Stablecoin landscape

This table shows how USD* compares across liquidity, yield sources, and overall usability to stablecoins and other yield-bearing tokens.

Stablecoin	Protocol	Type	Est, APY	Lock-ups	Key Risk
Perena: USD*	app.perena.org	Diversified, low-beta	>10%	NIL	Broader but lower-beta exposures
Circle: USDC	https://www.usdc.com/	Fiat-backed custodial	NIL	NIL	Custodial risk, regulatory capture, yield withheld
Sky: DAI	https://sky.money/	Overcollateralized crypto-backed	~0.3%	NIL	Scale limited by leverage demand, collateral volatility
Frax : frxUSD	https://frax.com/	Algorithmic / Seigniorage-based	~4.80%		Mechanism fragility, depeg risk
Cap Labs: cUSD	https://cap.app/	Restaked dollars	7.68%		Slashing risk / AVS correlation
Ethena : sUSDe	https://app.ethena.fi/	Delta-neutral synthetics (staked version)	3.99%	3-6 months	Funding-rate regime volatility
Hylo: shyUSD	https://hylo.so/	Over collaterialized stablecoins minted against SOL / LSTs ( staked version)	~13%		Risk exposure to SOL price

Source: https://x.com/stablewatchHQ/status/1981002651254116830