Regarding this 'Because of BTC's non-programmability, there are currently no BTC over-collateralized stablecoin projects,' I also asked @0x_Todd, but I'm also curious about what friends on Twitter think.
I recommend friends interested in stablecoins to listen to this episode of the @day1globalpod podcast. Teacher @0x_Todd has a very clear classification of stablecoins: USDT (65% market share), USDC (25% market share), and others (10% market share).
As for the "others" that everyone is concerned about, which are the stablecoins that can generate "excess returns": USDe @ethena_labs' returns come from stETH + Short Perp funding rates (essentially a Delta Neutral strategy). USDf @DWFLabs' returns come from its own MM business, including CEX funding rate advantages, various arbitrage strategies, etc. Essentially, they are stablecoin investment projects packaged in tokenized form.
The discussion on RWA tokenized stablecoins in the interview is also very interesting. The conclusion is: T-Bill is still the most reliable underlying asset, bar none. The so-called real estate on-chain (even farmland) is currently just for fun.
Due to BTC's non-programmability, there is currently no BTC over-collateralized stablecoin project. So, if there are programmable BTC assets (such as zBTC @ApolloByZeus, FragBTC @fragmetric) with organic yield sources, could they also generate new stablecoin projects (brainstorming)?
Feel free to discuss, and if you have any promising stablecoin projects, you can leave a comment.
cc: @rubywxt1 @starzqeth
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