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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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

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.

Mustang is a decentralized stablecoin protocol based on Saga and a fork of Liquity V2. It supports borrowing native stablecoins such as ETH, BTC, and SAGA at low fees.

Azos is an over-collateralized stablecoin protocol that dampens collateral volatility, unlocks latent liquidity and produces stable assets. It is a foundational decentralized finance primitive for establishing new markets and enabling infinite impact innovation. The protocol allows users to deposit various tokenized assets such as green bonds, carbon credits, and renewable energy certificates in order to secure a line of credit in the form of the ZAI stablecoin.

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.

Orki Finance is a LST-based CDP protocol, designed to empower users with a native overcollateralized native stablecoin and permissionless credit access on Swell Network.

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.