Stablecoin Summer is here, which mines should you rush into?
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Stablecoin Summer is here, which mines should you rush into?
Overall, Plasma offers the most diverse pool selection, Balancer pools balance high APR and TVL; STBL pools offer high APR but carry greater risk; Falcon Finance distributes incentives in USDf, suitable for users seeking stable returns.
Navigating Web3 tides with focused insightsAuthor: J.A.E
As the crypto market recovers, the stablecoin sector is experiencing unprecedented growth. Emerging projects such as Plasma, STBL, and Falcon Finance are standing out with innovative mechanisms and generous yields. The launch and airdrop of tokens like $XPL, $SBTL, and the community sale of $FF, which set a historic over-subscription record on Buidlpad, have all contributed to making "Stablecoin Summer" one of the hottest narratives in the second half of 2025. In this article, PANews covers major platforms and summarizes the mining pool strategies of these three key projects, helping readers capitalize on this latest mining trend.
PANews Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may vary due to timing.
Plasma ($XPL) Offers Diverse Mining Pools Balancing APR and TVL
Plasma is a Layer 1 blockchain designed specifically for global stablecoin payments, aiming to solve efficiency and cost issues in large-scale, high-frequency stablecoin transactions. Its core innovation is zero-fee transfers. Plasma is EVM-compatible, allowing developers to deploy Ethereum-based smart contracts. It also supports custom gas tokens and a trustless Bitcoin bridge, enabling BTC usage within smart contracts.
The project's token, $XPL, launched its TGE (Token Generation Event) on September 25 and has reached a market cap of $2.8 billion. Its issued stablecoin is USDT0.
$XPL mining pools are primarily available on 5 CEXs and PancakeSwap.
CEX pools include both flexible and fixed-term products. Among flexible options, Gate offers the highest APR at 13.06%. For fixed terms, Bybit offers the highest APR at 400%, but only for a 3-day period. KuCoin provides the most diverse product selection, offering both types.
In addition, there are numerous $XPL pools on PancakeSwap, though some are flagged as unverified tokens, and many show low total value locked (TVL) and 24-hour trading volume. Only the XPL/USDT pool on V3 with a 0.01% fee tier stands out, with over $1.7 million in TVL and nearly $57 million in 24H trading volume, delivering a combined APR (mining + LP fees) of up to 117.73%.
There are 29 pools involving the stablecoin $USDT0 across 9 major DeFi protocols, categorized into four types: liquidity provision (LP), borrowing, lending, and deposits. Most token incentives are still distributed in $XPL.
LP pools are the most numerous, totaling 13 across Uniswap, Curve, and Balancer. Balancer dominates with 6 pools. Among the three DEXs, the WXPL/USDT0 pool on Balancer offers the highest incentive APR at 134.71%; when combined with trading fees, the total APR reaches 211.48%, with TVL exceeding $4.5 million. The USDai-aUSDT pool on Balancer has the highest TVL—over $69 million—with a moderate APR of 14.24%.
There are 10 lending pools across Aave, Euler, Fluid, and Gearbox. Users lend USDT0 or other specified tokens to earn rewards. Gearbox offers the highest APY at 19%, with $WXPL and $GEAR contributing 15.44% and 3.67% respectively. Aave holds the highest TVL at $3.49 billion, but offers a relatively low APY of 8.9%.
There are 4 borrowing pools, all concentrated on Fluid. Although users pay interest when borrowing UST0, the $WXPL token incentives exceed the platform’s borrowing rate, allowing users to profit even while borrowing. The USDai-USDT0/USDT0 vault offers the highest incentive APR at 31.1%; after deducting borrowing costs, the net APR remains at 28.34%. The syrupUSDT/USDT0 vault has the highest TVL—nearly $85 million—but the lowest net APR at only 1.15%.
There are only 2 deposit pools, deployed via Veda and Term Finance. Veda, an official partner of Plasma, helps deploy assets onto Aave. Currently, Plasma’s official savings vault offers an APY as high as 26.07%, with $2.86 billion deposited in USDT0. Term Finance manages over $38 million in deposits, allocating funds into USDT0 yield strategies operated by K3 Capital, Tulipa Capital, MEV Capital, and Shorewoods, achieving an APY of 24.66%, including a base USDT0 yield of 1.73%.
STBL ($SBTL) Pools Offer High APR But Carry Greater Risk and Fewer Options
STBL, developed by a team led by a Tether co-founder, aims to build a "Stablecoin 2.0" ecosystem. Its innovation lies in a three-token system featuring a "yield-separation" mechanism: when users deposit interest-bearing RWA collateral, they receive both a dollar-pegged stablecoin USST and YLD—a NFT representing future yield rights. This allows users to freely trade USST or use it in DeFi while earning ongoing returns from the original collateral (e.g., tokenized Treasuries) via the YLD NFT. The project token SBTL serves governance functions.
$STBL began its token airdrop on September 16 and currently has a market cap exceeding $200 million.
$STBL has no CEX mining pools. As it was issued on the BSC chain, only PancakeSwap hosts its pools. Based on TVL and 24H trading volume, three pools are relatively worth participating in. The USDC/STBL liquidity pool on V3 with a 0.01% fee tier leads in both TVL and 24H trading volume, exceeding $5.5 million and $39 million respectively. The USDT/STBL pool with a 0.25% fee tier offers the highest APR at 1,356% (including mining and LP fees), though its TVL is low—under $1 million.
Notably, the stablecoin USST has not yet been officially issued; any related liquidity pools on PancakeSwap carry significant risk.
Falcon Finance ($FF) Distributes USDf Stablecoins as Mining Rewards
Falcon Finance is a DeFi platform focused on converting various collateral assets into synthetic dollar liquidity. Its core product is the synthetic dollar USDf, which maintains its dollar peg through an over-collateralization model. Unlike traditional stablecoins, USDf accepts a more diverse range of collateral, including not only stablecoins like USDC and USDT, but also volatile assets such as BTC and ETH. The protocol employs dynamic over-collateralization ratios and delta-neutral trading strategies to hedge against collateral volatility and ensure USDf stability.
The project token $FF has not yet been launched, but recently gained significant attention, with its community sale oversubscribed to $112 million—2,821% of its original target—setting a new record on Buidlpad. The upcoming release of $FF is expected to complete Falcon Finance’s dual-token model: $USDf providing stability and yield opportunities, and $FF driving protocol development through governance.
To date, $USDf has achieved a market cap of $1.89 billion, with a monthly growth rate of 111.44%. There are four mining pools in total, distributed across PancakeSwap and Uniswap, with incentives paid directly in $USDf.
Among LP pools, the USDT/USDf pool on PancakeSwap V3 with a 0.01% fee tier offers the highest APR at 15.59%, but has the lowest TVL—around $2 million. The USDT/USDf pool on Uniswap V3 with the same fee tier has the highest TVL—nearly $37 million—but the lowest APR at just 0.18%.
In summary, Plasma offers the largest number of mining pools, giving investors ample choice. The USDT/STBL pool on PancakeSwap V3 with a 0.25% fee tier delivers the highest absolute APR, though its low TVL may mean risks outweigh returns. The WXPL/USDT0 pool on Balancer strikes a strong balance between high APR and substantial TVL. For users seeking borrowing opportunities, the USDai-USDT0/USDT0 vault on Fluid allows token incentives to offset borrowing costs, generating positive APR收益.
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