In the past few years, stablecoins have primarily served the functions of payment and trading pairing, becoming the "neutral asset" of the crypto market. However, as price volatility has eased and market sentiment has returned to rationality, stablecoins are transforming from mere circulating mediums into "yield-bearing assets." Trading platforms and financial institutions are competing to launch yield-generating products, reshaping the relationship between users and capital.
Recently, several institutions have announced the launch of stablecoins or yield plans based on real-world assets (RWA). The French banking group ODDO BHF launched the euro-denominated stablecoin EUROD in October, supported by the Polygon blockchain and compliant with the EU MiCA regulatory framework; several Japanese banks also plan to jointly issue stablecoins pegged to G7 currencies; in the United States, discussions are actively ongoing regarding the regulatory boundaries for stablecoin yield distribution. ([Reuters, FT, Cinco Días])
These developments indicate that stablecoins are becoming a key interface for the integration of traditional finance and the crypto world: on one hand, they connect real asset yields, and on the other, they serve the on-chain payment and investment ecosystem.
As the crypto market matures, users' focus on asset allocation is shifting from "price speculation" to "stable returns." Platforms like Coinbase, Binance, OKX, and Bybit have begun to offer various forms of stablecoin wealth management products—some are linked to government bonds or money market instruments, while others create compound returns through ecological yields, staking rewards, and more.
Mainstream stablecoins represented by USDC and USDT are being endowed with more "yield attributes." Some products have annualized returns of about 3% to 5%, significantly higher than the average risk-free return level in the crypto market. Meanwhile, DeFi protocols like Aave and Pendle are also driving the structuring of stablecoin yields, providing mechanisms for fixed income, redeemability, and tokenization, making yield management more flexible.
This trend reflects that the financial functions of stablecoins are broadening—from passive liquid assets to actively managed yield tools. Exchanges are no longer just matching trades but are taking on the role of "yield distribution platforms."
However, alongside yield innovation, compliance risks have also emerged. The U.S. is promoting the "GENIUS Act" in 2025, which prohibits stablecoin issuers from paying interest to users to prevent the mixing of stablecoins with bank deposits, which could trigger financial stability risks. The Bank of England has also stated that it will only relax issuance limits when stablecoin systems are proven not to pose a threat to the financial system. ([Reuters, BPI])
As a result, exchanges and financial institutions are beginning to explore "indirect yield" models—offering rewards, fee rebates, or ecological dividends to allow users to earn returns without crossing regulatory red lines. This strategy reflects an enhanced compliance awareness and highlights the fragmented state of global stablecoin regulation.
In the EU, the "Markets in Crypto-Assets Regulation" (MiCA) has officially come into effect, requiring stablecoin issuers to hold sufficient reserves and undergo regular audits; in Asia, regions like Singapore and Hong Kong are relatively open, allowing regulated entities to launch on-chain yield products within a controlled framework. This makes stablecoin wealth management a key area for testing the alignment of global financial systems.
Different trading platforms have formed distinct strategies in stablecoin wealth management:
Safety-first: Focused on real-world assets (RWA), offering stable yields but lower liquidity, represented by Binance's RWUSD.
Liquidity-first: Emphasizing on-demand access and low risk, suitable for short-term user needs, such as OKX and Bybit's flexible wealth management products.
Ecological yield: Combining platform revenue sharing, task incentives, and staking rewards to create compound returns, like Gate.io's GUSD model.
This differentiation not only reflects varying risk preferences but also illustrates each platform's positioning strategy amid compliance pressures and market competition.
From a macro trend perspective, the future of stablecoins will be dominated by three key words: transparency, trust, and sustainability.
In terms of transparency, both users and regulators are demanding clearer reserve disclosures and explanations of yield sources; on the trust level, platforms need to ensure stable redemption and compliance guarantees; while sustainable yields require stable returns even during high-interest periods, rather than short-term stimuli.
Stablecoins are no longer "static hedging tools" but have become the hub of the financialization process in the crypto market. As the RWA narrative deepens and compliance boundaries become clearer, stablecoin wealth management will become an important measure of a platform's financial strength and ecological synergy.
High yields may attract users temporarily, but transparency and stability are the foundations that will determine the future competitiveness of stablecoins.
Related: How low can Bitcoin go? Regional "banking pressures" in the U.S. are pushing BTC towards the $100,000 mark.
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