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Make DeFi Great Again: Stablecoins Edition
Recorded: April 18, 2025 Duration: 0:56:27Space Recording
Short Summary
In a recent discussion, key players in the stablecoin sector shared insights on their innovative projects, including new token launches and strategies for yield generation. The conversation highlighted the evolving landscape of DeFi, with a focus on unique value propositions and the integration of stablecoins into the BNB Chain ecosystem.
Full Transcription
Oh Thank you. Thank you. Music Thank you. Thank you. Thank you. Okay, hi, hi, everyone.
Thank you so much for joining us today.
Can the speakers try speaking so we can check that everything is fine?
Hey, everyone, can you hear me?
Yep, we can hear you.
Okay.
Let's hear me.
Let's hear.
Hi, hi. Yup, we can hear you. Okay. That's here. That's here.
Hi, hi.
Hey, guys.
Hello.
How are you guys doing?
Hi, everyone.
Yeah, can you hear me?
Yeah, yeah, we can hear you.
Cool.
Nice. So, I think it's time for us to start now. I think
everyone's here. So, yep. Okay. Thank you everyone for joining us today. I'm Yenna from the BNB
Chain Marketing Team and I'll be your host today. So today's topic is about,
it's titled Make DeFi Great Again with the Stablecoins Edition.
So we invited different stablecoin projects
to today's space.
Just before starting our space today,
just a reminder that none of this is financial advice
and to always do your own research
before doing your investment.
So yeah, maybe we can start with each project introducing themselves.
Maybe we can start with Aster.
Yeah, hi everyone. This is Amber from Aster.
So for Aster, it's a next-generation decentralized exchange built for everyone.
We are committed to deliver a seamless, powerful,
and truly decentralized on-chain directives trading experience.
From one-click trading to smart automation and deep on-chain liquidity,
Aster is rethinking how DeFi should work.
Simple, efficient, and built for users.
So we do have a stablecoin called USDF, and it is a stablecoin that will be integrated into the future overall ASTO ecosystem as well. Happy to share more later.
Thank you so much. Yeah, so I think we can go with Lista now.
ListaDAO now? Oh yeah thank you Anna. So yeah hi everyone this is Kay from Lista. I guess we are a
BSC native project and we've built on in 2022. Currently we're building around the narrative
of BNB5. We at ListaDAO currently have three product lines. First is our CDP
stablecoin, which is our ListUSD. Second is our BNB liquid staking. Third is our new P2P lending.
And yeah, that's a bit about us. Thank you so much. Athena, can you guys introduce yourselves?
So, I'm Steven from Athena.
We launched early last year.
We have two main products.
Our flagship product is USDE,
which is a centric dollar backed by spot collateral Bitcoin ETH
and corresponding short perpetual futures so this is a delta neutral
trade that generates yield from uh the funding rate and the basis uh in 2024 we averaged around
18 percent apy uh we also have a secondary product that we launched late of last year called usdtb
that is a t-bill backed stableed stablecoin. So combined, we have over
6 billion in TBL right now.
We recently launched
or expanded into BNB chain
a few weeks ago, so now we're live
on PancakeSwap, Venus,
Euler, and
Pendle.
Yeah, welcome to
BNB chain.
So next we can go with Aegis.
I hope I'm pronouncing it in the correct way.
Yeah, you were almost correct.
It's Aegis, but yeah.
Hey everyone, it's Ermin.
We are Aegis.
We are building a delta neutral stablecoin that is backed by BTC.
So essentially what we do, go long spot btc and
hedge it one to one with btc margin perpetual shorts um so what it enables us it enables us
to create a position that is not exposed to to the price movements of the underlying collateral
collateral and also it enables us to generate yield on the funding rate on our short
position that we distribute to to the holders of our stable coin so uh we recently launched
natively on bnb chain uh so we already integrated uh with we have our walls on on oiler i think it's
on Euler. I think it's the second largest vault right now on Euler with our vault provider K-Pre.
And also we will be doing a lot more integrations on BNB chain, so stay tuned. Happy to share more
about that later. Yep, it's great to have you guys here with us today.
So next we have also Stable Labs.
Can you guys introduce yourself and the project?
Good morning, GM, GM, everyone.
It's Flex from Stable Labs.
And actually, what we are doing is actually
to provide financial stable and convenient solution
for real world as well as DeFi and CFi world.
