Asia Web3 research and consulting firm Tiger Research stated in its report 'New Foundations of DeFi Reshaped by Yield-Bearing Stablecoins,' 'While sUSDe supply sharply decreased, funds flowed into USYC and sUSDS, which have lower yields. Rather than an outflow of capital, the selection criteria within the same market have changed. The criteria for differentiating assets is no longer deposit yield (APY). Whether they can be adopted as collateral, savings products, or reserves is becoming more important.' The report covered main topics such as △Is Ethena (ENA)'s sUSDe collapsing? △What's more important than APY: Institutions and underlying assets △Delta-neutral strategies and Real-World Assets (RWA) △Current direction of the yield-bearing stablecoin market.
