams with crypto-native strategies such as MEV and arbitrage. Operators can deploy capital into bonds, RWAs, and structured yield products, while re-staking provides risk coverage.

This approach offers higher, more stable returns without relying on unsustainable DeFi incentives — bridging real finance with DeFi.

Points and Airdrop Program

CAP does not currently provide a clear points system.

Resolv (USR)

Resolv is a stablecoin protocol that issues USR, which is pegged to the US dollar. Unlike traditional stablecoins that are backed by fiat reserves or treasuries, Resolv keeps its system on-chain while hedging ETH price fluctuations through perpetual futures. USR is 100% backed by ETH and over-collateralized through an insurance layer called RLP (Resolv Liquidity Pool). The main features are as follows:

• ETH backed: The protocol holds ETH collateral and hedges price risk through short-term futures;

• On-chain staking: Most ETH is staked to generate yield;

• Institutional custody: A portion is held as margin for futures trading.

Key Statistics

• Total Value Locked (TVL): $545 million

• stUSR Annual Rate of Return (APR): ~ 2%

• RLP Annual Rate of Return (APR): ~ 1.5%

• New yield source: Lagoon Finance offers ~11% base APR for WETH deposits

Income and profit distribution

Users can stake USR (stUSR) to earn rewards, while RLP holders receive an additional risk-based premium. Profits come from ETH staking rewards, futures positions, and protocol fees (0.05% for instant redemptions). If the protocol incurs losses, they are absorbed by RLP holders, ensuring that the stablecoin is fully backed.

Points and Airdrop Program

Resolv has a points system that rewards users based on their activities. The points rewards for different activities are as follows:

• Basic rate: 15 points per day for every 1 USR;

• Epoch Boost: Early adopters receive 150% additional points, bringing the total to 37.5 points per USR per day;

• Additional Boost: Users can earn more points through various activities, details of which can be viewed on Resolv’s social media channels.

Latest project updates and integrations

• Enable instant redemption: Now available for whitelisted users, with a daily cap of 1 million USR.

• Becoming a member of the Super State Industry Council: Strengthening the connection between TradFi and DeFi.

• Binance Wallet Integration: Simplified access to Resolv.

Noble (USDN)

Noble issues USDN, a stablecoin that earns returns just by holding it. USDN is fully backed by short-term U.S. Treasury bills, and users can earn real-world returns without staking or locking anything while ensuring the safety of their funds. The main features are as follows:

• USDN is 100% backed by US Treasury bonds through the M^0 protocol;

• Fully backed by US Treasuries – no algorithmic backing or risk assets;

• The asset manager holds audited and verified collateral;

• There are no restrictions . You can buy, sell, transfer or redeem USDN at any time.

Key Statistics

• Total supply: 37.7 million

• Total holders: 2,972

• Collateral (U.S. Treasuries): $158.3 million

• Liabilities (outstanding USDN): $152.6 million

• Reserve buffer: $5.7 million

• Estimated APY: 4.2% (paid daily)

• Total earnings paid (daily): $3,216.41

Points and Airdrop Program

USDNs basic APY is 4.2% (accumulated from the moment USDN is held), and Noble will reward holders who deposit USDN in the points vault with points.

For every 100 USDN, you can get 1 point per day, and the multiplier increases according to the holding period:

• 30-59 days: x 1

• 60-89 days: x 1.25

• 90-119 days: x 1.5

• 120+ days: x 1.75

Additional rewards are available when USDN’s total locked value (TVL) reaches milestones such as $10 million, $50 million, and $100 million.

Latest project updates and integrations

• USDN StableSwap released — supporting native swaps between stable assets.

• Cross-chain transfers — USDN is fully multi-chain via Wormhole NTT.

• Audited and transparent – backed by a top security company.

Level（lvlUSD）

Level is a decentralized stablecoin protocol that issues lvlUSD, which is fully backed by USDC and USDT. Unlike traditional stablecoins, lvlUSD generates DeFi native yield by providing collateral to lending protocols such as Aave and Morpho. This yield is returned to users, making lvlUSD a yield stablecoin that is seamlessly integrated into DeFi. The main features are as follows:

• lvlUSD is 100% backed by USDC and USDT, and reserves are deployed to blue-chip DeFi lending protocols to generate yield;

• Lending income: USDC and USDT are deposited in lending markets such as Aave and Morpho;

• Re -staking rewards: Some loan receipt tokens (such as aUSDC) are re-staking in Symbiotic to receive additional rewards;

• Full on-chain transparency: Users can verify reserves at any time.

Points and Airdrop Program (Level XP)

Stake lvlUSD to get slvlUSD, which will automatically accumulate income. At the same time, Level provides Level XP, which is a point reward system for active users. The way to earn XP is as follows:

• Deposit lvlUSD in XP farm

• Hold Pendle, Spectra or Curve LP tokens

• Using lvlUSD as collateral on Morpho

Multiplier System:

• Earn 40x XP for LP or YT tokens

• slvlUSD Earn 20x XP

• lvlUSD Earn 10x XP

• Bonus XP from partner protocols: Users can earn extra points from protocols such as Resolv, Frax, Elixir, and Angle.

Recent project updates and integrations

• Expanding lending yield sources — More protocols beyond Aave are coming soon.

• Restaking Integration – lvlUSD yields are improved through Symbiotic restaking.

• Cross-chain scaling — lvlUSD becomes more composable in the DeFi ecosystem.

Where is the future of stablecoins?

Frankly, most of these stablecoin gains are not necessarily coming from new types of assets. With the possible exception of MEV and hedge fund treasury strategies, most stablecoins are competing with established players using the same types of productive assets.

But how stablecoin protocols input new types of assets (tangible and intangible) requires looking at whether there is enough demand for on-chain native wealth. For example, we have seen projects in the past that tried to generate yield through private credit or SME loans, but the results were not good. Heavy off-chain components hinder the ability of protocols to create on-chain capital flywheels, and there is not enough demand from crypto-native whales (non-crypto-native whales do not need on-chain access to obtain these exposures).

Stablecoins are still a long way from becoming a safe place to store value. The next generation of stablecoins aims to change the rules of the game by providing real returns on so-called productive assets. As DeFi matures, yield-generating stablecoins will become a core financial primitive, bridging the gap between cryptocurrencies and traditional finance.

What remains to be seen, though, is what other types of assets could be used to take this yield-generating stablecoin to the next level? Perhaps we just need to scale without having to introduce new types of assets, only time will tell.

This article is sourced from the internet: Among the four major yield-generating stablecoin protocols that are about to launch TGE, which one can define the new paradigm of DeFi?

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