We just want to build the next generation of super collateral and we follow pretty much similar roadmap as Athena. We have a delta neutral stablecoin which is number three now on BSC
called USDX and we are launching our second stablecoin USD0X which is a tBO back stablecoin.
coin usd 0x which is a tbo back stablecoin so yeah let's uh make defy great again thank you
thank you everyone for your introductions uh yeah today we have a lot of stablecoin projects so i'm
like very excited about today's um space so i think we can now start with the questions um so
the first question is since every all the projects today are on the BNB chain ecosystem,
what unique value does your stablecoin bring to our ecosystem and more particularly in the
context of DeFi for users or merchants? Yeah, can you guys help us with this one?
Can you guys help us with this one?
Yeah, so maybe I can go first.
Yeah, so for ASTRO,
previously we were called ASTROs,
so that's why we are providing this USDF.
USDF is a fully collateralized and
yield-barried stablecoin issued by SG Ross,
which is the previous name of about ASTA.
It is convertible one-to-one with USDT
and designed to generate passive returns.
For Earthrise, the USDF is native to BNB chain.
The overall underlying USDT is used to create
delta neutral strategies similar to some of our participants in today's space.
So it's aimed to unyield while minimizing exposure to price wins.
So for USDF, this strategy actually helps support the staked USDF rewards of up to 15% APY.
As we are native to BNB chain,
and now we are shifting to a more broader defined concept of Aster.
So USDF actually is one of the stable coin
that we will be integrated into even multi-cledger and all the things.
So for us, right, we are creating this stablecoin
for the broad ASTOR ecosystem.
So actually you can earn rewards within,
you can earn passive income holding USDF,
while within the ecosystem,
you can also use USDF for multiple utilities.
Just for example, nowadays you can use USDF for multiple utilities. Just for example, nowadays you can use USDF to open perpetual
positions on ASTOR as collateral and in the future we will be supporting more and adding more,
basically adding even more combined cases for the USDF within this PROP ecosystem.
Oh, nice. Thank you so much for your answer. Maybe now we can hear the answer from Lista.
Yeah, thank you. I guess just to start off and clarify a bit, ListUSD might be a little different from all the other stablecoins here today because ListUSD is actually not a yield bearing stablecoin, but it's our over collateralized stablecoin through CDP.
So like Aster's stablecoin and stablelab's stablecoin like USDX, users can deposit them into our CDP and then get our stable coin with USD.
I guess you can see it more as the older MakerDAO model of stable coin.
allows users to borrow out our stable coin when they collateralize one of the other assets they have,
such as like BTC, other stable coins, Ethereum, BNB.
And I guess to give a little bit more info here is like users will wonder like why,
if a user has crypto already, why would they even want to collateralize and pay interest to
lend out another asset? So I'll put it really simple for users. I guess it's if they aren't
really familiar with the lending markets, say that you hold BTC from really long time ago,
for example, 20K when you bought it and you don't want to sell it, but you still
appreciate the continuous growth and you still want that liquidity to do something else. That's
where this mechanism kicks in and users can stake that asset into the CDP and then borrow out our ListUSD. And with ListUSD, you can basically do any strategy that you would prefer.
You can buy assets, trade assets.
It's listed on PancakeSwap.
You can go, ListUSD is also listed on EARLer2.
And you can do whichever strategies you would prefer.
Nice. Thank you for your answer. and you can do whichever strategies you would prefer.
Nice. Thank you for your answer.
Can we have the answer from Athena?
Sure. So I think two things. One is usage as collateral.
You know, USD and SUSD is deeply integrated in DeFi. On Ethereum mainnet, over 50% of TVL on Pendle is driven by Athena.
Over 15% on AVA is driven by Athena and a significant portion for Morpho, Euler, etc.
So this is definitely something that we also want to try to replicate on BNB chain as well.
And USD, you can even use it on centralized exchanges
like Derbit and Bybit, where there's an incredibly powerful use case.
You can hold USD as collateral that earns yield every day
while using that as a margin to trade perps.
So it turns positive funding into neutral or even negative funding
where you get paid too long.
Second is a proven track record.
We've gone through multiple black swans.
We've gone through the largest notion of crypto liquidation ever, the Bybit hack, where unfortunately
they were in the hole for $1.4 billion.
We were fully collateralized through all of that and maintained the peg one-to-one.
You know, I think when Athena came out last year there were probably tons of fun within the community
about the different sort of bear cases or black swans.
