When major protocols like Circle, Paxos, and Frax Finance all jumped into the fray, even offering a hefty $20 million incentive fund to bid for HyperLiquid's USDH issuance rights, we witnessed not just a game of capital, but a concentrated eruption of the strategic value of native DeFi stablecoins. From DAI and GHO to crvUSD and FRAX, the forms and mechanisms of stablecoins continue to evolve, but their core question remains unchanged: what is the true fulcrum for DeFi stablecoins?

I. Why Must DeFi Protocols Create Their Own Stablecoins?

Although centralized stablecoins like USDT and USDC still dominate the market due to compliance and first-mover advantages, the pursuit of "native stablecoins" within the DeFi world has never ceased. They are not only units of account and settlement within the ecosystem but also key infrastructure for building a closed value loop.

Taking HyperLiquid's USDH as an example, it is not simply imitating USDT but attempting to become the protocol's "financial heart"—performing multiple functions such as margin, unit of account, and liquidity hub. This means that controlling the issuance rights of USDH equates to seizing the strategic high ground for the future of the HyperLiquid ecosystem. Precisely because of this, giants like Paxos are willing to spend heavily to compete.

For DeFi protocols, native stablecoins are far more than just a tool; they are a value pivot connecting trading, lending, liquidation, and other processes. From imToken's perspective, stablecoins have gradually evolved into a "multi-dimensional asset aggregate," and "DeFi protocol stablecoins" are an important category within it, emphasizing decentralization and protocol autonomy.

II. Four Paths, One Goal: Exploring Paradigms of DeFi Stablecoins

MakerDAO and DAI: As the pioneer of the over-collateralization model, DAI has not only withstood multiple market tests but also较早尝试引入RWA (real-world assets) earlier than most to explore broader asset backing. Its latest move is a brand upgrade to Sky and the launch of USDS, aiming to expand off-chain scenarios and attract new users.

Aave's GHO: Leveraging a mature lending ecosystem, GHO uses aTokens as collateral, allowing users to earn interest while minting the stablecoin. Its circulation has now exceeded 350 million, showing market recognition for its model.

Curve's crvUSD: With its LLAMMA liquidation mechanism and support for collateral in various mainstream assets (like wstETH, WBTC), crvUSD has shown strong momentum in the LSDfi space, with a current issuance exceeding 230 million.

Frax Finance's FRAX: After surviving the algorithmic stablecoin crisis, Frax shifted to a fully collateralized model and capitalized on the LSD trend, achieving recovery through high-yield strategies. In the USDH bid, Frax further proposed pegging frxUSD to USDH 1:1 and passing through 100% of the treasury yield to users, highlighting its "community-first" strategy.

III. From Issuance to Usage: What is the Real Deciding Factor?

The competitive focus for DeFi stablecoins has shifted from "how to issue" to "how they are used." Technologically, issuing a stablecoin is no longer difficult. The real key lies in:

Endogenous Scenarios: Stablecoins need to be rooted in specific business scenarios, such as Aave's lending, Curve's trading, or HyperLiquid's derivative margins. Strong endogenous demand is the foundation for a stablecoin's survival.

Liquidity Depth: The ability to establish deep trading pools on mainstream platforms like Curve and maintain efficient exchange with assets like ETH and USDC determines its practical usability.

Composability: The ability to be integrated by other DeFi protocols as collateral, lending assets, or a yield base will directly impact its value ceiling.

Yield Attributes: In the context of competition for existing capital (存量竞争), stablecoins that can provide sustainable yields to holders are more likely to be favored.

Ultimately, the true fulcrum for DeFi stablecoins lies not in the issuance mechanism itself, but in the ability to build high-frequency, diverse use cases and deeply integrate into DeFi's value network. Those destined to succeed in the future are the "super assets" that combine application scenarios, liquidity, and yield potential—not just another coin.