🔎 APY up to 9%, a review of 20 yield-bearing stablecoins

1. $USDe / sUSDe (Ethena Labs):
Stake stETH and earn yields through delta-neutral hedging strategies, with a maximum APY of about 9%.

2. sDAI (Spark / MakerDAO):
Deposit $DAI into the DSR contract to earn interest, approximately 3.25% annualized.

3. USDY (Ondo Finance):
Invest in short-term government bonds with monthly-set yields, currently at 4.25% annualized.

4. BUIDL (BlackRock):
Represents BlackRock's money market fund shares, investing in T-bills and repurchase agreements.

5. YLDS (Figure Markets):
The first yield-bearing stablecoin registered with the SEC, with an annual interest rate of about 3.79%.

6. USDS / sUSDS (Sky Protocol):
A rebranded version of $DAI, depositing into Sky Protocol yields 4.5% annualized.

7. USD0 / USD0++ (Usual):
Supported by RWA, staking on Curve can earn USD0++, with a maximum annualized yield of 13% (requires 4-year lock-up).

8. USDM (Mountain Protocol):
Available for non-US users, investing in short-term US debt, with about 3.8% annualized.

9. OUSD (Origin Protocol):
Supported by $USDC, $DAI, USDT; deploys DeFi strategies for profit, with about 3.67% annualized.

10. mkUSD (Prisma Finance):
Generated via LSD collateralization, yields come from underlying staked assets, ranging from 2.5% to 7% annually.

11. USDN (Noble):
Supported by short-term US debt, with an underlying annual yield of about 4.2%, plus additional points for locking.

12. sfrxUSD (Frax Finance):
Supported by BUIDL assets, employing dynamic yield strategies to optimize APY.

13. lvlUSD (Level):
Collateralized with USDC/USDT, deployed on Aave/Morpho and other protocols, with an APY up to 9.28%.

14. DUSD (Davos Protocol):
A multi-chain stablecoin generated from re-staking yields, with an annualized return of 7%-9%.

15. USD3 (Reserve Protocol):
Composed of PYUSD, $DAI, $USDC; lending protocol yields about 5%, with over-collateralization.

16. USDA / stUSD (Angle):
$USDC minted, yields from DeFi and RWA, with stUSD currently at about 6.38% annualized.

17. USDL (Paxos):
A compliant daily-yield stablecoin, earning from short-term US Treasuries, approximately 5%.

18. yUSD (YieldFi):
Supported by USDC/USDT, employing delta-neutral strategies, with about 11.34% annualized.

19. USDO (OpenEden):
Supported by tokenized US debt, distributing daily rebase rewards.

20. deUSD / sdeUSD (Elixir):
Combines government bonds and protocol internal lending, with about 4.39% annualized yield plus extra rewards.