And I think Athena experienced this
about every fun you could throw at it
and USD is still fully collateralized
maintained the peg throughout all these events.
So I think that's another sort of key differentiator.
Thank you for your answer.
So can we help the answer from a case?
Yeah, so I think our key differentiator is that we are not relying
on the fiat banking world and
stable coins that are backed by by fiat so the industry has been working towards you know
reducing dependence on centralized stable coins and at ages we chose to use btc margin perpetuals
specifically to avoid this USDT exposure.
So essentially, if tomorrow something happens to any other stablecoin
that is backed by fiat, we will be safe.
And that architecture and structure allows us also to provide this native yield
for BNB users.
And our goal is to provide a simple user-friendly product that bnb chain users can
can use with one simple click you basically start earning yield on your idle cash um and the second
uh use case of our stablecoin is obviously that you can use it as collateral in DeFi.
I think it's more for the users that has some experience in DeFi and are more crypto-native.
So basically you can take YUSD and collateralize it on Euler.
USD and collateralize it on Euler.
Also, we will have other integrations coming up.
So there will be more use cases on BNB chain for YUSD.
But for now it's Euler and also we'll list on PancakeSwap
so we can exchange our stablecoin to other assets.
But essentially, yeah, I think our long-term vision is to provide simple, user-friendly,
completely independent from the fiat banking world product that would have this narrative and thesis
that stablecoin should be fully crypto native
sounds great thank you for your answer um can we have the answer from stable slabs
yeah thank you yana um actually yeah uh i i really appreciate what previous people projects mentioning, mentioning about the yields, right?
So I think the unique value we provided,
we'll provide is actually,
we can actually kind of provide multiple layer of yield.
Right, so recently maybe you have noticed
that there's news on like OKEx,
they have a cooperation with Standard Charter
and iBenji to actually providing a line credit in the exchange.
So what we want to do is actually previously this kind of product is only available for, I would say, institution or institute players.
But from our stablecoin perspective, we really want to democratize this kind of thing, this kind of yield, right? So we want to bring the users, number one, the TBO yield,
and plus the delta neutral yield, plus like our own like a
token yield and other DeFi projects yield.
So I think it defies nature that can actually combine
everything together, like Lego.
I think that would be the important element for different kind of projects, like today's
all the projects to actually combine all the yields together.
So I think democratize this kind of yields to the general public.
I think that's the most important thing for us to actually achieve so yeah
thank you well thank you so much for everyone's answers um so right now everyone mentioned
different type of of working mechanisms such as neutral strategies over collateralization
so wondering like um how does like uh does each stablecoin generate this yield or interest
and what makes this approach sustainable? Can we start with Aster now? Thank you.
Sure, sure. Definitely. So for us, first of all, we confirm the USDF to USDT. So we make sure the USDF to USDT is 1 to 1 pack rate
so that USDF can always be redeemed
at 1 to 1 ratio for USDT.
And the rewards actually will be calculated
into SUSDF, which is the stake USDF.
So the overall strategy is delta neutral.
I mean, just make it very short, right? Basically,
delta neutral strategies is to deposit the USDT funds into the Binance and to buy spot and short
perpetual positions on several specific assets.
So buying spot is effectively long and it profits when the price of assets increase.
On the other hand, the short position profits when the price decreases.
So in this case, the overall net position remains neutral in terms of the market exposure
and the USDF generates revenues from trading fees, interest rate
differences and the returns will be relatively stable.
So for this ride, the value of USDF stays consistent with any
gains or losses being offset by the balanced position.
So we are also setting several cap limits for the USDF mint
because for certain strategies, we will take very strict risk control.
So in this case, for users who mint USDF, we make sure the pack and the return and when the strategy can be even more scalable,
we will also increase the minting cap for more users to enjoy the benefits of the USDF and ASUSDF?
Yeah, I think that was a pretty good explanation about how Aster works.
So I think we can now go with Listed DAO.
If you guys could provide an answer, that would be great.
Yeah, so Listed USD, as mentioned earlier, If you guys could provide an answer, that would be great. Yeah.
So ListUSD, as mentioned earlier, it doesn't really generate yield for users.
You actually need to pay interest rates to borrow out ListUSD.
But the main, I guess, the concept here is to actually just help release the potential capital efficiency for the collateral asset.
So once a user uses RCTP and borrow out ListUSD, then the earnings are quite flexible.
You can go about any trading strategy or any strategy you like.
