TechFlow reports, according to 21.co on-chain data analyst Tom Wan, interest-bearing stablecoins are on the rise. Currently, they account for only 1.5% of the total stablecoin market cap on Ethereum. The most popular interest-bearing stablecoins include MakerDAO's sDAI and Lybra Finance's eUSD/peUSD.
sDAI has a market cap of $10.5 billion, eUSD $24.62 million, and peUSD $11.49 million. Their yield sources differ: sDAI earns from stability fees generated by Maker Vaults and real-world asset (RWA) investments, while eUSD/peUSD derive yields from liquidity provision using stablecoins.
The benefit of interest-bearing stablecoins is maintaining liquidity while generating higher returns. Stablecoins such as DAI, USDC, and FRAX also offer deposit products, but these typically sacrifice liquidity.
He noted that the success of a stablecoin depends not only on yield, but also on liquidity, integration within the decentralized finance ecosystem, and the ability to maintain a stable peg. Curve Finance is the main battleground for liquidity acquisition. Aave and Spark Protocol are the largest holders of sDAI, enhancing its utility. PSM/AMO models help maintain the stable peg.
Additionally, he stated that the share of interest-bearing stablecoins is expected to continue rising. New projects with different operational mechanisms, such as sFRAX, USDM, and USDe, are即将 launched.
