| Stablecoin | Protocol | Type | Est, APY | Lock-ups | Key Risk |
|---|---|---|---|---|---|
| Perena: USD* | app.perena.org | Diversified, low-beta | 6-8% | 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 | |
| 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 |