You can even swap ListUSD to USDT and then even buy in another stablecoin if you prefer
that yield and you think it can bring in more yield strategies.
So I guess ListUSD is more like an enabler.
It enables you to unlock liquidity and optimize your capital based on your personal strategy.
Thank you for the answer.
Can we have the answer of Athena?
Sure, so it's pretty simple.
Athena's USD is backed by long spot crypto
and short crypto features.
So we're Delta neutral and key to the design is
our spot collateral is held at
custodians and through a
triparty agreement called
Off Exchange Settlement, this collateral
gets married to exchanges
to short the futures.
As I mentioned previously, the
yield in
2024 was about 18%.
That was probably abnormally high
and going forward we'll probably see
anywhere between 5% to 15%.
It depends on the funding rate,
as well as the stake rate,
where you have to stake USD for SUSDE,
which actually earns the yield.
Okay, thank you for the answer.
Can we go to the next speaker, Aegis?
Yeah, sure. I would say our structure is similar to Athena's. So essentially, we receive the collateral.
When you basically mint the stablecoin, we move the collateral to the custodian and then we open positions on the exchanges.
So we will go along spot BTC and we hedge it one to one with BTC margin perpetual shorts
and receive funding rate on top of that.
And we basically never move the collateral to the exchanges.
All the trading operations are done through off-exchange settlement solution.
So in that way, we protect the collateral. It never moves to exchanges and we are independent
from this third party risk, except for the custodian risk. Obviously, if the custodian
fails, that could be potentially a problem, but most of the custodians have the structure that protects its basically clients.
So, yeah, we received the funding rate last year.
If you look at the history, funding rate was 73% of the time positive.
So I would say 73% of the time we would earn yield.
The rest of the time,
sometimes funding rate goes into negative territory,
but that is basically offset by the insurance pool
that we have.
And essentially, if the funding rate stays negative
for longer periods of time,
we could employ some different strategies to offset
those periods. The yield that we generate currently is around 5% to 6%. I think by the end of the year
on average, it should be anywhere from 8% to 12%. It all depends on the on the volatility of the funding rate.
But yeah, last year it was much, much, much better environment for the funding rates.
This year we expect it to be a bit lower, but still in the vicinity of like 8 to 12 percent um so yeah i think this is the beauty of this is uh that crypto
enables you know to tokenize this strategy that was previously available for like hedge funds and
regular users could not have access to to the this strategy and earn the yield with a simple product.
And now we can enable it for every user.
Thank you for your answer.
Now we can go with Stableslabs.
Right.
So for Stableslabs, we have two products.
But the first product, pretty similar to other players as well, like a funding rate arbitrage.
But I would like to talk about the second product, like USD0X.
Our yield is actually generated from the TBO, we will custody with Standard Chartered Bank at Dubai.
And then we kind of have our line of credit available in the exchange, like a trade party agreement just mentioned by Stephen.
And then we can actually do the data neutral trading again while the strategy is available for people.
strategies available for people so fundamentally we have the like tbo yield and plus on top of
So fundamentally, we have the TBO yield.
that we can have the c5 yield as well as some sort of qualify yield if available in the future so
fundamentally we are building the uh the fast block first block of the fundamental uh yield
structure so uh in the future there will be multiple kind of other protocols providing other yields for our product.
So I think what we are doing now, I mean, not just me, but everyone here, we are doing the fundamental, the infra, right?
So in the future, when people are building blocks over our stablecoins for everyday users, for BNB users, they will be able to access to all sorts of yields
from C5, from DeFi, from Tratify.
So that's actually our mission, right?
Okay, thank you for everyone's answers.
I think that really helped us, or myself at least,
to understand the mechanisms between behind each stablecoin
so now that that we've understood and gone through how each stablecoin work operates um i think now
the next question we can go more to the practical side where each project can explain us like how
like users or people listening to us can use each project's stablecoins,
depending on their purpose on each platform.
Yeah, speakers can feel free to just answer without me interfering in the middle.
So yeah, we can start now.
Cool. So for the USDF, it is very simple. So basically, go to Aster's main page.
Then first of all, the first step is you need to mint USDF using USDT.
Then after you get the USDF right, there are several choices for the users.
To earn the original yield of USDF, you need to stake USDdf under the extra earn section so you will be able to see the na nav
of the susdf then once you mint you then you can deposit your usdf to the su usdf pool so basically
just take your usdf there and holding the sus, you will be earning the original stablecoin yield.
