According to data disclosed by Tom Wan, an on-chain analyst at 21Co, the parent company of 21Shares, the current market value of interest-bearing stablecoins accounts for 1.5% of the total market value of Ethereum stablecoins. Interest-bearing stablecoins can earn income while retaining liquidity.
The most popular interest-bearing stablecoins currently include sDAI from MakerDAO and eUSD and peUSD from Lybra Finance.
The market values of these three interest-bearing stablecoins are approximately US$1.05 billion, US$24.62 million, and US$11.49 million respectively. sDAI income comes from the income generated from the stability fees of Maker Vault and RWA investments (such as US Treasury bonds), while eUSD/peUSD mainly comes from stETH , WBETH, rETH and other liquid pledged tokens.
Tom Wan analyzed that the dominance of interest-bearing stablecoins will continue to rise, but there may be some interest-bearing stablecoin projects with different mechanisms in the future.