terminal finance's tusde trades at 2.5% premium on pendle but captures 100% of susde's 5-8% apy through their exclusive deal. you're paying 2.5% once to lock in 5-8% annual yield on a dollar-pegged asset. pendle's december maturity forces $237m to rotate and the market still hasn't repriced this structural arbitrage. ...

Core Insights - The rise of stablecoins represents a significant challenge to the existing monetary system and highlights the need for the issuance of RMB-pegged stablecoins, particularly in regions like the Shanghai Free Trade Zone and the Greater Bay Area [1][3] - Stablecoins have seen a dramatic increase in transaction volume, reaching $27.6 trillion in 2024, surpassing traditional payment giants like Visa and MasterCard [1] - The market for mainstream stablecoins is projected to reach $262.5 billion by June 2025, a 40-fold increase since 2020, indicating a growing challenge to the current financial system [2] Development Status and Academic Research - Stablecoins are defined as cryptocurrencies that are pegged to specific assets, typically fiat currencies, serving as a bridge between decentralized finance (DeFi) and traditional financial systems [6] - There are three types of stablecoins based on collateral: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins [7] - Stablecoins can also be categorized by their yield models into interest-bearing and non-interest-bearing types, with non-interest-bearing stablecoins dominating the market [8] Challenges and Opportunities - The development of stablecoins poses challenges to monetary sovereignty, potentially undermining national economic control and financial stability [2] - Stablecoins are becoming a crucial infrastructure for connecting decentralized finance systems with traditional finance, especially in the context of accelerated digital transformation [2][4] - The internationalization of the RMB requires the establishment of a digital framework and active participation in global stablecoin rule-making to enhance its competitiveness [3][4]