The best stablecoin yield opportunities ($10M+ in TVL). Data by @stablewatchHQ ↓ • @MidasRWA $mF-ONE — 16.56% APY Yield comes from Fasanara's diversified strategy: private credit, fintech receivables, SME and real-estate-backed lending, plus delta-neutral digital asset positions. • @opentrade_io $xSOLY — 13.80% APY Delta-neutral SOL strategy combining staking returns with hedged perpetual futures positions. • @opentrade_io $XDFIS — 12.96% APY Diversified portfolio of public and private fixed-income assets. • @gaib_ai $sAID — 10.01% APY Tokenized portfolio of AI infrastructure financing deals. • @UnitasLabs $sUSDu — 9.98% APY Delta-neutral strategies, including JLP fee carry, funding rate capture, lending and trading fees. • @avantprotocol $savUSD — 9.64% APY Actively managed mix of market-neutral, lending, liquidity provision and other DeFi strategies. • @opentrade_io $XUPL — 9.50% APY Short-dated, self-liquidating payment receivables generated through cross-border payment flows. • @YuzuMoneyX $syzUSD — 7.74% APY Senior tranche of curated DeFi strategies, with the junior tranche taking first losses. • @USDai_Official $sUSDai — 7.69% APY Interest on loans backed by GPUs and other AI infrastructure, alongside Treasury bill income. • @infinifilabs $siUSD — 7.59% APY Capital deployed across liquid and maturity-based DeFi strategies, including lending and fixed-yield markets. Compared to last week, the average APY across the top 10 rose from 9.67% to 10.55%, while the highest-yielding asset jumped from 14.53% to 16.56%. Not crazy numbers, but still an improvement.

How an RWA credit facility blows up 1. You deposit USDC into an onchain credit facility and get a yield-bearing stablecoin in return ("USDX"). USDX is backed by a portfolio of loans to offchain borrowers, according to the marketing. 2. USDX's issuer creates a Morpho market where you pledge USDX and borrow USDC, up to a 91.5% LLTV. You go to Morpho, post your USDX, borrow USDC, buy more USDX, and repeat. You now have 10x leverage. 3. Morpho values USDX using the portfolio’s NAV, relayed onchain by a “Verified NAV Oracle.” The oracle doesn't verify that the loans are worth that amount, or that the collateral can be liquidated. They pass along the issuer's self-reported NAV, which increases mechanically at par plus the coupon rate. If you bought on Day 1 at $1.00, and the annual coupon was 7%, it would be worth $1.07 on Day 365. 4. The borrowers begin to deteriorate offchain, payments stop flowing in, covenants are busted. Your Morpho position looks fine because the USDX price from the oracle continues to increase. 5. Finally the issuer marks down the NAV, on the quarterly schedule. Assuming a 91.5% liquidation threshold, a position at 90% LTV only needs a 1.64% decline to be liquidated. Several looped positions immediately fall underwater. 6. The markdown causes a run. USDX holders submit redemptions at the published NAV. The issuer pays the first redeemers from its cash sleeve, leaving the remaining token supply backed by a less liquid loan book. 7. Once the cash is exhausted, the issuer pauses redemptions, or begins selling loans at a discount. USDX is listed on DEXs - to facilitate orderly liquidations in situations like this - but it trades far below NAV because it can no longer be converted into cash. 8. On Morpho, USDC suppliers withdraw the remaining liquidity, causing borrowing rates to spike and pushing the debt positions further underwater. 9. A liquidator shows up and buys USDX, repaying a portion of the debt. They try and trade it on the DEX but it can't absorb the volume. They try and redeem directly with the issuer but they are stonewalled. They find out the token doesn't actually represent a legal claim on the collateral, or really anything, despite what the marketing said. 10. No other liquidators show up. At a 91.5% LLTV, the liquidation bonus is only ~2.6%, not nearly enough to step in and pursue recovery. 11. You lose your initial investment. The CEX "Earn" depositor who unknowingly funded the whole operation (via an embedded curator vault), loses their entire position.

GIP-152 has passed. 105,103 for, 3,353 against, 52 abstaining, from 49 voters. Turnout was 108,507 against a quorum of 75,000. GnosisDAO will spin the Gnosis App out into an independent company led by the team that built it.

25+ industry leaders will take the stage at DAYS Singapore on October 6! DAYS Singapore brings together leading voices across digital assets, institutional finance, and onchain markets. Meet the speakers: › Matthew Sheffield (@sheffieldreport), Chief Investment Officer at @Sharplink › Sonya Kim (@sonyasunkim), Co-Founder at @3f_xyz › Vadim Khramov (@vadimthedream0), Founder and Chief Investment Officer at @EdgeCapitalMgmt › Hunter Horsley (@HHorsley), CEO at @Bitwise Asset Management › Elizabeth Yenko, Managing Director & Head of Digital Assets Strategy at @NYLIManagement › TN (@tn_pendle), Director at @pendle_fi › Joseph Chee (@JosephChee_), Chairman & CEO at @Solana_Company › Lingling JIANG (@Lingersj), Partner at @DWFLabs › Kefei Lin, General Manager at SBI Holdings › James Wo (@realjameswo), Founder & CEO at @DFG__Official › Yannick Socolov (@Yannimoto), Head of Special Projects, Onchain at Bitwise Asset Management › Lasse Clausen (@lalleclausen ), Founding Partner at @1kxnetwork › Pei Chen (@PeiChen01), CEO at @TheoriqAI › Marcos Viriato (@mcvviriato), Co-Founder & CEO at @parfin_io › Jasmine Jia, Head of Tokenization Ecosystem at @Fidelity Investments › Evgeny Gokhberg (@evgeny_re7), Founder at @Re7Labs › Artem Stopnevich (@stopnevich), CEO at @thevault_soft › Felix Lutsch (@FelixLts), Head of Ecosystem at @symbioticfi › Jose Martinez Sanguinetti (@MartinezSang), Founder & CEO at Sothys Capital › Anna Dinescu, Managing Partner at @HilbertCapital › Dan Kang, Chief Strategy Officer at DeFi Development Corp › Sam Gaer (@samg67), Chief Investment Officer at Monarq Asset Management › Chunda McCain (@ChundaMcCain), Co-Founder at @paxoslabs › Piotr Saczuk (@stablecoin_p), Founder at @stablewatchHQ & @OseroHQ › More to be announced Digital Asset Yield Summit brings private capital together to explore yield opportunities in digital assets. Invite-only and capped at 300, it’s a buy-side-majority room: 40% LPs/allocators, 40% GPs/asset managers. 🔗Request your Ticket → 🔗Apply for Complimentary Capital Allocator Pass → See you in Singapore!