After a ton of people asked me for this, decided to review the newer stablecoin landscape on Solana. Some of the comments maybe harsh, some may have outdated info, some may be outright wrong. If you think these are incorrect, feel free to correct me below. So, there are mainly 6 emerging ones. PST from @humafinance, hyUSD from @hylo_so, USD* from @perena, USDC+ from @reflectmoney, ONyc from @onrefinance, USX from @solsticefi, CRT from @DeFiCarrot PST - You deposit stables and lock for durations, there are borrowers who request for loans underwritten by evaluation agents. Basically like a bank but without any of the regulatory oversight and a million constraints of being a bank. Counterparty risk is the largest risk through the cycles I have seen in crypto. I cannot even see who the qualified borrowers are and understand what sort of risk I am taking for a few % higher yield. Would I touch this? Not ever. Maybe if I understand the borrower's profile, but even then unlikely. hyUSD - You already know my opinions here. Safest of the lot. Comes with its own risks of what happens if there is absolutely no demand for xSOL in prolonged bear and collateral ratio goes below 100%. I personally have 8 figs in here. The thing that keeps me here is that there is no counterparty risk, I know exactly where the yield comes from. And in the worst case scenario, I know when to get out and everything is transparent. USD* - This is supposed what INF is to LSTs but for stablecoins, basically being LP token for yield bearing stables. But I see yield is being generated primarily by delta neutral strategies (81%), so I am not really sure how the whole protocol actually functions tbh. Will I put funds in here? Maybe once I understand how it functions and there's a transparency dashboard or something. For now, I am still not clear where the yield is coming from, and I see it as a non-transparent tokenized hedge fund. Not going to touch it. USDC+ - Supposed to generate yields from cross margin farming, but for now, just a drift lend wrapper. As such, a waste of time for me to look into in current form. Maybe when it adds other stuff. ONyc - Basically corporate debt note that lets the company use the provided capital for reinsurance underwriting. Profits from the business activities becoems the yield. Way toooo risky for me. I want my stables to be stables. I wouldn't even lend my USDC against ONyc collat for fear of bad debt. USX - Ethena of Solana. Actual delta neutral trading. It is as risky as their underlying engine is. For Ethena, yields have dropped off and TVL shrunk by half over the last few months. I might add this if there are transparent reserves reports published and a long enough history of operating through flash crashes. I don't like the 7 day unstake period of eUSX but on-chain liquidity between eUSX and USX is not bad. Will I add this? I have a little for the token farming, but to add major bags, I will see how the APY holds and how they perform over the next 6 months. CRT - I am an investor here, so maybe biased. Basically a tokenized on-chain fund, but you can see where all the funds are deployed at any point in time. Most of these are in low risk avenues like Kamino, Jup lend and Drift lend, with a small portion deployed to gauntlet and tradeneutral for higher on-chain delta neutral yield. So, of these, I have a ton of hyUSD, a good chunk of CRT and a tiny dabble of USX (for the token drop).