Hey folks, welcome to yet another article where I dive into some of the best places you can earn stablecoin yields, in this case $USDR (Real USD), the native stablecoin to the Tangible Ecosystem. If you recall several weeks ago I did a deep-dive analysis on $USDR, but as a recap, it’s an overcollateralized stablecoin that’s mostly backed by real world assets (RWAs). And although it’s not technically 100% backed by RWAs, right now it’s pretty damn near close:
Looking at the breakdown above, the majority of collateral is composed of either other stables or real estate yet with two exceptions — a little more than 20% (out of 118.6%) is backed by $TNGBL, (the native altcoin to the Tangible Ecosystem) and roughly 10% is in an “Insurance fund,” which according to the docs, is consistent of different altcoins including $BAL, $CRV, and $AURA. Once again if you’d like to learn more about $USDR and the $TNGBL ecosystem, I highly recommend you check out my previous article
Now if you follow most of my stablecoin articles, generally I pick out one or maybe two LPs or Vaults from a particular protocol. This is impossible with the case of $USDR, simply because many of these protocols have several different pools — all which are probably worth mentioning. So my goal for today is to group many different pools by each respective protocol, allowing you as the customer to pick what might be best for you. Anyways, let’s dive into the yields shall we?
Pearl.Exchange: 24–31% APR
Starting with Pearl.exchange, which is pretty much the right arm of the Tangible ecosystem, you’ll find several LPs with huge amounts of TVL. The most notable ones in the graphic above include $wUSDR (wrapped $USDR) and $STAR, which is the native stablecoin to Preon Finance, which from my understanding acts sort of as a bridge between Liquity’s $LUSD, where 1 $STAR is always redeemable to 1 $LUSD. And if you’re not familiar with Liqutiy, I recommend you read one of my previous articles specifically written about $LUSD earlier this month.
A final note on these vaults is that they give you exposure to the platform’s native $PEARL token, which can be locked up in voter-escrow (3,3) for bribes/incentives via $vePEARL. $PEARL has been on a bit of tear lately so if you’re a $PEARL holder you’ve probably been doing pretty well for yourself:
Beefy.finance: 24–31% APR
No stablecoin strategy list would be complete without having something from Beefy Finance, which reduces your exposure to altcoins and auto-compounds your returns giving you an enhanced yield. You’ll notice a lot of strategies taken from Pearl.exchange, so for instance if you entered the $USDR-DAI Pearl vault, the $PEARL you’d normally earn would be auto-compounded back into more of the $USDR-DAI LP token. A couple of added benefits of using Beefy:
- Beefy provides the historical rate of returns to track yield volatility. There are some pools that might look great, but the pool itself could just be experiencing a temporary spike in activity.
- Each pool has a “safety score,” and Beefy will help you breakdown where the APY’s and also outline whether or not the contract(s) are audited.
Retro.finance: 28–35% APR
Retro.finance has some of the higher (if not highest) APRs, but it also by comparison has some of the lowest TVLs, meaning that these APRs may decrease significantly if TVL explodes by 100x.
Also this is the first protocol I’m introducing on this list that involves $CASH. I’ve written about $CASH before, but essentially it’s an overcollateralized “index stablecoin” backed by other stablecoins. According to Stabl Labs, not only does your principle generate yield, but you gain even more APR if the “Capital Efficiency Index” (representative of the funds of you deposited including the funds being farmed out by the treasury) is high.
It’s also important to note that the listed APRs are considered a floating average, which like other rates on this list, are subject to change. However given that this is a solidly fork, rewards are boosted based on how much $RETRO you have staked. Take the wUSDR pool for instance:
High rewards come with a higher price, and this one comes with $RETRO’s not-so-pretty price action:
Extrafi.io: 25–32% APR
Extrafi.io is a leverageable lending/borrowing platform available on both Optimism and Base networks where can leverage your gains to some pretty high rates — up to 85.5% on Optimism and up to 76.6% on Base. With the exception of some of the pools on Beefy, Extrafi is the first protocol on this list that is not native to Polygon. Therefore, you’ll notice that all of these strategies involve $wUSDR instead of $USDR. The only reason I point this out is because only “raw” holders of $USDR on polygon are entitled to rebasing at 16% APR (more on this later).
Also worth mentioning is that the last of the 3 strategies listed above, the $wUSDR lending pool might seem pretty vanilla at 25%, but I’ve seen this spike up easily to around 180% because of Extrafi’s utilization curve rate. In other words, the more the lending pool is utilized the APR goes up parabolically, hitting near 300% APR if the utilization is around 100%.
Dyson.money: 37% APY
Last but not least we have Dyson.money coming in at 37%. Unlike the other protocols, I realize that Dyson only has one $USDR pool, but I thought that it was worth mentioning because not only does it have the highest yield on this list, but historically speaking, 37% is actually kind of low:
Another great thing about this pool is that like the ones of Beefy, this pool is an auto-compounding strategy built on top pearl.exchange which means that, instead of giving you exposure to $PEARL, it continually adds yield to your original LP token supply.
Conclusion:
The RWA narrative is strong right now and Tangible and their $USDR are really hitting it hard. Most of the stablecoin articles I write on average barely break around 20% yield, but with $USDR it’s around 30%.
The crazy part is that even if you’re not interested in putting your $USDR in a liquidity/lending pool or leveraging yourself self up, just by holding raw $USDR in your wallet, you can earn 16% APR rebasing tokens sent straight to your wallet (5% from real estate yields, 11% from $TNGBL).
And if you’re feeling a little bit more degen, many people however (including myself) liquid wrap $vePEARL into $CVR in order to earn triple-digit APRs, mostly in $USDR:
If you’re interested in reading more about $CVR, I did a deep-dive earlier this month that you might find useful.
Also, I am a Caviar ambassador so if you’re interested in getting some $CVR, please consider supporting me by using my ambassador link: https://www.tangible.store/caviar?referrer=mwc
And as always, thanks for taking the time to read this and be sure to follow me on twitter (https://twitter.com/CryptosWith) to get all my latest updates. Also, looking for a gift for your Crypto-loving/hating friend? Give them a REKT journal to cheer them up!
Disclaimer: I realize that these yields seem really enticing, but I’ve also written an article about things to consider before entering a high yield vault, because it can be risky.
And as a final reminder, this is not financial advice and this is for educational and entertainment purposes only. Please as always, do your own research and find what investments are best for you. Cheers everyone!
