Can stablecoins only be used like USD? This might be our long-held impression of stablecoins. With the advancement of compliance and mainstream narratives, the stablecoin sector is welcoming an increasing number of projects, presenting more opportunities for earning returns, and many top VCs are supporting stablecoin farming.
Here are the stablecoin projects currently worth paying attention to, brought to you by Rhythm BlockBeats.
cap
cap(@capmoney_) is a new stablecoin protocol on the Ethereum mainnet, officially launched on August 18. The project announced the completion of a $11 million financing round in April this year, with participation from Franklin Templeton, Triton Capital, and others.
This stablecoin protocol features a dollar-pegged stablecoin $cUSD minted through USDC, and a yield-bearing $stcUSD issued through staking $cUSD. Currently, the first phase of the protocol's points system 'Caps' has been launched alongside the protocol, with minting $cUSD to earn Caps points lasting for 2 weeks.
Currently, its official website shows a TVL of about 15.5 million USD.
USD.AI
$USD.AI(@USDai_Official) is a stablecoin protocol providing credit for AI hardware (AI companies obtain loans by collateralizing GPUs), officially launching today. The project announced the completion of a $13.4 million Series A financing round on August 14, led by Framework Ventures, with participation from Bullish, Dragonfly, Arbitrum, and others.
This stablecoin protocol features a dollar-pegged stablecoin $USDai minted through USDC, and a yield-bearing $sUSDai issued through staking $USDai. The protocol's points activity 'Allo' was also launched today on the Arbitrum network.
This event is divided into two parts: one part is minting $USDai to obtain future ICO quotas, and the other part is staking $USDai to receive future airdrops. Although staking can yield interest and airdrops, there is also a 30-day lock-up period.
The current total deposit cap of this protocol is $100 million, and during the previous Beta phase, the total deposits reached $50 million, so the remaining amount for this public round is $50 million. For the 'Allo' event, the project team has given a valuation of $300 million FDV, and the event will end when the total revenue of the protocol reaches $20 million.
Level
Level(@levelusd) is a stablecoin protocol fully supported by USDC and USDT, issuing $lvlUSD. By staking $lvlUSD, users can earn $slvlUSD and use it in DeFi applications like Curve, Pendle, etc. On March 18, the protocol completed a $2.4 million financing round, with investors including Flowdesk, Echo's Native Crypto fund, Feisty Collective, and other angel investors.
In August last year, the protocol developer Peregrine Exploration completed a $3.6 million financing round, led by Polychain Capital and Dragonfly, with participation from Robot Ventures, Pier Two, EIV, Global Coin Research, and angel investors including Balaji Srinivasan, Jeff Fang, Julian Koh, and Sidney Powell.
The protocol has a points system called 'XP.' Points can be earned by depositing $lvlUSD or Curve LP tokens into the 'XP Farm,' and by providing Level assets as collateral on Morpho.
OpenEden
OpenEden(@OpenEden_X) is not just a stablecoin protocol but also an RWA platform. Its stablecoin $USDO can be minted through USDC and $TBILL, with reserves backed by tokenized U.S. Treasury bills and money market funds.
$TBILL is also OpenEden's own token, with each token backed by short-term U.S. Treasury bills and USD reserves. On June 20, 2024, the credit rating agency Moody's awarded OpenEden's tokenized U.S. Treasury bill investment platform a 'A' rating, making OpenEden's TBILL token the first tokenized U.S. Treasury bill product globally to receive an 'investment-grade' credit rating.
This project has received investment from Yzi Labs, and the TVL of $TBILL is currently nearing $300 million. On August 14, OpenEden announced the launch of its native token $EDEN, with 7.5% of $EDEN allocated to participants in the 'Bills' event. Bills points can be obtained through a series of activities related to $USDO and $cUSDO.
Falcon Finance
Falcon Finance(@FalconStable) is a synthetic dollar stablecoin protocol launched by DWF Labs. Currently, the protocol's TVL has reached $1.4 billion.
The protocol has a points system called 'Miles,' where participants can earn badges by engaging in various Falcon Finance activities or by taking part in a series of activities related to $USDf and $sUSDf to accumulate points.
Perena
Perena is the stablecoin infrastructure protocol in the Solana ecosystem. On December 11 last year, Perena, founded by Anna Yuan, the former stablecoin head of the Solana Foundation, completed approximately $3 million in Pre-Seed funding, led by Borderless Capital. On July 3 this year, Perena announced it completed a new round of financing, attracting over 350 supporters, including institutions like Susquehanna, Native CryptoX, and Hermeneutic Investments.
The $USD* of this protocol is backed by USDC, USDT, and PYUSD. When users deposit USDC, USDT, or PYUSD into the Perena seed pool, they can receive $USD* as a reward.
The protocol has a points system called 'petals.' The first two phases of activities have been completed, and a new round of activities has not yet been launched, but the project team suggests that obtaining and holding $USD* will be the main incentive for the new round of activities.
Noble
On November 19, 2024, Noble, a stablecoin company, completed a $15 million Series A financing round, led by Paradigm. This project is a chain specifically designed for stablecoins and RWAs, but it also launched its own stablecoin $USDN.
This project has a points system, and it has now entered the 2nd season. Points can be earned by depositing $USDN into the official points pool. Currently, over $53 million of $USDN has been deposited to earn points.
Resolv
Resolv is a stablecoin protocol issuing $USR, which is pegged to the USD and fully supported by ETH at 100%. It hedges ETH price fluctuations through perpetual futures. On April 16, CoinDesk reported that Resolv Labs announced the completion of a $10 million seed round, led by Cyber.Fund and Maven11, with participation from Coinbase Ventures, Susquehanna, Arrington Capital, Animoca Ventures, and others.
The protocol has a points system, and the current points activities have progressed to the 2nd season. Completing a series of tasks set by the project team will earn points.
Conclusion
In addition to the aforementioned stablecoin-related projects with direct points systems available for interaction, there are many other noteworthy and even bigger stablecoin-related projects worth attention. For instance, the Bitcoin L2 Plasma, which is backed directly by Tether and features 'no-fee stablecoin chains,' as well as the L1 chain Stable, supported by Bitfinex and the USDT unified liquidity protocol USDT0, and Circle's 'first stock of stablecoins,' which announced a new public chain Arc dedicated to stablecoins in its Q2 2025 financial report.
In addition, the high-performance, payment-focused blockchain Tempo, built in collaboration with Paradigm and Stripe, is also under development, and the Trump family company WLFI has issued the compliant stablecoin USD1 on the BNB Chain.
As the next 'battlefield' for compliance and mainstream adoption, the stablecoin sector deserves our increased attention.
