Organizing the mining pool layout of the three major projects in Stablecoin Summer, seizing this wave of "mining boom."

Written by: J.A.E

As the crypto market warms up, the stablecoin sector is experiencing an unprecedented explosion. Emerging projects like Plasma, STBL, and Falcon Finance are standing out with their innovative mechanisms and substantial returns. Following the airdrop and launch of $XPL and $SBTL tokens, investors are flocking to buy, and the $FF community's sales have set a historical high for Buidlpad oversubscription, all of which are driving "Stablecoin Summer" to become one of the hottest narratives in the second half of 2025. PANews will cover major mainstream platforms in this article, organizing the mining pool layout of the aforementioned three projects for readers to seize this wave of "mining boom."

PANews solemnly declares that this article is for information aggregation only and is not investment advice, and the data in the article may vary due to changes over time.

Plasma ($XPL) Offers a Rich Selection of Mining Pools, Balancing APR and TVL

Plasma is a Layer 1 public chain designed specifically for global stablecoin payments, aiming to solve the efficiency and cost issues in processing large-scale, high-frequency stablecoin transactions. Its core innovation lies in providing a zero-fee transfer function. Plasma is EVM compatible, allowing developers to deploy Ethereum-based smart contracts. Additionally, it supports custom gas tokens and a trustless Bitcoin bridge, enabling users to use BTC in smart contracts.

The project token XPL launched its TGE (Token Generation Event) on September 25, with a current market cap of $2.8 billion, and its issued stablecoin is USDT0.

The $XPL mining pools are mainly available on 5 CEXs and PancakeSwap.

CEX mining pools are divided into flexible and fixed products. Among flexible products, Gate offers the highest APR at 13.06%; among fixed products, Bybit offers the highest APR at 400%, but it is limited to 3 days; KuCoin has the most diverse product offerings, launching two types of products.

Additionally, there are numerous mining pools for $XPL on PancakeSwap, but some are flagged as unverified tokens, and the total locked value (TVL) and 24-hour trading volume are relatively low. Only the XPL/USDT pool on V3 with a fee level of 0.01% has notable data, with a TVL exceeding $1.7 million and a 24H trading volume of nearly $57 million, resulting in a combined APR (mining + LP fees) of up to 117.73%.

There are a total of 29 mining pools involving the stablecoin $USDT0, distributed across 9 major DeFi protocols, which can be categorized into four types: liquidity provision (LP), borrowing, lending, and deposits. The token incentives for the mining pools are mostly still distributed in the form of $XPL.

Among them, the LP mining pools are the most numerous, with a total of 13, distributed across the three major DEXs: Uniswap, Curve, and Balancer. Balancer occupies a significant share, providing 6 mining pools alone. Among the three DEXs, the WXPL/USDT0 liquidity pool on Balancer offers the highest incentive APR at 134.71%. When combined with trading fees, the total APR reaches 211.48%, with a TVL exceeding $4.5 million. The liquidity pool USDai-aUSDT on Balancer has the highest TVL, exceeding $69 million, with an average APR of 14.24%.

There are 10 lending mining pools distributed across four lending platforms: Aave, Euler, Fluid, and Gearbox. Users can lend USDT0 or other specified tokens in the lending mining pools to receive incentives. Among them, Gearbox offers the highest APY at 19%. The $WXPL and $GEAR tokens contribute 15.44% and 3.67% of the incentives, respectively. Aave has the highest TVL at $3.49 billion, but its APY is relatively low at only 8.9%.

There are 4 borrowing mining pools, all concentrated on Fluid. Although users need to pay interest to the platform when borrowing UST0, the token incentives provided by $WXPL are higher than the platform's borrowing rates, allowing users to earn returns while borrowing. The USDai-USDT0/USDT0 vault has the highest incentive APR at 31.1%, and after deducting the borrowing rate, users can still enjoy a net APR of 28.34%. The syrupUSDT/USDT0 vault has the highest TVL at nearly $85 million, but its net APR is the lowest at only 1.15%.

