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.

Ebisu Finance is a high-yield stablecoin protocol that allows users to borrow dollar-denominated credit in liquid remortgage tokens (LRT) via decentralized stablecoins.

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.

Unitas is a decentralized, yield-bearing stablecoin protocol built for the next generation of finance. It issues stablecoins that earn yield natively — no reliance on traditional banks. Powered by Solana.

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.

Plasma is a scalable payment and financial infrastructure based on Bitcoin that allows users to pay gas fees with BTC. Plasma aims to optimize the adoption of stablecoins, providing features such as PlasmaBFT consensus, high scalability through Reth client, custom gas mechanism, zero-fee USDT transfers, and privacy transactions.

Abracadabra is a cross-chain stablecoin lending protocol that allows users to provide collateral in the form of various interest-bearing crypto assets, such as yvYFI, yvUSDC, xSUSHI, and more. With Abracadabra, users can use the interest-bearing tokens they get from staking in vaults as collateral to mint Magic Internet Money (MIM), Abracadabra's USD-pegged stablecoin, and use it for other purposes.

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.

ORIGIN is a DeFi 3.0 protocol based on the algorithmic non-stablecoin LGNS, aiming to establish a privacy-anonymous stablecoin payment ecosystem. ORIGIN achieves stable and predictable currency issuance through advanced algorithmic technology, allowing individuals to issue algorithmic non-stablecoins and mint them into algorithmically private and anonymous stablecoins, reducing dependence on traditional central banks.

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.

Unitas Protocol is a DeFi protocol offering unitized stablecoins, a new stablecoin category that functions as Units of Account for different emerging market currencies. Unitas Protocol defines a new stablecoin category -- unitized stablecoins, which serve as units of account representing emerging market currencies. Unitas’ unitized stablecoins are over-reserved with exogenous USD stablecoins (e.g., USDT, USDC, Dai). The goal is to “unitize” a USD stablecoin into one local currency unit, thereby providing transaction ease and efficiency for people in different countries. Unitas Protocol is a value translator between USD and other currencies and guarantees that each Unitas stablecoin can unconditionally convert “back” to a USD stablecoin.

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.

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.

Level is a stablecoin protocol powered by restaked dollar tokens like USDT and USDC. Level USD (lvlUSD) is a liquid restaked dollar: a yield-bearing, cross-chain dollar token that's backed 1:1 by restaked stablecoins.

Sky is a peer-to-contract lending platform that enables over-collateralized loans by locking Ether in a smart contract and minting Dai, a stablecoin pegged to the US dollar. Dai's stability is achieved through a dynamic system of collateralized debt positions, autonomous feedback mechanisms, and incentives for external actors. The project has been rebranded as Sky.

Sperax is a yield-bearing crypto-collateralized algorithmic stablecoin protocol on the Arbitrum network. USD holders benefit from native auto-yield, meaning that they automatically earn yield without having to stake or claim. The yield is generated organically from the collateral deployed on external DeFi protocols, such as Curve Finance.

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.

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.

Powered by Succinct’s SP1 zkVM, MyntUSD (USDm) introduces a fundamentally new paradigm for stablecoins, where balances are composable across protocols without being transferred, where zero-knowledge proofs enforce privacy, and where every interaction is verifiable without requiring trust.

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.

TaoFi is a DeFi infrastructure based on the Bittensor ecosystem, including TAO-backed stablecoins, decentralized exchanges, and a liquid staking version of the TAO token.

The MAITRIX is a next-generation stablecoin protocol, allowing AI projects to issue their own Intelligent Stablecoin backed by their native token. Token holders can use the MAITRIX to mint supported AI USDs, stake for rewards, and provide liquidity through select token pairs.

Mento Labs is a stablecoin and digital asset innovation lab spun out of cLabs (Celo). The lab provides support for Mento's basket of cryptoasset platforms, All Mento stables (cEUR, cREAL, cUSD) are fully backed by USDC and DAI. And loyalty and engagement, regenerative finance, and risk management, monitoring, and maintenance.

Basis is a stable cryptocurrency protocol with an algorithmic central bank designed to remove volatility. It is designed to keep prices stable by algorithmically adjusting the supply, similar to how central banks buy and sell fiscal debt to stabilize purchasing power. When demand is increasing, the blockchain will create more Basis, with the expanded supply designed to bring the Basis price back down. Conversely, when demand is decreasing, the blockchain will buy back Basis, with the contracted supply designed to restore the Basis price. Following intervention by the U.S. SEC, Basis was shut down in December 2018.

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.

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

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.

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.

Delpho is a synthetic dollar built on Hyperliquid and powered by perpetual contracts.

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.