Neutrl paused minting and redemptions last week. What's wild is there's been zero explanation or communication since. Obviously we want to put our stables to work, but you gotta understand the risks involved. Found 2 interesting stablecoins paying around ~9% but each have diff risks: 1. mF-ONE by @MidasRWA: 9.28% APY (7D) Deposit USDC, get exposure to Fasanara Capital's private credit strategies Yield comes through the token price climbing, nothing to claim $70.94M TVL Instant redemption capacity today: $15.73K Standard queue: 1 to 7 business days The case Returns come from lending to real businesses, so they don't track crypto beta the way most of DeFi does. And private credit is illiquid by nature. You can't sell a loan book same-day, so a redemption queue is the correct design rather than a flaw. The risk The instant withdrawal option barely works right now. Midas is supposed to keep about 10% of the fund in cash so people can pull out immediately, which would be around $7M. There's only $15.73K in there. So realistically you're joining the queue and waiting the 1 to 7 days, and Midas says the instant option is "indicative only" and can be switched off whenever anyway. You're also taking their word on what the fund is worth. Fasanara's loan book isn't visible to anyone outside the fund…there's no version of this where you go check the positions yourself. savUSD by @avantprotocol: 9.75% APY Mint avUSD with USDC, then stake into savUSD for the yield-bearing senior version Avant runs it across lending, basis trades, Pendle, liquidity provision $127M avUSD TVL First-loss capital: $1.08M reserve + $15.7M junior tranche Unstaking: 1 day cooldown, no yield earned during it The case The tranche structure. $16.77M sits in front of savUSD holders and absorbs losses first, roughly 13% of the book. Most things paying double digits don't bother with a first-loss layer at all, and the positions are onchain so you can go look at them. The risk 74% of the asset base is USDe, deployed 57% through Aave and 20% through Morpho. Three quarters of the book in one synthetic dollar. A 13% buffer covers one strategy going wrong. Whether it covers the collateral itself repricing is a different question and I don't think anyone can answer it confidently. This does feel like an ethena wrapper. With mF-ONE you're taking offchain risk and exit runs on someone else's schedule. With savUSD you can see the collateral and there's a buffer, and you're carrying real concentration in one asset. Which is sort of the Neutrl lesson. Nobody knew what was in those reserves until the moment it mattered, and by then redemptions were already off. Personally? After watching how many exploits we've had lately I'm pretty content sitting in USDC at 4% and not thinking about it. Every one of these products is Lego pieces stacked on Lego pieces, and each piece you add is another thing that has to not break. Some of them are genuinely well built. I'd still rather have fewer pieces right now. A few extra points of stablecoin yield isn't worth turning a bad market week into a permanent loss of principal.(Edgy - The DeFi Edge 🗡️)