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BFUSD, USD0, and USDF all pay yield but get it from very different places. Here is the structural breakdown of perp funding, RWA collateral, and synthetic dollars.
USDe pays double-digit yield by going long spot crypto and shorting the same coin's perpetual futures. It works — until funding flips negative.
Ethena's USDe pays yield through ETH perp funding rates, not bank deposits. The mechanism is clever but the trade has real failure modes that can collapse headline APY.
USDC, DAI, and USDe all claim to be worth a dollar. The mechanism behind that promise, and the way it can break, is what separates them.
USDY, OUSG, and USDC may all represent dollar value on-chain, but their yield, redemption, access, tax, and liquidity mechanics differ sharply.
USDC and USDT face payment-stablecoin rules. BUIDL and OUSG look more like funds. The line between them is the fight.
USD1 launched in 2025 with a $2 billion debut and political backing, but has no operating history. Here's how it stacks up against USDC and USDT.
A freelancer paid $10,000 in USDC owes income tax on receipt, self-employment tax on the invoice, and capital gains when they spend it. Here is the math.
Tokenized T-bills carry yield but settle slower and carry KYC baggage. USDT and USDC are faster and more flexible. Here is how to pick.
Ethena's USDe dollar posts double-digit yield by going long spot ETH and short ETH perps, but the trade depends on funding rates staying positive and counterparty solvency holding.
Open USD lands with BlackRock, Visa and Stripe behind it. Circle takes a 16% hit. Behind the launch, USDC mints and burns keep telling the real story.
Circle mints, Tether shuffles, and State Street launches a reserve fund — beneath the ETF noise, the dollar rails are being rebuilt.
As Washington locks down stablecoins and bans a retail CBDC, MiCA forces smaller players out. The map of who clears dollars is being redrawn in real time.
BlackRock's BUIDL and Ondo's OUSG and USDY all tokenize short-duration US Treasuries, but they differ sharply on access, payouts, and chains.
Stablecoin issuers turn USDT and USDC reserves into billions in T-bill yield. The full revenue stack also includes redemption fees, integration deals, and issuer tokens.
Ondo Finance tokenizes US Treasuries into USDY and OUSG, gated to verified investors. Here's how each product differs and what ONDO the token actually does.
Beyond USDC, a new wave of bank- and consortium-issued stablecoins (USDG, PYUSD, RLUSD, USD1) promises stricter compliance. Here is how they differ on reserves, licensing, and redemption.
Sending USDC, swapping to USDT, or paying with a crypto debit card can each trigger a taxable event. Here is how the rules actually work.
WLFI raised hundreds of millions in a presale promising governance over a treasury tied to USD1. Here is what the token actually does, and what it does not.
Celsius commingled customer funds, then went bankrupt. Over a million users waited years to recover pennies on the dollar. Here is what tokenized-asset holders must learn from it.
Marco De Santis
Lina Haddad