Even as the market dips, stablecoin supply is surging.
Why? Because they're the clearest real-world use case in crypto right now.
Millions use them for payments.
Wyoming just launched its own.
Congress is debating a bill that would give regulatory clarity.
And DeFi protocols are offering double-digit yields just to get your liquidity.
What started as digital cash has evolved into yield-bearing collateral, trading capital, and airdrop bait.
It's not a niche anymore. It's a rebuilding of the world’s financial rails.
In this Dynamo DeFi report, I break down the 10 most compelling stablecoin opportunities right now.
High yield. Real demand. Reasonable risk.
What you'll find in this article
Stablecoin pools earning anywhere from 15-50%
Battle-tested protocols offering great yields on trusted stables
New protocol airdrop + yield combinations
And much more...
We prioritized liquid yields - strategies you can easily exit if you want your capital back quickly.
We also threw in some juicy airdrop opportunities.
🪂 Noble’s USDN - 16% APY backed by T-Bills
Noble is an appchain on the IBC network.
They’re a stablecoin issuer backed by Paradigm & Polychain.
How to capitalize: Deposit USDN into the Boosted Yield Vault and earn nearly 16% APY on Tbills.
How is this possible? The Noble Points Vault.
Basically, Noble Points depositors opt to give up their Tbill yield in exchange for points. Those who choose to deposit in the Boosted Yield Vault receive that yield, but don’t receive points.
So, for the next 100 days or so of the campaign, those who opt for boosted APY get serious real yield.
Here’s a thread on how it works. There’s a link in the thread that’ll take you directly to Noble’s verified Treasury Bill holdings.
Risks to consider
The primary risk with Noble's USDN is reliance on their point system mechanism. If too many users shift from points to yield-seeking, the boosted APY could decrease rapidly. You can check their data dashboard here to track their T-bill holdings.
🪂 SwapX on Sonic: 15%+ APY Plus Triple Airdrop Potential
SwapX is a V4 DEX with advanced yield strategies and ve(3,3) mechanism.
These pools are especially enticing because they simultaneously earn airdrop points on Sonic.
Adding liquidity to these pools (especially pools with scUSD) earn active and passive points boosts. Active and Passive points are two different types of points to accumulate for a portion of Sonic’s $100m airdrop.
You’ll also earn Gems - Sonic’s way of distributing S tokens to apps. SwapX promises to return 100% of the airdrop it receives to its users. SwapX was a top protocol during Sonic’s Booom bounty program and received over 8,000 gems as a pre-allocation.
When the airdrop happens, 100% of those gems go to users.
To recap: over 15% APY on stablecoins plus huge points boosts for Sonic’s airdrop.
Risks to consider
SwapX faces typical DEX risks including impermanent loss despite both assets being stablecoins (as their pegs can drift). Smart contract risk is always present with newer V4 DEXs. The airdrop speculation portion of this strategy isn't guaranteed – gems allocation depends on SwapX maintaining its performance in the ecosystem.
🪂Beets on Sonic
Similar to SwapX, there’s a way to earn yield on stables and stack points for the Sonic airdrop.
This USDC.e/scUSD pool earns 13% APY, Sonic Rings, 10x Sonic Activity Points for USDC.e, 12x Sonic AP for scUSD, and Sonic Rings.
The Beets & SwapX pools are very liquid - if you need to withdraw your stables, you can do so at anytime with minimal slippage.
Risks to consider
Similar to SwapX, Beets pools carry smart contract risk and some impermanent loss potential if scUSD deviates from its peg. Liquidity, while currently good, could dry up if the points system is modified or if Sonic's airdrop timeline shifts, potentially making exits more costly than anticipated. Up to and after the airdrop keep a close eye on TVL & trading volume.
Euler Finance
Euler is a battle-tested DeFi application that just crossed the $1B TVL mark.
