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On-Chain Finance
Section

Stablecoins

A stablecoin is a claim on an issuer, not a deposit. This section covers what backs them, where any yield originates, and how they are miscounted in market totals.

    In preparation

    • Where stablecoin yield comes from

      not published

      The yield-source taxonomy, the regulatory position after the GENIUS Act, and the conditions under which each mechanism has previously failed.

    These are listed because they are planned, not because they exist. We would rather show the gap than publish a placeholder.

    One finding from our own research belongs here already: Ethena’s USDtb holds roughly 90% of its reserves in BlackRock’s BUIDL. Counting it next to BUIDL in a market total counts the same Treasury bills twice — one of three exclusions documented on the Yield Board.