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Understanding Yield-Bearing Stablecoins: Opportunities and Risks

Introduction

Stablecoins have evolved beyond their initial role as digital assets pegged to fiat currencies. They now offer opportunities for earning passive income through yield-bearing mechanisms. This article explores how yield-bearing stablecoins work, their benefits, and the associated risks.

What Are Yield-Bearing Stablecoins?

Yield-bearing stablecoins are digital assets that combine the stability of traditional stablecoins with the ability to earn passive income. Unlike regular stablecoins, which are pegged to fiat currencies without offering returns, yield-bearing stablecoins accrue interest or rewards over time. This is achieved through various mechanisms, such as DeFi lending, staking, or investing in real-world assets (RWAs).

How Yield-Bearing Stablecoins Generate Yield

Yield-bearing stablecoins generate returns through several methods:

  • DeFi Native Yield: Platforms like Aave and MakerDAO use lending and borrowing protocols to earn interest, which is distributed to stablecoin holders.

  • Crypto Derivatives: These involve liquid staking tokens and restaking, deriving value from staked crypto assets.

  • TradFi and RWAs: Tokenizing traditional financial assets like treasury bills and corporate bonds to generate stable returns.

Examples of Yield-Bearing Stablecoins

  • sDAI (Savings DAI): A yield-bearing version of DAI that earns interest through the Dai Savings Rate (DSR).

  • USDe by Ethena: A synthetic dollar protocol that uses delta-hedging strategies to maintain stability and generate yield.

  • USDY by Ondo Finance: Tied to yields from short-term U.S. Treasuries and bank deposits, offering stable returns.

Risks and Considerations

While yield-bearing stablecoins offer attractive returns, they come with risks:

  • Smart Contract Risks: Vulnerabilities in smart contracts can lead to loss of funds.

  • Regulatory Risks: Potential changes in legislation could impact operations and classification.

  • Liquidity Risks: Market stress can lead to liquidity issues, affecting the ability to redeem stablecoins.

  • Yield Sustainability: The reliability of yield sources can vary, affecting returns.

Conclusion

Yield-bearing stablecoins represent a significant advancement in the crypto space, offering a blend of stability and passive income. However, potential investors must carefully consider the associated risks and perform due diligence. As the market evolves, these stablecoins are likely to play an increasingly important role in financial strategies, providing opportunities for both seasoned investors and newcomers to the crypto space.

Aviso
Este contenido se proporciona solo con fines informativos y puede incluir productos no disponibles en tu región. No tiene por objeto proporcionar (i) asesoramiento en materia de inversión o una recomendación de inversión; (ii) una oferta o solicitud de compra, venta o holding de activos digitales; ni (iii) asesoramiento financiero, contable, jurídico o fiscal. El holding de activos digitales, incluidas las stablecoins, implica un alto grado de riesgo ya que estos pueden fluctuar en gran medida. Debes analizar cuidadosamente si el trading o el holding de activos digitales son adecuados para ti teniendo en cuenta tu situación financiera. Consulta con un asesor jurídico, fiscal o de inversiones si tienes dudas sobre tu situación en particular. La información (incluidos los datos de mercado y la información estadística, en su caso) que aparece en esta publicación se muestra únicamente con el propósito de ofrecer una información general. Aunque se han tomado todas las precauciones razonables en la preparación de estos datos y gráficos, no se acepta responsabilidad alguna por los errores de hecho u omisión aquí expresados.

© 2025 OKX. Este artículo puede reproducirse o distribuirse en su totalidad, o pueden utilizarse fragmentos de 100 palabras o menos de este artículo, siempre que dicho uso no sea comercial. Cualquier reproducción o distribución del artículo completo debe indicar también claramente lo siguiente: "Este artículo es © 2025 OKX y se utiliza con permiso". Los fragmentos permitidos deben citar el nombre del artículo e incluir su atribución, por ejemplo "Nombre del artículo, [nombre del autor, en su caso], © 2025 OKX". Algunos contenidos pueden generarse o ayudarse a partir de herramientas de inteligencia artificial (IA). No se permiten obras derivadas ni otros usos de este artículo.

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