Plasma is a scalable payment and financial infrastructure based on Bitcoin that allows users to pay gas fees with BTC. Plasma aims to optimize the adoption of stablecoins, providing features such as PlasmaBFT consensus, high scalability through Reth client, custom gas mechanism, zero-fee USDT transfers, and privacy transactions.

Yala connects Bitcoin liquidity with a meta yield stablecoin. Designed as both a potent asset and a liquidity enhancer, the stablecoin, yU, operates across various ecosystems, increasing efficiency without the need for bridges or relocating the underlying Bitcoin. Yala empowers Bitcoin holders and ecosystem participants with expanded utility, all while maintaining the security of Bitcoin’s infrastructure.

Aave is a decentralized finance protocol for borrowing and lending, where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) fashion. AAVE is used as the center of gravity of Aave Protocol governance, allowing users to vote and decide on the outcome of Aave Improvement Proposals (AIPs). Additionally, AAVE can be staked within the protocol's Safety Module to provide security/insurance to the protocol and depositors. Stakers earn staking rewards and fees from the protocol.

Sperax is a yield-bearing crypto-collateralized algorithmic stablecoin protocol on the Arbitrum network. USD holders benefit from native auto-yield, meaning that they automatically earn yield without having to stake or claim. The yield is generated organically from the collateral deployed on external DeFi protocols, such as Curve Finance.

Ethena is building derivative infrastructure to enable Ethereum to transform into the Global Internet Bond via delta-neutral positions on stETH, to create the first crypto-native, yield bearing stablecoin: USDE.

Usual is a fiat-backed stablecoin protocol that plans to launch USD0, a permissionless and fully compliant stablecoin backed 1:1 by real-world assets (RWAs), and USUAL, a governance token that allows the community to guide the future evolution of the network. Usual addresses current stablecoin market issues by redistributing profits to the community, rewarding token holders with real yields generated by the RWAs.

Resolv is a delta-neutral stablecoin protocol revolves around tokenizing a market-neutral portfolio. The architecture is based on an economically viable and fiat-independent yield source. This allows to distribute competitive returns to liquidity providers of the protocol.

Frax Finance is a stablecoin protocol issues innovative, decentralized stablecoins and contains subprotocols to support them. The Frax Protocol currently issues 3 stablecoins: FRAX, FPI, and frxETH. FRAX v3 is a dollar-pegged stablecoin that uses AMO smart contracts and permissionless, non-custodial subprotocols as stability mechanisms. The two internal subprotocols used as stability mechanisms are Fraxlend, a decentralized lending market and Fraxswap, an automated market maker (AMM) with special features. The external subprotocol used as a stability mechanism is Curve.

The Reserve Protocol is a decentralized stablecoin platform that aggregates tokenized assets to create a fully decentralized stable cryptocurrency (RTokens). The ultimate goal of the Reserve Protocol is to provide an alternative to fiat currency. In January 2024, Reserve announced the establishment of two new companies, ABcLabs and Confusion Capital, with the former focusing on the development and promotion of the Reserve Protocol and the latter focusing on the development of the ecosystem.

USD.ai develops a yield-bearing synthetic flatcoin backed by compute resources, AI hardware, and network nodes. It finances decentralized infrastructure assets like GPUs and cell towers to address liquidity gaps. The platform uses $USDAI token for transactions, offering yield through asset-backed stability.

Sky is a peer-to-contract lending platform that enables over-collateralized loans by locking Ether in a smart contract and minting Dai, a stablecoin pegged to the US dollar. Dai's stability is achieved through a dynamic system of collateralized debt positions, autonomous feedback mechanisms, and incentives for external actors. Once generated, Dai can be sent to others, used as payments for goods and services, or held as long-term savings.

Lista DAO is a decentralized stablecoin lending protocol powered by LSDfi. Users can undergo staking and liquid staking on Lista, as well as borrow lisUSD against a variety of decentralized collateral. Lista aims to position lisUSD as the number one stablecoin in the crypto space, leveraging on innovative liquid staking solutions.

CAP is a stablecoin engine to break users free from the cycle of endogenous models. CAP’s stablecoin engine will produce redeemable stablecoins of various denominations, such as USD, BTC, and ETH. Their goal will be to democratize access to what was previously only available to a few sophisticated and already-wealthy actors. This includes the deepest wells of yield, such as arbitrage, MEV, and RWAs.

Avalon Labs is a BTCFi protocol aims to increase the use of Bitcoin within its platform by allowing users to unlock the value of their holdings by using them as collateral to obtain USDa. Avalon Labs also offers financial products such as Bitcoin-backed loans, interest-bearing savings accounts, and a credit card.

