StableTable 📈 @StableTableDeFi

If I could keep one number and delete the rest, it wouldn't be the biggest spread. It'd be the one that never went below redemption. Here's why 🧵

The RWA trade that is working is the one that generates real yield and gets used as collateral. Sky ethereum:0xa3931d71877c0e7a3148cb7eb4463524fec27fbd led the category in Q2. BlackRock BUIDL and private credit (Maple ethereum:0x80ac24aa929eaf5013f6436cda2a7ba190f5cc0b / ethereum:0x356b8d89c1e1239cbbb9de4815c39a1474d5ba7d , Hastra PRIME, JAAA) followed. Treasury products sit ~3.2–4%, while PRIME is currently delivering 6.72% from real HELOC cash flows. Capital stays where it both pays and can be borrowed against. Follow for daily research 🧵

Most large tokenized funds are still barely used in DeFi. BUIDL sits around 0.67% DeFi utilization. @circle USYC is roughly 1%. Franklin’s iBENJI is effectively zero. Meanwhile private credit products like @maplefinance ethereum:0x80ac24aa929eaf5013f6436cda2a7ba190f5cc0b and $JAAA are running 55–98% utilization. Issuance is easy. Actual composability is still the bottleneck. Follow for daily research 🧵

ICYMI, @Tangent_fi allows BOLD/USDC liquidity providers on Curve to loop their LP position check it out 👇

Tangent @Tangent_fi

4 weeks ago

Good news for @LiquityProtocol enjoyers: the borrow cap has been raised on the BOLD/USDC market. Loopers are currently netting up to 57% APR at max leverage. Link & details below 👇

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Less than 2 days since launch, the Pendle Ecosystem USDC vault on @Morpho has already hit $25M 🔥 7.59% APY for $USDC depositors, back by Pendle PT looping demand

Pendle @pendle_fi

4 days ago

The Pendle Ecosystem USDC vault is now live on @Morpho 🦋 Co-curated by Pendle and Armitage, @wintermute_t's vault curation arm. Deposit USDC, earn yield from PT borrow demand, plus a share of 7,500 $PENDLE weekly!

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$sUSDe on Ethereum held its redemption spread positive most of the week. The same token on another chain traded below redemption almost the whole time. Same wrapper, opposite economics — redemption is a property of the venue, not just the token.

Why it matters: the yield is the protocol's story. The spread is a market inefficiency — it can be positive, zero, or negative. We measure the inefficiency, in the underlying, never USD. Link in bio.

Every stablecoin freeze is a reminder to back decentralized stablecoins. They make @ethereum stronger: - More $ETH locked as collateral - More censorship resistance - + $15B onchain demand if decentralized share goes 0.5% to 5% HOLD stables that back Ethereum. hold $BOLD

@SerenityFund @Neutrl Seems too late. All tiering systems have to be proactive.

Why I hold these instead of chasing: conservative yield is mid-to-long-term by nature — it compounds while you ignore it. The aggressive book is the opposite animal: higher yield, shorter windows, harvested not held. That drops next week. Realized APY on all 10 reported as it lands.

The honest line: @pendle_fi sUSDe LP — 11.7%, top yield, most risk. It's an LP earning on @ethena funding, on Monad — a young chain. Every one of those is a reason it's the line I watch closest. Conservative doesn't mean zero risk. It means you can name the risk on every position.

The conservative book is live. 10 stablecoin positions, blended 7.6% APR. If "safe stablecoin yield" still means ~4% in your head, this is the update. Durable and boring aren't the same word. Full book below — then the two lines that make the point 👇

Tokenized repo just got real scale. Broadridge reported tokenized repo volumes tripled to $360B. The firm is now supporting all three major tokenized securities models and highlighting partnerships with Ondo, Alpaca and Galaxy. When repo — the actual plumbing of short-term funding — moves onchain at this size, the collateral and liquidity story for stablecoins changes. Follow for daily research 🧵

@fraxfinance ethereum:0x5e8422345238f34275888049021821e8e08caa1f 's redemption spread held a tight ~2.8–3.5% annualized band all week — median and peak almost touching, never negative. It's an ETH LST, so exit is a multi-day queue, not a same-hour redeem. A narrow band beats a wide one — when median and peak nearly agree, that's the norm, not luck.

Seems one more rug-pull in stablecoin world

Neutrl @Neutrl

3 days ago

Neutrl has temporarily paused minting, redemptions, and other protocol functions following circumstances affecting protocol reserves. These measures have been taken in the interest of our users, after advice from legal counsel, to preserve an orderly process while the impact is

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Neutrl has temporarily paused minting, redemptions, and other protocol functions following circumstances affecting protocol reserves. These measures have been taken in the interest of our users, after advice from legal counsel, to preserve an orderly process while the impact is assessed. Users will be provided with a clear and orderly process in due course. Further information on timing, and next steps will be shared as soon as available.

@OriginProtocol OUSD's redemption spread compressed from double digits toward ~5% annualized this week — and stayed positive the whole way. Redeems in ~12h. A gap closing isn't a yield "dropping." It's the market doing its job — the convergence is the whole point.

Our board runs yield stables, ETH LSTs and SOL LSTs side by side — and each class exits on its own clock. $OUSD clears in ~12h. An ETH LST like $swETH leaves through a multi-day unstake queue. A SOL LST like solana:mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So unwinds much faster — instant for a fee, or a short unstake. Same word, redemption — very different waits.

The Pendle Ecosystem USDC vault is now live on @Morpho 🦋 Co-curated by Pendle and Armitage, @wintermute_t's vault curation arm. Deposit USDC, earn yield from PT borrow demand, plus a share of 7,500 $PENDLE weekly!