This is really not a gimmick. In the past, stablecoin holders were often zero-interest "interest-free depositors," while issuers invested the idle funds in safe assets such as U.S. Treasury bonds and bills, earning huge profits. USDT/Tether and USDC/Circle are no exception. Now, the exclusive dividends that used to belong to issuers are being redistributed—**in addition to the interest subsidy battle of USDC, more and more new generation yield-bearing stablecoin projects are breaking down this "yield wall," allowing holders to directly share in the interest income from underlying assets.** This not only changes the value logic of stablecoins but may also become a new growth engine for RWA and Web3 tracks. 1. What are yield-bearing stablecoins? By definition, **yield-bearing stablecoins refer to those whose underlying assets can generate income and directly distribute that income (often from U.S. Treasury bonds, RWA, or on-chain yields) to #美7月PPI年率高于预期# #以太坊ETF突破300亿美元# #Gate Alpha巅峰交易赛# .