#稳定币发展 The $250 million returns from yield-bearing stablecoins in 2025 look very tempting, but I have to pour some cold water on it. There are several details behind these numbers that warrant caution.

First, high yields never appear out of thin air. Where do the returns of products like sUSDe and BUIDL come from? Usually from lending markets, liquidity mining, or protocol incentives. When market hot money is abundant, these incentives seem generous; but once liquidity tightens, these yields can easily burst like a bubble. I've seen too many people fooled by the words "stability" and "yield" in stablecoins, only to get caught in liquidity risks.

Second, looking at the distribution ratios is also interesting—sUSDe accounts for 24.9%, sUSDS for 14.2%, and BUIDL only 9.7%. This indicates the market is rapidly consolidating around a few products. The higher the concentration, the greater the risk. If any one of them encounters problems, the entire ecosystem could be affected.

My advice is: if you want to engage with yield-bearing stablecoins, first ask yourself three questions. One, can this return be sustained? Two, how long can the project team maintain these incentives? Three, how much liquidity risk can I tolerate? If you can't answer clearly, even the highest annualized rate is poison. The core value of stablecoins is stability and liquidity—don't be blinded by the yield figures. Earning returns while losing principal is the biggest injustice.