I hope everyone is doing well recently. 👀

The market has been too unstable lately, with fast rhythms and sharp fluctuations; the more you do, the more mistakes you make.

Everyone's mindset is also visibly changing:
In the past, it was 'where there is a large gain, where there is an airdrop, just rush in',
now it has changed to — not losing is more important than anything else.

More and more people are switching their positions back to stablecoins; first, you have to ensure you stay in the game.
Because of this, I have been seriously looking at 'yield-generating stablecoins' recently.

But to be honest, there have been too many scary stories lately, and I am thinking more cautiously; I also want to share some insights with everyone.

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The earliest concept of stablecoins emphasized 'stability' and 'consensus'.

The most typical example is USDT.
When the GENIUS Act stablecoin bill was put on the table, the entire industry was pulled into a stricter regulatory framework, and USDT has been under scrutiny ever since:
Is the reserve 1:1? Is the asset portfolio healthy? FUD has never stopped.

But the reality is always:
The most useful is the most stable (with the deepest market making, best liquidity, and most users).
This is why it remains the 'strongest consensus' at this moment.

Evolving to today, the requirements for yield-bearing stablecoins have not changed, but the essence has:

⭐️ Stability comes from real income.
⭐️ Consensus comes from everyone's belief in how far it can run.

It is no longer enough to say 'the project claims 1:1 reserves'
But rather it needs to answer three real questions:
First, where does the yield come from?
Second, can it be sustained?
Third, is there anyone in the real world willing to pay for this yield?
This is the underlying logic that determines whether a yield-bearing stablecoin can survive economic cycles.

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Here are a few examples from the stablecoin market:

1. Binance × BlackRock

Recent big news: Binance has brought BlackRock's BUIDL into the OTC collateral system.
The meaning is simple: large funds can custody BUIDL at a regulated third-party bank while continuing to trade on Binance and still earn returns.

For retail investors, the feeling is not significant; but for institutions, this means:
Compliance + Safety + Yield + Can also be used as collateral.
This is the infrastructure of 'trust'.

2. Maple Finance: Behind the 6-7% APY

I've also been researching Maple's syrupUSDT / syrupUSDC recently.

📉 Protocol TVL: 4.7B
📉 Assets lent: 1.7B
📉 Quarterly Earnings: steady growth in the millions
📉 Incentives: 0 (not relying on token subsidies)
The source of APY is very simple: institutions borrow money → pay interest in real cash → users share the yield.

In other words, it is not 'issuing tokens to you as interest'. Its income line is verifiable, sustainable, and not reliant on subsidies.
This is crucial.

3. Cap Money: risk layering + dual-token model.

📊 Minter isolates risk and enjoys stable returns.
📊 Restakers bear the first level of risk, but the returns are also higher.

All rules are written into contracts, leaving almost no room for human adjustment.
In less than half a year, TVL has approached 300M, growing rapidly.
But what it will face next is:
How to avoid TVL decline after TGE? Can the yield model last long?

This is a question all yield-bearing stablecoins need to think about in advance.

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Why are so many projects 'dead on arrival'?

Because too many projects are: 'financial bureaus relying on subsidies to pile up APY'.

Once the subsidies stop → APY declines → TVL runs off → token prices crash directly.
Post-listing, institutions leave first, retail investors fill the gap.
The cycle repeats.

In summary: do not use your own capital to pay for the 'interest' generated in front of you.

The yield-bearing stablecoins that can truly survive have several common points:
1. The underlying connects to real-world or verifiable on-chain economic activities.
2. Clear and sustainable yield.
3. Transparent risk exposure.
4. Real use cases.

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The ultimate form of yield-bearing stablecoins: should resemble 'infrastructure' more.

For issuers: income should come from real assets, interest margins, and fees, rather than infinitely amplifying subsidies.

For holders: it should allow for assured hedging and liquidity management, generating passive income.

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After experiencing various depegs, liquidations, and black swans, my personal view has also become clearer:
The yield-type stablecoins that will survive in the future will definitely shift from 'subsidy-driven' to 'real yield-driven'.
If you've recently noticed similar projects, feel free to drop a few names in the comments for everyone to share and discuss.