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.

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.

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.

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.

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.

World Liberty Financial is a DeFi project supported by the Donald Trump family. Its mission is to "make cryptocurrencies and America great by promoting the mass adoption of stablecoins and decentralized finance". World Liberty Financial will first be launched as a market for cryptocurrency lending using Aave infrastructure, and will launch its governance token WLFI and stablecoin USD1. Unlike other governance tokens such as UNI and MKR, WLFI does not provide economic rights.

Nirvana is a new paradigm for tokenomics and programmable money, producing two new types of tokens: ANA, a volatile asset with a reserve-backed rising floor price, and NIRV, a higher-order stablecoin that employs peg delegation with diversified backing. Together, these tokens create a sustainable wealth creation engine due to the rising floor price, as well as a novel class of ultra-low-risk stablecoin through diversification.

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.

Pure.cash is an infrastructure decentralization that aims to building a secure, transparent, and scalable stablecoin ecosystem. Pure.cash is employing a delta-neutral strategy utilizing perpetual contracts to issue the stablecoin PUSD.

River is building a chain-abstracted stablecoin system, connecting assets, liquidity, and returns across multiple blockchains. Through its core stablecoin, satUSD, users can achieve returns, leverage, and scale across diverse ecosystems. River's key feature is its pioneering omni-CDP module, allowing users to collateralize assets on chain A and mint satUSD on chain B—all without requiring cross-chain asset bridging.

The Parrot Protocol is a DeFi network built on Solana that includes the stablecoin PAI, a non-custodial lending market, and a margin trading vAMM. These use cases are designed to solve a single problem: making value locked in DeFi systems accessible.

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.

BTU is a native decentralized stablecoin on BTC. BTU allows users to provide proof of their BTC balance without needing to move or transfer their Bitcoin.

Thala is an over-collateralized, yield-bearing stablecoin protocol backed by a basket of on-chain assets. Its diverse collateral base of liquid staked derivatives, liquidity pool tokens, deposit receipt tokens, and RWAs ensures its decentralized, censorship-resistant nature without compromising capital efficiency.

Hubble is a decentralized finance (DeFi) protocol built on Solana. Its core product is USDH, a decentralized stablecoin that can be borrowed against users' crypto assets. Users can deposit multiple crypto assets, such as SOL, BTC, ETH, and others, to borrow USDH. USDH can then be used for various purposes across Solana DeFi.

Aqua Protocol is an over-collaterized LSD-backed stablecoin protocol on the TON blockchain.

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.

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.

Olympus aims to create a decentralized, censorship-resistant reserve currency for the emerging Web3 ecosystem. The project centers around its OHM token, which is a non-pegged stablecoin that hopes to eventually be viewed as a crypto-native fiat alternative. It does this through various mechanisms: using its treasury to increase and decrease the supply of OHM, LP bonds, and a DAO-controlled variable.

Stable Jack offers yield-based stablecoins, volatility AVAX tokens, and stable swap products. Yield-based stablecoins emphasize capital efficiency, no liquidation risk, and no centralization risk. Volatility AVAX tokens provide DeFi composability without paying funding fees or liquidation risk. Stable swaps facilitate unilateral liquidity provision.

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.

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.

Ebisu Finance is a high-yield stablecoin protocol that allows users to borrow dollar-denominated credit in liquid remortgage tokens (LRT) via decentralized stablecoins.

Overnight is the protocol behind USD+ yield-generating stablecoin. It is fully backed by DeFi yield-generating stablecoin assets and is best used for stablecoin liquidity management by individuals and treasuries, capital efficiency in liquidity pools, and as collateral for leveraged yield farming.

BitStable is a pioneering decentralized asset protocol on the Bitcoin blockchain, offering a unique framework for the creation, trade, and management of synthetic assets. It enhances asset liquidity on the Bitcoin chain through a dual-token system and a cross-chain compatible structure.

Arkadiko Finance is an open source and non-custodial liquidity protocol for minting stablecoins, earning interest on deposits and borrowing assets on Stacks.

Prime Protocol is a cross-chain prime brokerage. Similar to margin loans in traditional finance, Prime offers over-collateralized stablecoin loans backed by investors' entire digital portfolios, regardless of asset type or blockchain. Collateral can be deposited on any supported chain, and loans will be made available on any supported chain.

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.

defi.money is a stablecoin liquidity layer. defi.money is a licensed refactor of crvUSD, but natively cross-chain with a focus on L2s. The protocol is inherently interoperable with any EVM; users can move $MONEY and lock weight tokens on any chain.

International Stable Currency is an inflation-resistant stablecoin that pegged to the value of an underlying basket of financial assets, such as commodities, bonds, and equity. International Stable Currency engineered to preserve and grow wealth.