The 2025 Master List of Yield-Bearing Stablecoins is here. Market snapshot: • Total YBS market cap: $7.19B • 24h volume: $56.18M • Dominance: Ethena’s SUSDE and sUSDS control ~77% of all liquidity • Real yield paid to holders: $603M So, what makes a stablecoin “yield-bearing”? Simple: it stays pegged to the dollar and pays passive income, 3-15% net APY, without manual farming. The main engines driving this are: →Delta-neutral hedging (SUSDE, sUSDS) →Tokenized T-Bills (USDY, USDO) →DeFi lending vaults (SyrupUSDC, sDOLA) →Validator staking (SFRXUSD, SLVLUSD) The Big 5: • @ethena_labs SUSDE ($3.17B): The largest YBS by far, capturing perp funding on BTC/ETH. It’s a synthetic stablecoin with yields from ETH staking and funding rates. • sUSDS ($2.39B): SUSDE’s sibling, integrated into the @SkyEcosystem ecosystem. Provides passive income from USDS deposits while staying pegged to USD. • @OndoFinance USDY ($0.58B): Real-world asset (RWA) wrapper for T-Bills. SEC-registered and targeting non-US investors. Yields around 5% APY. • @SyrupalOfficial USDC ($0.55B): DeFi lending vault that auto-compounds USDC across Aave, Morpho, and Pendle. Bridges CeFi yields into DeFi. • @OpenEden_X USDO ($0.24B): Fully collateralized by tokenized Treasuries. Licensed in Bermuda. 4–5% APY with real-time proof-of-reserves. The big picture? Basis trades have fueled SUSDE/sUSDS from <$500M to >$5.5B YTD but they’re sensitive to funding rates. Meanwhile, RWAs like USDY and USDO prove that tokenized T-Bills are still the easiest, regulator-friendly way to earn on-chain yield. But beware: yields can compress as US rates peak, and smart contract risk is real. Always check audits and insurance. And don’t just chase APY, look at what’s actually been paid. SUSDE’s lifetime payout tops $286M. sDAI trails at $117M, with sUSDS at $78M. Yield-bearing stablecoins are the cash management killer app, but the sector’s still young. Stay diversified, watch funding spreads, and demand transparency. DYOR.