In the fast-changing sphere of decentralized finance (DeFi), yield-bearing stablecoins are one of the most exciting new developments. Stablecoins have for a long time been held up as the solution to the crypto market’s volatility problem, and rightfully so. They are required by DeFi protocols like Aave and Compound. But while we have seen incredible growth in the issuance of stablecoins over the past couple of years, that has also been accompanied by a troubling insight: Stablecoins generate *absolutely no yield*. Among the first to lead this new push are crvUSD from Curve Finance, frxUSD from Frax Finance, and the
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