However, that's not the only yield generation revenue.
So you will be able to use SUSDF or even the original USDF to earn more. For example, with the SUSDF,
you can go to Pando to structure
SUSDF LP or split into YT and PT
to generate more real yield or even enjoying
more ASTAR points,
which is the algebra points.
And also, you can also structure the LP in the pancake pool.
So in this case, you will be also enjoying more AU points,
the algebra points and farm for the Aster algebra.
Last but not least, we actually actually we have quite a lot ecosystem partner
for users to an additional yield based on USDF or SUSDF.
But basically you guys can check under the ecosystem section.
Then when you, so you can not only holding the stablecoin itself,
but also you can add additional layer of the yield
by depositing or stake or structure LP into our partner site.
Yeah. Sorry, did I cut?
Sorry, my bad. Go ahead.
Okay, okay. Sorry. I guess for ListUSD, I'll give you guys a really unique user case, a case study that's only for BNB.
That's only for BNB.
So because Lista, we're doing like the BNB Find Narrative,
where we help users unlock their capital efficiency
for like finance launch pools, right?
So I guess in this way, how does LISTSUSC fit into it?
It would be, it's a big, the biggest value add-on.
For example, if you have BNB or you have
SLIS BNB, what you would need to do is you will stake your BNB or SLIS BNB into our CDP.
When you stake it in our CDP, you will get a token called CLIS BNB. And this C-List BNB will farm launch pool yields for you automatically.
And then at the same time, you will be able to borrow out your list USD, your capital efficiency
and do another strategy. So the basic logic, breaking it into like really simple terms would be like breaking a penny into two, where you can have your BNB farming the launch pool rewards on your left hand and then getting the LISC USD, I guess, capital efficiency on your right hand.
and the steps are pretty easy if you have like BNB or SLS BNB.
Just go to ICDP, deposit them,
and then you need to delegate your SLS BNB into your Binance MTC wallet.
And then the third step is just lend out LISC USD.
And then you can use like the next step would be
do whatever strategy you will like with the list USD and I
guess this approach gives BNB holders like three simultaneous revenue streams if you're using
SLIS BNB it would give you first of all the staking rewards second of all when you stake it in the
CDP you will get launch pool farming.
And third, you will get that borrowed out liquidity.
So it really helps users that they don't want to sell their BNB or they have their BNB in like really, really early time.
And yeah, this is, I guess, something that I wanted to share that's unique about ListUSD.
Yeah, for Athena to get started, you can go to our front end. It's Athena.fi and we have a widget
where, you know, in one portal you can onboard FiatDirect to USD or swap into USD with USDT or USDC and bridge it instantly to
BNB chain. And within BNB, I guess a few things that could be interesting. One is locking in a
fixed rate. So on Pando right now, I think the Athena Pando market is about 8% or 9% PT,
so that you can lock in. Another is providing liquidity on PancakeSwap,
either against USDT or against SUSDE.
You also earn Athena rewards from doing that,
as well as the inherent swap fees and all that.
And finally, we've worked with a few curators
to have SUSDE on the B&B market for Euler.
So you can borrow against SUSDE.
And, you know, your collateral is earning 5% to 15%,
and you can borrow at below 4%.
So that could be an interesting use case as well.
Yeah, I'll go next.
So, yeah, for us, you just go to our website, ages.im,
and you can access our web app,
and you simply can buy a YUSD via Uniswap or CURB pools.
So I think for BNB users, what is crucial with our setup is that,
and important is that we are natively launched on BNB chain so essentially you can claim rewards on BNB chain
directly without moving liquidity elsewhere so I would say our product is
very simple there is currently no staking available so we just buy the
stable coin and you claim the rewards once a week but we take snapshots every
eight hours so basically you you buy uh yusd and hold it uh for for as long as as you want uh the
longer you you hold obviously the more rewards you you receive the more yield you you achieve so also we we launched um points program so these are the
rewards that will be uh converted in our governance token utility token uh so this is additional boost
for for the rewards and yield for the early participants in in ages specifically for BNB chain you can use YUSD and supply it as a collateral and
borrow against it on Euler as well and I think right now there are two pools
available so yeah basically using this DeFi strategy to boost your rewards you
can also opt in for that we will also have different
integrations coming um so stay tuned and obviously there will be more more rewards
with those integrations and more use cases for yusd
why you use the
yeah so um i think uh uh previous several projects just pretty much cover everything that
we're doing as well uh but i want to at one point um it's it's also our look for the coming
coming like a new new new new features on blockchain i think ai is going to be very
important uh so in the future just uh outlook uh so in the future when people will or everyone
interact with crypto there will be ai agents helping them so it's not necessary for us to
think about what kind of strategy we even uh try to go through lots of operations on chain with AI agents help maybe
in the future when the AI agent becoming more powerful like those kind of AI agents could
help us to actually relocate all the funds into different kind of projects protocols and
yields so what I believe is actually yeah so, so maybe we may soon, like, actually ignore all the complicated operations on chain.