There are only 2 deposit mining pools, deployed via Veda and Term Finance. Veda is an official partner of Plasma, helping to deploy assets to Aave. Currently, Plasma's official savings vault has an APY of 26.07%, with a deposit amount of $2.86 billion in USDT0. The total deposits on Term Finance exceed $38 million, allocating funds to the USDT0 yield strategies of four institutions: K3 Capital, Tulipa Capital, MEV Capital, and Shorewoods, with an APY of 24.66%, including a 1.73% USDT0 benchmark yield.

STBL ($SBTL) Mining Pools Have High APRs but Greater Risks and Fewer Choices

The STBL protocol, launched by the team co-founded by Tether, is building a "Stablecoin 2.0" ecosystem. The innovation of this protocol lies in its three-token system with a "yield stripping" mechanism: when users deposit interest-bearing RWA collateral, they will simultaneously receive the USD-pegged stablecoin USST and an NFT representing future yield rights, YLD. This means users can freely trade USST or deploy it in DeFi while independently earning continuous returns from the original collateral (such as tokenized U.S. Treasuries) by holding the YLD NFT. The project token SBTL serves the governance function of the protocol.

$STBL launched its token airdrop on September 16, with a current market cap exceeding $200 million.

There are no CEX mining pools for $STBL, possibly due to its issuance on the BSC chain, so its pools are only available on PancakeSwap. Based on TVL and 24H trading volume, there are 3 mining pools worth participating in. Among them, the USDC/STBL liquidity pool on V3 with a fee level of 0.01% has the highest TVL and 24H trading volume, exceeding $5.5 million and $39 million, respectively. The USDT/STBL liquidity pool with a fee level of 0.25% has the highest APR at 1,356% (including mining + LP fees), but its TVL is low, not yet reaching a million dollars.

It is worth noting that the stablecoin USST has not yet been issued, and all liquidity pools related to it on PancakeSwap should be approached with caution regarding risks.

Falcon Finance ($FF) Mining Pools Distribute Incentives in Stablecoin USDf

Falcon Finance is a DeFi platform focused on converting various collateral assets into synthetic dollar liquidity, with its core product being the synthetic dollar USDf, which maintains its peg to the dollar through an over-collateralization model. Unlike traditional stablecoins, USDf's collateral composition is more diverse, including not only stablecoins like USDC and USDT but also volatile assets like BTC and ETH. The protocol employs a dynamic over-collateralization rate and delta-neutral trading strategies to hedge against collateral volatility risks, ensuring the stability of USDf.

The project token FF has not yet been issued, but it has recently generated significant buzz, with its community sale oversubscribed to $112 million, reaching 2,821% of the original target, setting a historical high for Buidlpad. The launch of the $FF token may further enhance Falcon Finance's dual-token model: $USDf provides stability and yield opportunities, while $FF promotes protocol development through governance.

As of now, the market cap of $USDf has reached $1.89 billion, with a monthly growth rate of 111.44%. Its mining pools total 4, distributed across PancakeSwap and Uniswap, with token incentives distributed in the form of $USDf.

In the LP mining pools, the USDT/USDf liquidity pool on PancakeSwap V3 with a fee level of 0.01% has the highest APR at 15.59%, but its TVL is the lowest at about $2 million. The USDT/USDf liquidity pool on Uniswap V3 with a fee level of 0.01% has the highest TVL at nearly $37 million, but its APR is the lowest at only 0.18%.

Overall, among the three projects, Plasma has the most mining pools, providing investors with ample choices. Among them, the USDT/STBL liquidity pool on PancakeSwap V3 with a fee level of 0.25% has the highest absolute APR, but its TVL is low, which may lead to a situation where returns cannot cover risks; the WXPL/USDT0 liquidity pool on Balancer balances high incentive APR and TVL advantages; if users have borrowing needs, they can choose the USDai-USDT0/USDT0 vault on Fluid to offset borrowing interest with token incentives and enjoy the returns from positive APR.

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