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Messari: A Quick Overview of the Major Competitors in the Stablecoin Market
Author: Addy, Messari Researcher; Translation: Jinse Finance xiaozou
Tether's record-breaking profitability last quarter has placed it among the giants of TradFi. However, the massive profit of $5.2 billion has also made it a target for new competitors looking to get a piece of the pie.
In this article, we will delve into the rapidly evolving world of stablecoins, covering both centralized and decentralized domains.
Overview of Stablecoins
We will do the following types of vertical segmentation:
PYUSD
Centralized stablecoins often lack transparency and tend to see high trading volumes only under conditions with clear incentives. PYUSD is one of the few centralized stablecoins with a market cap of $1 billion that has earned trust.
USD0
Through airdrop incentives and integration with DeFi platforms like Morpho, more decentralized treasury-backed stablecoins like USD0 are rapidly growing. USD0 has a market capitalization of approximately $250 million and quickly reached this goal.
Elixir's deUSD
Synthetic stablecoins like USDe use "long spot + short futures positions" to maintain their peg. Due to the compression of the basis, USDe has lost market share. However, new protocols like Elixir aim to improve the Ethena model by adjusting their collateral support.
GHO
Stablecoins that focus on maximizing decentralization and minimizing human intervention have not shown much demand historically. GHO may be an exception, as it leverages the continuously growing active user base on AAVE.
DYAD
Innovative designs often attempt to implement certain mechanisms to improve typical collateralized debt.
Position patterns. DYAD IS ONE SUCH STABLECOIN THAT AIMS TO LEVERAGE EXCESS COLLATERAL WITHIN THE SYSTEM THROUGH ANOTHER TOKEN CALLED KEROSENE. KEROSENE ALLOWS USERS TO STAKE THEIR OWN EXOGENOUS ASSETS TO MINT MORE DYAD. MOREOVER, THE MORE KEROSENE NFT (NOTE) HOLDERS HAVE, THE MORE YIELDS THEY EARN FROM LIQUIDITY POOLS.
New stablecoins in these categories compete with each other in terms of yield, accessibility, liquidity, stability, and capital efficiency. New designs or adjustments to old designs will involve various trade-offs.
New stablecoins enter the market every week, and the landscape of the stablecoin sector is constantly evolving.