Late night stablecoin research, might as well share the quick findings.
$USDfr
► Issuer:
@forestroadvault
► Yield: 35%
► Backing: Media, Entertainment, and Energy Receivables, and Market-to-Market lending
► Also: Forest Road seems to have self-owned junior capital and a back up reserve posted by sGROVE stakers, this makes sUSDfr more interesting; but entertainment receivables feels high risk. High yield also likely from staked/unstaked mechanism, since underlying yield is like 16%
$USDx
► Issuer:
@AxisFDN
► Yield: 17.61% APY
► Backing: CEX/CEX Arbitrage
► Also: $13M in liquidity is nuts, they've been around (without a vault) for years. CEX risk is real.
$oTFY
► Issuer:
@obligatecom
► Yield: 8.75%
► Backing: Unsecured BBB bonds
► Also: I haven't signed up to see if there are a diversified set of ratings, but it's on Kamino as collateral, so I had to check it out
$USD.infra
► Issuer:
@dawninternet
► Yield: 9.9% APY
► Backing: AI Infrastructure (similar to USDai?) lender and ISP?
► Also: It's a bit strange, basically small internet providers take loans from Dawn to expand their networks; hard to underwrite imo
$kicUSDC
► Issuer:
@kamino
► Yield: 8%
► Backing: Institutional copper trade financing
► Also: I'm biased towards this because I like Kamino
IMPORTANT NOTE: I'm just researching out loud, this is NOT an endorsement of any of these.