So in the future, it's an outlook for actually 2025 that, yeah, some projects will come out to actually help other people to actually earn the yields so easy just to communication with AI rather than like
complicated operations on chain right so that's what I think yeah yeah thank you so much for
everyone's answers I hope that was illustrative enough for anyone to everyone who's like joining
us today to start using their stablecoins.
So as a last question, this is more like a general question
and a personal one probably,
but how do you see the stablecoin market evolving this year
and what trends should BNB chain users watch for?
So basically speaking, right, for us,
the main strategy is the Delta Neutral strategy.
However, we do see some limitation regarding this strategy.
So for, not only for us,
but also for yield-bararing stablecoins, right?
We believe that expand the revenue streams
will be the next key things
basically for the stablecoins participants.
For example, for us,
the delta neutral strategy has the limitation
during market downturns,
especially when negative fee rates become prevalent in the market.
So for USDF, for us,
we are looking to diversify its revenue streams,
such as integrating DAI lending strategies.
So this could look like leveraging nice collateralized lending platform,
allowing for more stable return during the market stream,
extremely volatility or downturn.
So the first thing is expand the revenue stream.
And the second thing is find a more sustainable,
even a more sustainable way for scalability.
And last but not least, for the stablecoin users, from a user perspective,
we also need to take a look at the utility cases.
The more utility the stablecoin has, the more circulating,
but basically the more utility you have
and the more you can have to even unyield
or even use this stablecoin to play around
the overall ecosystem.
Yes, that's the three key things I think users and also projects
will be considering regarding the stablecoin and even the yield-bearing stablecoins.
For Lyssa, actually for me personally,
because I'm not really an expert in yield-bearing stablecoins,
but I think something that would be really
interesting would be like T-Bill yield bearing or RWA yield bearing. A key point that could
relate to more of what we're doing on List of DAO is, I guess, stacking more reliable yield on top
of each other. And what I mean is because cause this year we have the BNB5
where we helped BTC users tap into the BNB launch pool rewards.
And I guess maybe in the future,
there could be strategy where users stake their
yielding Sablecoin asset
and can be tapped into BNB5 launch pool rewards
such as like, so BTC with our previous integration that would
be really fun because the launch pool rewards actually unlock more than 10 to 20 percent it's
kind of um throughout the past year it might be 29 percent and um I think that would be
really really good yield for stablecoin if that route would be doable.
Can we have the answer from Athena?
Yeah, sorry. Can we have the answer from Athena?
Yeah, sorry.
Yeah, I think a few things. One is, you know, there's only really a few vectors for stablecoins to differentiate.
And I think some of the main ones are liquidity and yield.
And I think what a lot of stablecoin issuers have realized over the last few years is actually really hard to tackle the liquidity boat that Heather and USDC has. For instance, PayPal has tried to throw tons of money
and tried to grow their stablecoin, but even then, they haven't really come close. USDG is having a
go at it now and a lot of other ones will. So that's expensive, difficult, and you have to do
it for a really long time before seeing light at the end of the tunnel.
So I think what we're going to see is going into the next year and next few years is more stable coins competing more on yields,
where they try to attract users by paying out higher yields, either by way of design or through marketing expenses.
That's something I pay attention to. And something else is, I think, from speaking with a ton of institutional players,
is a lot of TreadFi and Web2 players
are going to try their own stablecoin strategy.
So I think the vertical could end up very fragmented
going forward as all these players have a go,
which I think is a time for opportunity,
but also something to watch out for.
Yeah, I also think that there will be much more stable coin issuers in the market in the coming years.
But what we expect is more strategies to be tokenized because you know crypto enables uh even with this basis trade strategy
that we are doing is basically freeing this strategy to and opening up it up uh to the
broader uh user base and basically this tokenization of different strategies can
this tokenization of different strategies can offer much more opportunities for stable coin issuers
and provide find more ways to deliver yield to the end user i think our goal is first to build out
and you know to prove this first product which is a Basis Trade stablecoin, a delta neutral stablecoin.
