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.