In 2025, the stablecoin market has continued to set new records, with its total market cap surpassing $240 billion. Despite the fact that the altcoin market caps have not yet returned to their previous peaks, stablecoins have emerged as a focal point for investors seeking to optimize returns in a highly volatile market without immediately deploying their capital.

The trend towards stablecoin yield protocols has become increasingly prominent, attracting significant attention within the cryptocurrency community. One clear indicator of this growing interest is the actions taken by major industry participants. On April 29, 2025, Ledger, a well-known hardware wallet provider, announced the integration of stablecoin yield features into its Ledger Live application. Through this update, users are able to earn up to 9.9% APY on stablecoins such as USDT, USDC, USDS, and DAI, while maintaining full control over their assets. As of now, Ledger has sold more than 7 million hardware wallets, indicating substantial user engagement.

Additionally, PayPal has joined the competition by offering a 3.7% annual yield on its PYUSD stablecoin. With the conclusion of the SEC's investigation into PYUSD, PayPal currently encounters minimal regulatory obstacles in expanding its stablecoin initiatives.

Data from DeFiLlama reveals that there are over 2,300 stablecoin pools spread across 469 protocols and 106 blockchains, reflecting a significant increase in demand for yield opportunities through stablecoins. These pools show varying total value locked (TVL), with the top 10 pools having TVLs ranging from $335 million to over $2.9 billion. APYs within these pools can reach up to 13.5%.

Though many investors anticipate an altcoin season to recover from portfolio losses, current trends suggest a \"stablecoin season\" fueled by appealing yields. GC Cooke, the CEO and founder of Brava, has outlined key reasons why investors are turning to stablecoins for returns. He suggests that unpredictable policy changes are causing fluctuations across markets, even affecting traditionally \"safe\" stocks. Shifting investments to yield-generating assets like stablecoin yields is seen as a method to mitigate directional risk, or the potential for sharp declines in equity prices.

Chuk, a developer at Paxos, noted that as regulatory frameworks for stablecoins become clearer in regions such as the US, EU, Singapore, and the UAE, integrating yield opportunities will become simpler. Consequently, stablecoin wallets might evolve into personal financial hubs, diminishing the reliance on traditional banking institutions.

Despite the positive outlook, the stablecoin yield market carries notable risks. Analyst Wajahat Mughal emphasized that fewer than 10 stablecoins possess market caps exceeding $1 billion, with most having market caps under $100 million. Some protocols offer high APYs; for instance, Teller provides 28%–49% yields for USDC pools, while Yearn Finance, co-founded by Andre Cronje, offers over 70% APY on CRV pools. Similarly, Fx-protocol and Napier offer 22%–30% APY on RUSD and EUSDE pools, respectively. However, these high returns usually come with substantial risks.

Choze, a research analyst at Amagi, highlighted several concerns. Many pools still have low TVLs, typically between $10,000 and $120,000, implying that these strategies are in their early stages and may be volatile. Some rewards depend on ecosystem tokens, and strategies often involve multiple protocols, introducing complexity. He cautioned investors to consider the long-term development of each project's ecosystem.

Investors may encounter risks such as stablecoin lending or staking platforms being hacked, exploited for vulnerabilities, or encountering technical failures, all of which could result in fund losses. Additionally, some algorithmic or less reputable stablecoins might lose their peg to the dollar.

Nevertheless, one cannot overlook the increasing significance of stablecoins. With enticing yields and robust real-world payment applications, they are reshaping how investors interact with cryptocurrency markets. This presents novel avenues for profit generation without depending exclusively on the next altcoin season.

以上内容由悟空财富根据公开信息整理，与本站立场无关，如存在问题请联系我们，本文为数据整理，不对您构成任何投资建议，投资有风险，请谨慎决策。