usdat claims 11% yield on strategy's btc credit model. no direct partnership disclosed. but yzi labs backed it alongside usual's usd0 and usdai. same fund runs super validator on canton network with goldman citadel and drw processing $6t+ tokenized assets. the smart money isn't betting on yields. it's positioning across every credit stablecoin vertical simultaneously. saylor retweeted saturn feb 8. first public validation. if strategy launches its own stablecoin usdat becomes a footnote. if they don't satur ...

Investment Rating - The report does not explicitly state an investment rating for the stablecoin industry [1]. Core Insights - The stablecoin sector has experienced rapid growth globally, with various types of stablecoins catering to different customer needs [7][9]. - Stablecoins are primarily driven by the need for stability in the volatile cryptocurrency market, offering higher efficiency in cross-border payments compared to traditional banking systems [12][18]. - Regulatory frameworks for stablecoins are evolving, with many countries exploring how to legislate and regulate these digital assets [7][9]. Summary by Sections 1. Reasons for Stablecoin Development - The cryptocurrency market requires stability due to inherent volatility [12]. - Stablecoins provide higher efficiency, especially in cross-border transactions, with lower fees compared to traditional banking methods [18]. - Specific regions, such as Argentina and Russia, show increased demand for stablecoins due to economic instability and sanctions [21]. 2. Types and Project Introductions of Stablecoins - Stablecoins can be categorized into three main types: 1. Fiat or asset-backed stablecoins (e.g., USDT, USDC) 2. Crypto-collateralized stablecoins (e.g., DAI) 3. Algorithmic stablecoins (e.g., FRAX) [33][67]. - Fiat-backed stablecoins dominate the market, with USDT and USDG accounting for nearly 90% of the USD stablecoin market [35]. 3. Regulation and Future Development of Stablecoins - Regulatory bodies like the Basel Committee and the Financial Stability Board are working on frameworks to enhance the oversight of stablecoins [103][104]. - Different countries have varying approaches to stablecoin regulation, with some like the EU implementing comprehensive regulations under the MiCA framework [114][115]. - The report highlights the importance of transparency and compliance in the stablecoin sector, with major players like USDC emphasizing regular reserve audits [47][49].