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.
EthenaENA |
DeFi、Stablecoin Protocol
| | ETH based delta-neutral stablecoin |
2.04 K
|
461
|
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.
YalaYALA |
DeFi、Lending、Stablecoin Protocol
| | Bitcoin Lending Protocol |
527
|
235
|
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.
Plasma |
Infra、Payment、Stablecoin Protocol
| -- | Stablecoin payments and financial infrastructure |
1.06 K
|
207
|
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.
ResolvRESOLV |
DeFi、Stablecoin Protocol
| | Delta-neutral stablecoin protocol |
550
|
163
|
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.
Hylo |
DeFi、Stablecoin Protocol
| | Decentralized stablecoin system |
122
|
141
|
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.
Lista DAOLISTA |
DeFi、Lending、LSD、Stablecoin Protocol
| | Open-source liquidity protocol for borrowing and earning yield |
638
|
140
|
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.
AaveAAVE |
DeFi、Lending、Stablecoin Protocol
| | Decentralized lending-borrowing protocol |
3.1 K
|
128
|
StandX is a perpetual DEX that enables users to trade with yield-earning margins. DUSD is StandX's first product - a yield-bearing stablecoin.
StandX |
DeFi、Derivatives、Perp、Stablecoin Protocol
| | Perpetual DEX |
189
|
106
|
Delpho is a synthetic dollar built on Hyperliquid and powered by perpetual contracts.
Delpho |
DeFi、Synthetic Assets、Stablecoin Protocol
| | Synthetic dollar |
75
|
89
|
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.
UsualUSUAL |
DeFi、RWA、Stablecoin Protocol
| | RWA stablecoin protocol |
841
|
80
|
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.
Avalon LabsAVL |
DeFi、Lending、Stablecoin Protocol
| | Omnichain Liquidity for BTCFi |
631
|
73
|
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.
MakerDAOMKR |
DeFi、Lending、RWA、Stablecoin Protocol
| | Decentralized lending platform |
--
|
73
|
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.
SperaxSPA |
DeFi、Stablecoin Protocol、Algorithmic Stablecoin
| | Algorithmic Stablecoin Protocol |
247
|
71
|
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.
Reserve protocolRSR |
DeFi、Stablecoin Protocol
| | Decentralized stablecoins platform |
699
|
64
|
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.
ORIGINLGNS |
DeFi、Stablecoin Protocol、Algorithmic Stablecoin
| | Algorithmic non-stablecoin protocol |
--
|
61
|
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.
usd.ai |
DeFi、Stablecoin Protocol、AI
| -- | The yield-bearing synthetic dollar |
231
|
56
|
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.
Mento |
DeFi、Stablecoin Protocol
| | An anti-inflation protocol |
279
|
56
|
BIMA is an omni-chain stablecoin protocol on Bitcoin. Users across the BTC ecosystem can stake Bitcoin as collateral, restake liquid staking tokens, and mint USBD (Universal Stable Bitcoin Dollar).
BIMA |
DeFi、Stablecoin Protocol
| | Omni-chain stablecoin protocol on Bitcoin |
319
|
54
|
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.
Stables Labs |
DeFi、Stablecoin Protocol
| | Synthetic USD Stablecoin |
249
|
51
|
River is building the circulatory system for crypto, connecting capital, liquidity, and yield across chains. Powered by the omni-CDP stablecoin protocol, it lets users earn, leverage, and scale—without selling their assets. satUSD is an over-collateralized stablecoin backed by BTC, ETH, BNB, and other liquid staking tokens (LSTs). River was predecessored by the Satoshi protocol, a universal stablecoin protocol backed by Bitcoin.
River |
DeFi、Lending、Stablecoin Protocol
| | Crypto’s circulatory system |
--
|
51
|
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.
FraxFXS |
DeFi、LSD、Stablecoin Protocol
| | Stablecoin Protocol |
1.26 K
|
49
|
BitVault is a decentralized financial protocol that issues bvUSD stablecoins and sbvUSD collateralized stablecoins backed by Bitcoin derivatives. The platform is permissioned, limited to whitelisted entities for lending and minting, and aims to provide institutional-grade capital efficiency, user-set interest rates, and multi-asset collateral, optimizing stability and liquidity.
BitVault |
DeFi、Stablecoin Protocol
| -- | Overcollateralized stablecoin based on Bitcoin |
70
|
47
|
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.
MAITRIX |
DeFi、Stablecoin Protocol、AI
| -- | Stablecoin protocol for AI |
235
|
46
|
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.
Level |
DeFi、Restaking、Stablecoin Protocol
| -- | Stablecoin protocol backed by restaked dollar tokens |
400
|
46
|
Bucket Protocol is a Collateralized Debt Position (CDP) protocol within the Sui ecosystem, supporting multiple assets for collateralization while extending stablecoin loans in $BUCK at a zero-interest rate. Its real-time liquidation mechanism ensures both security and capital efficiency, and the inbuilt flash loan services facilitate the price stability of the stablecoin BUCK.
Bucket ProtocolBUT |
DeFi、Stablecoin Protocol
| | Over-collateralized stablecoin protocol |
197
|
46
|
StableUnit protocol is a censorship-resistant, CDP-based stablecoin with a multi-layered stabilization model secured by capital-efficient DeFi assets. This approach combines the robustness of over-collateralized stablecoins, such as DAI, with the scalability of algo-stablecoins, without sacrificing decentralization. Furthermore, it utilizes collateral to generate profits and automatically distributes them to every wallet that holds suDAO.
StableUnit |
DeFi、Stablecoin Protocol
| -- | Censorship-resistant CDP-based stablecoin |
231
|
46
|
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.
Unitas |
DeFi、Stablecoin Protocol
| | Decentralized, yield-bearing stablecoin protocol |
42
|
44
|
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.
M0 |
DeFi、Stablecoin Protocol
| | Money middleware for the digital age |
86
|
43
|
TapiocaDAO is an omnichain money market powered by LayerZero. Its core products include Singularity, an isolated risk borrowing and lending market (based on Sushiswap's Kashi product), and Yield Box (BentoBox V2), a permissionless token vault. It also offers the ability to mint 'usd0', a decentralized overcollateralized omnichain stablecoin. Tapioca utilizes LayerZero's technology to enable cross-chain composability without the need for bridging.
TapiocaDAOTAP |
DeFi、Lending、Stablecoin Protocol、Layerzero Ecosystem
| | Omnichain money market |
325
|
43
|
Sponge is the first CDP stablecoin protocol on SVM powered by bluechip defi yield
Sponge |
DeFi、Stablecoin Protocol
| | Multi-VM stablecoin protocol |
34
|
42
|