The two types of stablecoin are boring and exciting. Boring is where it’s at right now. Issuers like Circle and Tether have spent the past year or two making their stablecoins sound as boring as possible, better to compete against banks and merchants whose planned stablecoins promise to be very boring indeed.
Meanwhile, there’s this:
Ethena enables the creation and redemption of a delta-neutral synthetic dollar, USDe, crypto’s first fully-backed, onchain, scalable, and censorship-resistant form of money.
The mechanism backing USDe enables sUSDe, the first “Internet Money” offering a crypto-native, reward-accruing asset, derived from liquid asset rewards (to the extent utilized in backing) and the funding and basis spread available in perpetual and futures markets.
USDe is fully-backed (subject to the discussion in the Risks section regarding events potentially resulting in loss of backing) and free to compose throughout CeFi & DeFi.
See? Exciting!