mStable efficiently stacks yield with Pendle
Joined May 2019
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You didn't have to be long BTC or ETH to be in crypto this year
Cash that earns was a position too.
mStable Stacked Yield just kept compounding
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Quick Stacked Yield update.
After recently adding apxUSD PT exposure through Pendle, the vault has now exited the position out of caution.
This followed concerns around STRC and early signs of peg stress.
Stacked Yield is designed to adapt as conditions change, not stay in a position when the risk profile shifts
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The mStable Stacked Yield vault is plugging into this.
@apyx_fi apxUSD PT going in this week
May 20
$STRC digital coins now total $468M on Pendle.
Pendle now holds more over 2.45M of STRC through our 13 markets, including pools by @apyx_fi, @saturn_credit, @xStocksFi and more.
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mStable vault is leveraging back up
For now: USDe looped through @aave with @merkl_xyz rewards on top
Adding a PT position in the next few days for another 12% on a different yield engine
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Gold funding stays high when crypto funding drops. XAUT paid 12% when BTC was at 1%
Ethena is adding it to USDe backing. This means USDe yield holds up better in crypto downturns
Good for mStable depositors too
Following the recent post outlining the backing diversification of USDe, we have published an analysis of the basis trade on gold perpetuals
Tokenized gold and commodity perpetuals are two of the fastest growing markets in the industry today
Gold funding rates offer an uncorrelated source of return and tend to hold or rise when crypto funding compresses
This post explores how commodity basis trades can complement Ethena's overall basis strategy, with research from Ethena Risk Committee members
Read more below:
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11.5% monthly dividends from a stock
Yield onchain isn't all DeFi-native anymore. Different sources hold up better than one
May 5
🔥 NOW: Tokenized $STRC, Strategy's perpetual preferred stock yielding 11.5% monthly dividends is now live on Ethereum, BNB Chain, and Solana via Ondo Global Markets.
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$116M liquidated to get BTC to $80K
mStable vault didn't take that bet. Just kept earning
May 4
🚨 JUST IN: Over $116M were liquidated from the crypto market in an hour, with $114M in shorts wiped out as Bitcoin briefly touched $80,000.
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Stablecoins have already proved they can sit onchain
The harder part is making them useful in the real world
Cards are one bridge
Yield is another
Apr 30
Joshua Moss from @Visa says the relationship between Visa and the stablecoin issuers has been framed wrong:
"We view our role as bridging the gap."
"We support a number of coins and a number of chains, especially where they add value for our clients."
"Visa Direct connects DeFi clients to real-time payment networks. The stablecoin-linked card operates as a way to spend the stablecoin and make it useful."
"Whatever the underlying currency, we bring TradFi principles to DeFi."
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Only ~10% of onchain dollars earn yield
That feels way too low
The strategy can be complex under the hood
The product has to make earning feel simple for the user
Only ~10% of onchain dollars pay yield to their holders.
The category of yield-bearing dollars or tokenized funds is up ~100% YoY.
A chart to follow 👇
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