A review of 8 stablecoin projects worth following recently

Are stablecoins only used like the US dollar? This may be our longstanding impression of stablecoins. With the advancement of compliance and the narrative of mainstream adoption, the stablecoin sector is welcoming an increasing number of project parties entering the field, and there are also more and more opportunities worth following to earn profits. Many top VCs support stablecoins that can be leveraged.

Here are the stablecoin projects worth following, as summarized by Rhythm BlockBeats.

cap

cap(@capmoney_) is a new stablecoin protocol on the Ethereum mainnet, officially launched on August 18. The project announced the completion of a $11 million financing in April this year, with participation from Franklin Templeton and Triton Capital.

The stablecoin protocol features a dollar-denominated stablecoin $cUSD minted through USDC, as well as $stcUSD, which generates yields through staking $cUSD. Currently, the first phase of the protocol's points system "Caps" has been launched alongside the protocol, allowing users to mint $cUSD to earn Caps points for a duration of 2 weeks.

Currently, the TVL displayed on its official website is approximately 15.5 million US dollars.

USD.AI

USD.AI(@USDai_Official) is a stablecoin protocol that provides credit for AI hardware (AI companies obtain loans by collateralizing GPUs) and will officially launch today. The project announced on August 14 that it completed a Series A funding round of $13.4 million, led by Framework Ventures, with participation from Bullish, Dragonfly, Arbitrum, and others.

The stablecoin protocol features a dollar-pegged stablecoin $USDai minted through USDC, as well as a yield-bearing $sUSDai issued by staking $USDai. Along with the protocol's launch on the Arbitrum network today, there is also a protocol points activity called "Allo."

This event is divided into two parts: one part involves minting $USDai to obtain future ICO quotas, while the other part involves staking $USDai to receive future airdrops. Although staking can yield interest and airdrops, there is also a 30-day lock-up period.

The current total deposit cap for the protocol is 100 million USD, and the total deposits during the previous Beta phase have already reached 50 million USD, so the remaining quota for this market-facing public round is 50 million USD. For the "Allo" event, the project party's valuation is 300 million USD FDV, and the event will end when the total revenue paid by the protocol reaches 20 million USD.

Level

Level(@levelusd) is a stablecoin protocol fully backed by USDC and USDT, issuing $lvlUSD. By staking $lvlUSD, users can earn $slvlUSD and apply it in DeFi applications such as Curve, Pendle, etc. On March 18, the protocol completed a $2.4 million funding round, with investors including Flowdesk, the crypto fund Native Crypto under the Echo consortium, venture capital firm Feisty Collective under Path, and other angel investors.

In August of last year, the protocol developer Peregrine Exploration completed a $3.6 million financing round, led by Polychain Capital and Dragonfly, with participation from Robot Ventures, Pier Two, EIV, Global Coin Research, and angel investors such as Balaji Srinivasan, Jeff Fang, Julian Koh, and Sidney Powell.

The protocol has a points system "XP", through depositing $lvlUSD or Curve LP tokens into the "XP Farm", providing Level assets as collateral on Morpho, and other means can all earn XP.

OpenEden

OpenEden(@OpenEden_X) is not just a stablecoin protocol, but also a RWA platform. Its stablecoin $USDO can be minted through USDC and $TBILL, with reserves collateralized by tokenized U.S. Treasury bills and money market funds.

$TBILL is also the token of OpenEden, with each token backed by short-term U.S. Treasury bills and dollar reserves. On June 20, 2024, credit rating agency Moody's granted the licensed fund for tokenized U.S. Treasury bills issued by the investment platform OpenEden an "A" rating, making OpenEden's TBILL token the world's first tokenized U.S. Treasury bill product to receive an "investment grade" credit rating.

The project has received investment from Yzi Labs, and the TVL of $TBILL is currently approaching 300 million dollars. On August 14, OpenEden announced the launch of the native token $EDEN, with 7.5% of $EDEN allocated to participants in the "Bills" event. Bills points can be earned through a series of activities related to $USDO and $cUSDO.

Falcon Finance

Falcon Finance(@FalconStable) is a synthetic dollar stablecoin protocol launched by DWF Labs. Currently, the protocol's TVL has reached 1.4 billion dollars.

The protocol has a points system called "Miles", which allows participants to earn badges by engaging in various actions of Falcon Finance, as well as to accumulate points by participating in a series of activities related to $USDf and $sUSDf.

Perena

Perena is a stablecoin infrastructure protocol in the Solana ecosystem. On December 11 last year, Perena, founded by Anna Yuan, the former stablecoin leader of the Solana Foundation, completed approximately $3 million in Pre-Seed round financing, led by Borderless Capital. On July 3 this year, Perena announced the completion of a new round of financing, which attracted over 350 supporters, including institutions such as Susquehanna, Native CryptoX, and Hermeneutic Investments.

The $USD* of this protocol is supported by USDC, USDT, and PYUSD. When users deposit USDC, USDT, or PYUSD into the Perena seed pool, they can receive $USD* as a reward.

The protocol has a points system called "petals". Currently, the first two phases of activities have been completed, and a new round of activities has not yet started. However, the project party has indicated that obtaining and holding the minted $USD* will be the main incentive for the new round of activities.

Noble

On November 19, 2024, according to Fortune, the stablecoin company Noble completed a $15 million Series A funding round, led by Paradigm. This project is a chain specifically built for stablecoins and RWA, but it has also launched its own stablecoin $USDN.

The project has a points system, currently in its 2nd season, and the way to earn points is by depositing $USDN into the official points pool. So far, over 53 million dollars worth of $USDN have been deposited to earn points.

Resolv

Resolv is a stablecoin protocol issuing $USR, which is pegged to the US dollar and fully supported 100% by ETH, hedging ETH price volatility through perpetual futures. On April 16, according to CoinDesk, Resolv Labs announced the completion of a $10 million seed round financing, led by Cyber.Fund and Maven11, with participation from Coinbase Ventures, Susquehanna, Arrington Capital, and Animoca Ventures.

The protocol has a points system, and the points activity is currently in Season 2. Completing a series of tasks assigned by the project party will earn you points.

Conclusion

In addition to the stablecoin-related projects with direct point systems available for interactive participation mentioned above, there are many other noteworthy stablecoin-related projects, some of which are even more significant. For example, the Bitcoin L2 Plasma, which is personally supported by Tether and focuses on "no-fee stablecoin chains"; the L1 chain Stable, also backed by Tether and supported by the unified liquidity protocol USDT0 from Bitfinex and USDT; and the new public chain Arc, specifically for stablecoins, announced in Circle's financial report for the second quarter of 2025, which is dubbed the "first stock of stablecoins."

In addition, the high-performance, payment-focused blockchain Tempo, built in collaboration with Paradigm and Stripe, is also under development, and the Trump family company WLFI has issued the compliant stablecoin USD1 on the BNB Chain.

As the next "battlefield" in terms of Compliance and public adoption, the stablecoin sector deserves more of our follow.