In the context where most people have become accustomed to stablecoin investment yields dropping to single digits, several crypto platforms have recently seen the annualized returns of their USDT flexible investment products suddenly rise to over 20%, attracting industry attention. Especially under the premise of no lock-up and strong liquidity, whether these "high annualized" products can sustain has become the focus of market discussions.

According to third-party data from Coinglass, DefiRate, and others, as of mid-July 2025, the annualized returns of USDT investment products on most mainstream CeFi platforms remain in the range of 2% to 7%. However, some platforms have seen dynamic interest rates exceed 20% during short-term promotional periods, with a few even reaching around 24%. Does this fluctuation in returns, which exceeds the industry average, indicate that structural opportunities are being restructured?

Unlike traditional financial markets, the yield of stablecoins in the crypto market mainly depends on the internal supply and demand of funds on the platform. The recent rise in yields can be attributed to the combination of three factors.

First, there is a rebound in demand for derivatives trading. According to The Block, the global crypto derivatives trading volume grew by over 38% quarter-on-quarter in the second quarter of 2025. As USDT is the primary margin asset, its borrowing frequency has significantly increased, driving up funding rates.

Second, some platforms have optimized their fund pool scheduling mechanisms. For example, by employing methods such as "fund pool reuse" and "intelligent matching of idle user funds," they have improved the efficiency of fund utilization within the platform, thereby releasing higher return potential.

Third, some platforms, for market promotion purposes, offer temporary subsidies or rebate policies during specific promotional windows, leading to a rapid increase in floating yields in a short period.

These factors combined have led to a temporary increase in the yields of USDT investment products, but their sustainability still needs to be observed in terms of whether the platform structure is stable and whether the demand for funds is ongoing.

According to publicly available information from major exchanges, current mainstream platforms (such as Binance, OKX, Bitget, KuCoin, etc.) generally offer floating annualized returns for USDT flexible investment products, concentrated in the range of 1% to 8%, with some platforms reaching around 10% during promotional or activity periods.

According to feedback from Gate's official investment page and user community, the USDT flexible investment product on the Gate platform, known as Yubao, had floating annualized returns that reached around 24% during certain periods in July 2025, which is relatively high among similar mainstream platforms. Gate disclosed that this product operates under a non-principal-protected floating return mechanism, with interest rates dynamically adjusted daily based on the internal USDT utilization rate, and the platform does not guarantee or lock in fixed returns.

Such temporary high interest rates typically occur when there is a surge in contract or leverage demand within the platform, leading to a significant borrowing of funds, with borrowers willing to pay higher interest, which is then reflected in the investment product returns.

It is important to emphasize that Gate's high returns are not a long-term guarantee but are adjusted according to market conditions, exhibiting characteristics of a window period.

Currently, most platforms' stablecoin investment products can be divided into two types: floating rate and fixed term.

Floating rate products, such as Binance's flexible investment, OKX Earn, and Gate's Yubao, allow for deposits and withdrawals at any time, with interest rates refreshed daily, making them suitable for short-term flexible fund allocation. The advantage of these products lies in their high liquidity, but the returns are uncertain and highly volatile.

On the other hand, fixed-term products generally require users to lock their funds for 30 or 60 days, offering relatively stable returns but poor liquidity, with early redemption potentially yielding no returns or even incurring penalty fees.

During the current market recovery period, some users prefer floating rate products as a "waiting pool" for trading funds or a temporary appreciation tool for short-term funds.

Yield is merely a surface indicator; the core lies in the platform's operational structure and funding mechanism. When choosing such products, users should focus on evaluating the following aspects:

First, whether the source of interest rates is healthy and transparent. Is there genuine demand for funds on the platform, such as active leveraged trading or reinvestment of fund pools, rather than purely relying on subsidies or shifting funds around?

Second, whether the redemption mechanism is flexible. If the platform imposes delays or liquidity restrictions on fund redemption during high-yield periods, it will affect users' asset allocation efficiency, so special attention should be paid to redemption conditions.

Third, the transparency of the platform's assets and the robustness of its credit. Currently, platforms including Binance and Gate have launched pages for some reserve assets, and Gate has also announced its collaboration with third-party audits to promote PoR (Proof of Reserves) work, enhancing users' confidence in fund transparency.

It should be clarified that these products are generally non-insured investments, with no guarantee of principal protection or fixed returns; users must assess and bear the platform risks themselves.

The temporary increase in USDT flexible investment yields reflects improved internal fund scheduling efficiency, enhanced trading activity, and the short-term accumulation of incentive mechanisms. However, high yields are not a new normal. For investors, understanding the mechanism logic of floating rates and grasping the basic transparency of platform operations is more critical than merely focusing on interest rate figures.

In the coming months, if trading demand continues to rise, stablecoin rates may remain relatively high; however, once market volatility subsides and platform borrowing demand decreases, the rates of such products will also quickly decline.

Regardless of which platform users participate in stablecoin investments, they should avoid the misjudgment of "annualized equals expected" and instead focus on "whether the mechanism is robust," "whether the product is flexible," and "whether the platform is trustworthy." Only when all three are present is it worth considering fund allocation.

Related: From Bitcoin (BTC) to USDT: A Comparison of Yield Structures of On-Chain Earning Products on Mainstream Platforms

Original article: “USDT Wealth Management Hits a Highlight Moment: Flexible Yields Approach 24%, How to Seize the Opportunity for Growth?”

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