And then we will go into other directions and launch new stablecoin products that would be based on different strategies, maybe in DeFi.
may be in DeFi and that will offer more yield opportunities for the users and
also will enable us to attract more liquidity to the stablecoin but I agree
with Steven that you know there are two two main points is basically liquidity
and the yield opportunities and both are in the current market environment is hard to find.
Yeah, so yeah, just as I mentioned previously, I believe in AI driven strategy in the future,
on chain, and then I think there will be definitely a CD-Trade 5 prime broker,
but not yet here, but I think someone will be definitely a CD-Trade 5 prime broker, but not yet here.
But I think someone is developing them.
So all the stable coin for our B, the underlying collateral for those CD-Trade 5 prime broker.
And as well as as long as we have been able to access the real world assets,
I think that will be another side.
So fundamentally, yeah, I think
as long as the market is kind of like a low yield environment,
in environment, so yeah, we, those projects with this protocol
will be definitely looking for kind of combinations of yields.
But if the market turns better,
namely if we see that if the Fed is going to print,
as we can foresee now,
lots of things will change again.
So those RWA yield will again becoming less attractive,
but the major yield will be coming from like a crypto market again
so i think in the future there will be a so-called uh ai driven rebalance of different kind of uh
stablecoin strategies so yeah i think that's what i can see thank you yeah thank you everyone for your insights. I think a common theme here is the market sensitivity issue where we are kind of expecting
a bear market, but we'll see what happens during this year.
So we're done with the question section.
So we are almost finalizing with today's phase. The last part is the conclusion part. So
each project is free to share like any upcoming news or development updates that you guys want
to share with our community and any last words that you want to share.
you want to share
sure so for us right as i introduced before as turn now is focusing more on
the perpetrating side so for the usdf holders we will be
supporting even pt usdf in the future for you to
use it as collateral to open positions so why not just to
try for now usdf is already in the collateral list.
So why not just go and try enjoying the benefits
of the USDF and even deposit into Pando
to enjoy the additional yield.
Then in the future, even you are just within the PTUSDF,
you will be able to use it to open position as well.
For Lista, the most exciting thing currently is that we just launched our new product line, Lista Lending,
which is the new B2P vault market lending layer. And with this new product, we surpassed our TBL for $1.3 billion in hold.
Currently since right now there is still a Binance launch pool, users can borrow from
our BNB vault for as low as like 1.34 interest rate and that typical launch pool giving an
APY of around 20 to 30%.
I think there's, I guess, really good farming strategy here.
And we've even listed our PTC list BNB tokens so users can do looping.
Again, of course, not financial advice, but everyone should do their own research
on it. But I think this helps tapping into a lot of different strategies for BNB holders.
And even for non-BNB holders, because you can deposit, I guess, such as like Ethereum or BTCB
to tap in that kind of strategy.
Yeah, thank you.
Yeah, for us recently, we announced Converge,
but that's probably not too relevant for this spaces.
So I'd say just, you know, be on a lookout.
We recently launched on BNB Chain only a week ago.
So be on the lookout for new integrations and new rewards.
Yeah, and as for ages, we are native on BNB chain. And I think the upcoming integration that we'll
have is with Pendle. So expect it's in the work and it should be launched very soon so users will have a new use
case for yusd on bnb chain on pendle and yeah other integration that we have upcoming they will soon so everyone can go to our x account or to our blog post and track the upcoming integrations
and announcements there so yeah yeah right so we are at the final stage of testing our next product, USD0X. So once
we have done all the testing and all the things are ready, we are going to bring the market
the multiple layer products, TBO plus Delta Neutral plus other yields. Thank you.
Okay, so thank you so much for everyone's insights today.
So to give a brief recap of today's space,
firstly, we learned how our guests' projects today
interact with BNB Chain and the BNB Chain ecosystem.
Afterwards, we learned how the mechanism behind each stablecoin works.
And afterwards, we went to the more practical side of things where we were guided on how
we can use each platform, each stablecoin as well.
And also lastly, we had like a brief insight part where we saw like what we can expect
for this year and what future development each project has.
So yeah, I think I hope this was a really insightful session,
insightful time for everyone.
And thank you so much for everyone who joined us today.
Take care, everyone.
See you next time.
Bye.
