Polaris is a triple-engine stablecoin protocol built to solve the stablecoin “Yield Trap”. By monetizing pETH volatility via a bonding curve, conversion mechanics, and CDP architecture, Polaris generates uncorrelated yield that scales as the system grows without counterparty or credit risk.

USA₮ is a USD-backed stablecoin developed by Tether, designed for the internet age, allowing for instant spending, transfers, and receipts.

River is building a chain-abstracted stablecoin system, connecting assets, liquidity, and returns across multiple blockchains. Through its core stablecoin, satUSD, users can achieve returns, leverage, and scale across diverse ecosystems. River's key feature is its pioneering omni-CDP module, allowing users to collateralize assets on chain A and mint satUSD on chain B—all without requiring cross-chain asset bridging.

USD.ai develops a yield-bearing synthetic flatcoin backed by compute resources, AI hardware, and network nodes. It finances decentralized infrastructure assets like GPUs and cell towers to address liquidity gaps. The platform uses $USDAI token for transactions, offering yield through asset-backed stability.

World Liberty Financial is a DeFi project supported by the Donald Trump family. Its mission is to "make cryptocurrencies and America great by promoting the mass adoption of stablecoins and decentralized finance". World Liberty Financial will first be launched as a market for cryptocurrency lending using Aave infrastructure, and will launch its governance token WLFI and stablecoin USD1. Unlike other governance tokens such as UNI and MKR, WLFI does not provide economic rights.

Ethena is building derivative infrastructure to enable Ethereum to transform into the Global Internet Bond via delta-neutral positions on stETH, to create the first crypto-native, yield bearing stablecoin: USDE.

Aave is a decentralized finance protocol for borrowing and lending, where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) fashion. AAVE is used as the center of gravity of Aave Protocol governance, allowing users to vote and decide on the outcome of Aave Improvement Proposals (AIPs). Additionally, AAVE can be staked within the protocol's Safety Module to provide security/insurance to the protocol and depositors. Stakers earn staking rewards and fees from the protocol.

StandX is a perpetual DEX that enables users to trade with yield-earning margins. DUSD is StandX's first product - a yield-bearing stablecoin.

Saturn Labs is a stablecoin yield protocol that aims to build a 10% + yield stablecoin USDat powered by MicroStrategy's STRC, a transparent and institutionally trusted Bitcoin credit instrument.

Resolv is a delta-neutral stablecoin protocol revolves around tokenizing a market-neutral portfolio. The architecture is based on an economically viable and fiat-independent yield source. This allows to distribute competitive returns to liquidity providers of the protocol.

Avant is a DeFi platform established in June 2024 with the mission to create a more inclusive financial system through a DeFi-powered stable-value token. The platform introduces avUSD, a stable-value token, and savUSD, its staked, yield-bearing counterpart.

Sky is a decentralized financial system whose native currencies USDS and SKY are upgraded versions of DAI and MKR. Other products include Sky Savings Rate, Sky Token Rewards and Staking Engine, and SkyLink connects the Ethereum mainnet and Layer 2 network.

Olympus aims to create a decentralized, censorship-resistant reserve currency for the emerging Web3 ecosystem. The project centers around its OHM token, which is a non-pegged stablecoin that hopes to eventually be viewed as a crypto-native fiat alternative. It does this through various mechanisms: using its treasury to increase and decrease the supply of OHM, LP bonds, and a DAO-controlled variable.

Hylo is a decentralized stablecoin system consisting of two symbiotic tokens: hyUSD, stablecoin backed by Solana liquid staking tokens (LSTs); xSOL, a tokenized asset enabling long term leveraged exposure to SOL.

Yala connects Bitcoin liquidity with a meta yield stablecoin. Designed as both a potent asset and a liquidity enhancer, the stablecoin, yU, operates across various ecosystems, increasing efficiency without the need for bridges or relocating the underlying Bitcoin. Yala empowers Bitcoin holders and ecosystem participants with expanded utility, all while maintaining the security of Bitcoin’s infrastructure.

USDD is a decentralized stablecoin issued by TRON DAO Reserve. It maintains a 1:1 peg to the US dollar through over-collateralization with crypto assets like BTC, USDT, USDC, and TRX. The project uses smart contracts for issuance and redemption, enabling transactions and staking.