ORIGIN is a DeFi 3.0 protocol based on the algorithmic non-stablecoin LGNS, aiming to establish a privacy-anonymous stablecoin payment ecosystem. ORIGIN achieves stable and predictable currency issuance through advanced algorithmic technology, allowing individuals to issue algorithmic non-stablecoins and mint them into algorithmically private and anonymous stablecoins, reducing dependence on traditional central banks.

Virtue is a stablecoin lending platform built on the IOTA EVM network and forked by Liquity V2.

Level is a stablecoin protocol powered by restaked dollar tokens like USDT and USDC. Level USD (lvlUSD) is a liquid restaked dollar: a yield-bearing, cross-chain dollar token that's backed 1:1 by restaked stablecoins.

StandX is a perpetual DEX that enables users to trade with yield-earning margins. DUSD is StandX's first product - a yield-bearing stablecoin.

The MAITRIX is a next-generation stablecoin protocol, allowing AI projects to issue their own Intelligent Stablecoin backed by their native token. Token holders can use the MAITRIX to mint supported AI USDs, stake for rewards, and provide liquidity through select token pairs.

Stables Labs is a next-generation stablecoin infrastructure provider focused on creating a decentralized and bankless ecosystem for stablecoin issuance. USDX(usdx.money) is a synthetic USD stablecoin built for the crypto ecosystem.

M0 is money middleware for the digital age. Based on a decentralized architecture and best-in-class collateral design, M0 allows institutions to issue cryptodollars. It also allows for M distributions to earners and governance token (ZERO) holders. There are three main types of actors in the protocol - Minters, Validators, and Earners - all of which are permissioned via governance. Protocol variables are also managed by governance and are stored in a Registrar configuration contract.

TapiocaDAO is an omnichain money market powered by LayerZero. Its core products include Singularity, an isolated risk borrowing and lending market (based on Sushiswap's Kashi product), and Yield Box (BentoBox V2), a permissionless token vault. It also offers the ability to mint 'usd0', a decentralized overcollateralized omnichain stablecoin. Tapioca utilizes LayerZero's technology to enable cross-chain composability without the need for bridging.

Abracadabra is a cross-chain stablecoin lending protocol that allows users to provide collateral in the form of various interest-bearing crypto assets, such as yvYFI, yvUSDC, xSUSHI, and more. With Abracadabra, users can use the interest-bearing tokens they get from staking in vaults as collateral to mint Magic Internet Money (MIM), Abracadabra's USD-pegged stablecoin, and use it for other purposes.

BitVault is a decentralized financial protocol that issues bvUSD stablecoins and sbvUSD collateralized stablecoins backed by Bitcoin derivatives. The platform is permissioned, limited to whitelisted entities for lending and minting, and aims to provide institutional-grade capital efficiency, user-set interest rates, and multi-asset collateral, optimizing stability and liquidity.

USDT0 is a stablecoin built using LayerZero's OFT Standard for deployments and asset transfers to new chains. USDT0 tokens can be redeemed by unlocking the corresponding USDT on Ethereum, from any supported chain, which always maintains a strict 1:1 backing.

Palladium is a stablecoin protocol that is operated and scaled upon Bitcoin. Palladium at its core is a collateralized debt protocol. Anyone can mint PUSD using their BTC and get instant access to interest-free liquidity. Users can premissionlessly borrow up to 90% of their Bitcoin value in PUSD. The protocol implements a two-tier liquidation mechanism that allows for high capital efficiency while keeping the system stable even when the collateral ratio drops as low as 110%.

Mountain Protocol allows Primary users (users with an approved Mountain Protocol account) to purchase and redeem USDM at a pegged value of $1. It allows users to gather digital asset wallet addresses and wire details to fund their accounts. All funds in the platform are auto-converted to USDM once settled. The USDM balance can be withdrawn via direct transfer to an allowed EOA in USDM or USDC or to a bank in USD.

Fluid Protocol is building USDF, the native stablecoin for the Fuel ecosystem written in Sway. Users can get interest-free loans with a single type of collateral, and the loans will be paid out in USDF, the native stablecoin of Fluid. A fixed minimum collateral ratio must be maintained. Users can redeem USDF for their collateral at any time at face value.

Hyperstable is a Crypto-Backed, Over-Collateralized and Decentralized stablecoin that's designed to trade at one US Dollar. Borrowers can mint $USDH against supported Collateral Types.

Mento Labs is a stablecoin and digital asset innovation lab spun out of cLabs (Celo). The lab provides support for Mento's basket of cryptoasset platforms, All Mento stables (cEUR, cREAL, cUSD) are fully backed by USDC and DAI. And loyalty and engagement, regenerative finance, and risk management, monitoring, and maintenance.