Expand the system and talk about YBT (interest earning token) I originally wanted to write an internal training manual 1. Refusing class, such as USDM Anchoring for a month, rebasing once every other period of time, directly changing the balance in your wallet, this process is called rebasing. The user experience is the best. But adapting to DeFi, handling clearing, and accessing exchanges are the most complex 2. Non rebasing class, such as USD Without changing the quantity, the interest is reflected in the token price. Interest will continue to enter the AMM pool, pushing up the price of USD. For example, if the annual conversion rate is 5%, after one year, the USDY that was originally anchored at 1U will become 1.05U, and it will no longer be a "stablecoin" That's it. But the most intuitive way to feel the historical interest accumulation of the token is 3. Stake/synthetic recupt class, such as susde, is written by adding a letter after susd to indicate its collateral nature. Mortgage ETH and other assets to mint USDE, but USDE does not earn interest. After obtaining the receipt token susde through collateral, it is necessary. As the price of SUSDE continues to increase, it reflects interest. This type of stablecoin has basically eliminated the disadvantages of the first two stablecoins. But two new problems have arisen. 3.1 The vast majority of stablecoins do not participate in circulation but are used as collateral for interest generation. Gradually evolved into a profitable game, with little value lost in circulation. 3.2 The assets you mortgage, such as ETH, are equivalent to entering the stablecoin issuer's fund. DN arbitrage is conducted through fund operations, and interest is paid to you after interest is earned. Changed P2P games 4. Wrap class, such as susds Similar to Stake, but the casting of USDS does not rely on mortgaging ETH casting, but rather on assets such as Wrap USDT USDC. At the same time, the interest source is no longer dn arbitrage, but a compliant interest generating channel such as US treasury bond bonds. More favored by institutions. But the essence is the same as 3, both are P2P Since the interest of this kind of stable currency comes from treasury bond, it can also be classified as treasury bond RWA, such as @ Theo_Network's thbill, which is called treasury bond. It is also a stablecoin whose price slowly increases with interest rate starting from 1u So Teacher Maid has come to the conclusion that the essence of stablecoins in this bull market is P2P 5. Mixed Class (BUDL) Utilize the advantages of centralization and combine the strengths and weaknesses of the five models mentioned above. Essentially, it is a monetary fund.