Gate Research Institute: In-depth Analysis of Stablecoin Alpha Yield Strategy: Capturing Logic and High-Yield Operation Pathways

Abstract

• Diversified revenue model: The income sources of revenue-generating stablecoins can be categorized into eight types, covering different levels from low risk to high risk, such as RWA US Treasuries (4%-5.5% APY, low risk), lending (2%-8% APY, medium risk), and market-neutral arbitrage (5%-20%+ APY, high risk).

• USDe (Ethena Labs) Yield Strategy: Ethena's sUSDe generates returns through the Delta hedging mechanism (shorting perpetual contracts to hedge spot longs). The current sUSDe APY is approximately 7.39% (fluctuating between 5%-25%), plus ENA airdrop rewards (3%-5%), bringing the comprehensive APY to 9%-11%. Users can earn returns through the Ethena Earn module, participate in cross-chain liquidity pools (up to 18% APY), or wait for airdrops.

• USDS (Sky Protocol) Yield Strategy: The USDS of the Sky Protocol (formerly MakerDAO) serves as an upgraded version of DAI, incorporating a native reward mechanism. By depositing USDS into the Sky savings rate (SSR) system, one can obtain sUSDS, with the current SSR APY reaching up to 4.5%. Staking SKY tokens can yield rewards in the form of USDS of up to 14.91%, and can be combined with Spark Protocol scoring maximization strategies to obtain SPK airdrops.

• USDY ( Ondo Finance ) Yield Strategy: USDY is an interest-bearing stablecoin fully backed by short-term US Treasury bonds and bank demand deposits, currently with an APY of approximately 4.29%. Users can stake it into DeFi protocols (such as Scallop Protocol, NAVI Protocol) to increase total returns to 13% APY, or use advanced strategies (such as lending reinvestment in the Sui ecosystem) to achieve APY of up to 12%-17%.

• Other innovative Alpha strategies: Falcon Finance's USDf provides on-chain arbitrage returns based on digital asset collateral, Lista DAO achieves high-yield lending and liquidity staking on BSC through the Pendle+Lista combination, while Hyper EVM offers continuous returns based on stablecoin market making, all of which enrich the stablecoin Alpha strategy pathways.

• Stablecoin Alpha Core Logic: Stablecoin Alpha does not refer to a single high yield, but rather to excess returns that possess structural, sustainable, and differentiated advantages. Its core sources include mechanism innovation, leverage structure reuse, off-chain yield stacking, and incentive release mechanisms.

• Risk identification and control: Although the profit potential is significant, the stablecoin Alpha strategy is accompanied by risks related to mechanism fluctuations, liquidation, liquidity, and project security. Users need to configure stablecoins supported by real assets, set up liquidation protection, pay attention to liquidity depth, and prioritize projects that have been audited and have strong endorsements.

Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate shall not be responsible for any losses or damages arising from such investment decisions.