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Agentic Application2025.0520 min
A Comprehensive Guide to Stablecoin Yield Strategies
稳定币收益指南
Summary
A field guide to where stablecoin yield actually comes from — lending, basis trades, RWA and protocol incentives — and how to weigh the risk behind each.
Why it matters
Advertised APYs hide very different risk profiles; understanding the source of yield is the only durable edge.
Key ideas
01
Stablecoin yield sources range from low-risk lending to leveraged basis trades.
02
RWA-backed yield introduces off-chain counterparty risk.
03
Protocol incentives are often temporary subsidies, not structural yield.
Versions
Chinese and English versions of this report.
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