Diversification of Stablecoins: Total Market Capitalization Exceeds $205 Billion, USDT's Share Continues to Decline

![\Wengou Original] The total market capitalization of stablecoins exceeds 205 billion USD, the market share of USDT continues to decline, understand the diversification of stablecoins in one article

Traditional Stablecoins

USDT (Tether)

• Issuer: Tether
• Launch date: 2014
• Value Pegging: Pegged to USD at a 1:1 ratio, backed by reserve assets.
• Market Position: One of the earliest and largest trading stablecoins in the world.
• Controversy: The issue of reserve transparency has always attracted attention.

USDC (USD Coin)

• Issuer: Founded by Circle and Coinbase
• Launch date: 2018
• Features: Strong compliance, high transparency of reserve assets
• Value anchoring: Pegged to the US dollar at a 1:1 ratio, with reserves consisting of cash and short-term government bonds.
• Market Position: The second largest stablecoin after USDT

FDUSD (First Digital USD)

• Issuer: First Digital Labs
• Launch time: 2023
• Pegging mechanism: 100% US dollars or equivalent cash equivalents as reserves
• Supported networks: Ethereum and BNB Chain

DAI

• Issuer: MakerDAO
• Launch time: 2017
• Features: decentralized, over-collateralized stablecoin
• Value Pegging: Maintains a 1:1 ratio with the USD through smart contracts and collateral mechanisms.
• Operating networks: Ethereum and other EVM-compatible blockchains

![\Wangou Original] The total market capitalization of stablecoins exceeds 205 billion USD, and the market share of USDT continues to decline. Understand the diversification of stablecoins in one article

New Stablecoin

The new type of stablecoin not only maintains price stability but also provides additional returns to holders through innovative revenue models.

1. USDe

• Developer: Ethena Labs
• Features: Decentralized, scalable, censorship-resistant
• Operating mechanism: Maintains a 1:1 peg with the US dollar through a Delta neutral strategy.
• Sources of income: staking rewards, funding rates, and basis income

2. USD0

• Issuer: Usual Protocol
• Features: Issued 1:1 with RWA assets as reserves
• Operating mechanism: Users deposit assets to obtain LDT representing the initial value of the deposit.

3. Sky Dollar (USDS)

• Issuer: Sky (formerly MakerDAO)
• Features: Can be exchanged with DAI at a 1:1 ratio, distributing SKY tokens to USDS holders annually.

4. USDD

• Issuer: TRON Joint Reserve
• Features: Decentralized over-collateralized stablecoin, backed by multiple mainstream digital assets.

5. BlackRock USD (BUIDL)

• Issuer: BlackRock
• Features: Tokenized fund, investing in cash, US Treasury bonds, and other low-risk instruments.
• Source of income: underlying asset yield, currently about 4.5%

6. Ondo US Dollar Yield (USDY)

• Issuer: Ondo Finance
• Features: Income-generating USDT token, supported by short-term US Treasury bonds and bank deposits.
• Source of income: underlying asset yield, current APY approximately 4.65%

7. USDX Money (USDX)

• Issuer: Stables Labs
• Features: Earn income through Delta-neutral investment portfolio strategy.
• Advantages: Offers a wider selection of coins, potential for higher returns

8. Frax (FRAX)

• Issuer: Frax Finance
• Features: Combination of partial collateral and algorithmic mechanisms
• Sources of income: interest income, liquidity mining, governance token FXS

9. Resolv USD (USR)

• Features: Use ETH and derivatives as collateral to protect assets through hedging operations.
• Sources of income: ETH staking rewards and hedge operation spreads

10. M By M⁰ (M)

• Features: Decentralized stablecoin protocol that allows users to earn yields from collateral.
• Sources of income: collateral earnings, minting fees, penalties

11. yala

• Features: Stablecoin protocol based on the Bitcoin ecosystem
• Operating mechanism: Users deposit BTC, borrow stablecoin $YU for DeFi operations.

![\Wen Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, and the market share of USDT continues to decline. Understand the diversity of stablecoins in one article

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT market share continues to decline, understand the diversification of stablecoins in one article

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversification of stablecoins in one article

![\Wengou Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, understand the diversification of stablecoins in one article

![\Wangou Original] The total market capitalization of stablecoins exceeds 205 billion USD, USDT's market share continues to decline, an article to understand the diversification of stablecoins

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, the market share of USDT continues to decline, understand the diversification of stablecoins in one article

![\Stable Dog Original] The total market capitalization of stablecoins exceeds 205 billion USD, and the market share of USDT continues to decline. Understand the diversification of stablecoins in one article

![\Wangou Original] The total market capitalization of stablecoins exceeds 205 billion USD, and the market share of USDT continues to decline. Understand the diversification of stablecoins in one article

Stablecoin Market Outlook

The stablecoin market has enormous potential and is the cornerstone of DeFi and future PayFi. Stablecoins backed by fiat reserves such as USDT/USDC will continue to dominate the market. New types of stablecoins are mainly divided into two categories: one backed by traditional financial assets, and the other maintaining stability through arbitrage. The market capitalization of stablecoins is expected to expand further, but investors should approach platform coins with caution and focus on airdrop and staking reward opportunities from emerging stablecoin protocols.