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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.

tokens

Ethena USDe Explained: The Basis Trade Behind a Synthetic Dollar

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11 min read

Ethena USDe Explained: The Basis Trade Behind a Synthetic Dollar

USDe pays double-digit yield by going long spot crypto and shorting the same coin's perpetual futures. It works — until funding flips negative.

tokens

RWA vs Stablecoin Confusion: Scams and Costly Mistakes

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11 min read

RWA vs Stablecoin Confusion: Scams and Costly Mistakes

USDY, OUSG, and USDC may all represent dollar value on-chain, but their yield, redemption, access, tax, and liquidity mechanics differ sharply.

security

Stablecoin Redemption: Can You Actually Get a Dollar?

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11 min read

Stablecoin Redemption: Can You Actually Get a Dollar?

Most retail holders cannot redeem stablecoins directly with the issuer. The dollar price works only above minimums, and the rules vary by token, jurisdiction, and bank partner.

rwa

RWA vs Stablecoins for Payments: A Practical Comparison

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11 min read

RWA vs Stablecoins for Payments: A Practical Comparison

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.

rwa

Fiat, Crypto, and Algorithmic Stablecoins Compared

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11 min read

Fiat, Crypto, and Algorithmic Stablecoins Compared

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.

stablecoins

What Is Ethena USDe? A Synthetic Dollar Explained

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11 min read

What Is Ethena USDe? A Synthetic Dollar Explained

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.

defi

Stablecoin Plumbing Goes Bidirectional as Circle Bleeds and OUSD Opens

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83d ago

Stablecoin Plumbing Goes Bidirectional as Circle Bleeds and OUSD Opens

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.