The Reserve Protocol is a decentralized stablecoin platform that aggregates tokenized assets to create a fully decentralized stable cryptocurrency (RTokens). The ultimate goal of the Reserve Protocol is to provide an alternative to fiat currency. In January 2024, Reserve announced the establishment of two new companies, ABcLabs and Confusion Capital, with the former focusing on the development and promotion of the Reserve Protocol and the latter focusing on the development of the ecosystem.

Stables Labs is a next-generation stablecoin infrastructure provider focused on creating a decentralized and bankless ecosystem for stablecoin issuance. USDX(usdx.money) is a synthetic USD stablecoin built for the crypto ecosystem.

Usual is a fiat-backed stablecoin protocol that plans to launch USD0, a permissionless and fully compliant stablecoin backed 1:1 by real-world assets (RWAs), and USUAL, a governance token that allows the community to guide the future evolution of the network. Usual addresses current stablecoin market issues by redistributing profits to the community, rewarding token holders with real yields generated by the RWAs.

STBL is a decentralized, non-custodial platform built to redefine stablecoin utility by combining yield, transparency, and real-world asset (RWA) backing. At its core, STBL is a mechanism to mint stablecoins — namely USST and USI — with unique advantages that stand out in the DeFi ecosystem: yield without staking, no lockups, and RWA-powered growth.

Avalon Labs is a BTCFi protocol aims to increase the use of Bitcoin within its platform by allowing users to unlock the value of their holdings by using them as collateral to obtain USDa. Avalon Labs also offers financial products such as Bitcoin-backed loans, interest-bearing savings accounts, and a credit card.

United Stables is a unified, transparent, and institution-ready stablecoin designed for the next phase of on-chain finance.

Lista DAO is a decentralized stablecoin lending protocol powered by LSDfi. Users can undergo staking and liquid staking on Lista, as well as borrow lisUSD against a variety of decentralized collateral. Lista aims to position lisUSD as the number one stablecoin in the crypto space, leveraging on innovative liquid staking solutions.

KRWQ is an onchain Korean Won stablecoin project targeting 1 KRW value, offering transparent reserves, instant settlement.

Yuzu Money is a decentralized yield protocol that integrates carefully curated high-yield strategies (such as leveraged loops) into a single stablecoin, yzUSD, and provides institutional-grade protection, allowing users to enjoy DeFi returns without self-management.

CAP is a stablecoin engine to break users free from the cycle of endogenous models. CAP’s stablecoin engine will produce redeemable stablecoins of various denominations, such as USD, BTC, and ETH. Their goal will be to democratize access to what was previously only available to a few sophisticated and already-wealthy actors. This includes the deepest wells of yield, such as arbitrage, MEV, and RWAs.

Zephyr Protocol is an untraceable over-collateralized stablecoin protocol. Bridging the gap between privacy and stability, Zephyr leverages the proven mechanics of the Djed Protocol while encapsulating the robust privacy features inherent to Monero. It utilizes a triple asset model consisting of ZEPH, ZephUSD, and ZephRSV. ZEPH is the native currency of the network, ZephUSD is the stablecoin pegged to the value of the USD, and ZephRSV acts as a reserve token for reserve providers.

Frax Finance is a stablecoin protocol issues innovative, decentralized stablecoins and contains subprotocols to support them. The Frax Protocol currently issues 3 stablecoins: FRAX, FPI, and frxETH. FRAX v3 is a dollar-pegged stablecoin that uses AMO smart contracts and permissionless, non-custodial subprotocols as stability mechanisms. The two internal subprotocols used as stability mechanisms are Fraxlend, a decentralized lending market and Fraxswap, an automated market maker (AMM) with special features. The external subprotocol used as a stability mechanism is Curve.

Unitas is a yield generation layer built to produce sustainable, market-neutral returns across multiple asset classes. Its products include yield-bearing stablecoins, yield-generating Bitcoin, and yield-backed gold, all powered by a transparent and risk-managed execution framework. The system is designed to serve as a unified yield and settlement infrastructure for on-chain liquidity, payments, and institutional integration.

M0 is money middleware for the digital age. Based on a decentralized architecture and best-in-class collateral design, M0 allows institutions to issue cryptodollars. It also allows for M distributions to earners and governance token (ZERO) holders. There are three main types of actors in the protocol - Minters, Validators, and Earners - all of which are permissioned via governance. Protocol variables are also managed by governance and are stored in a Registrar configuration contract.