Increasingly feel we collectively need to dump the term “yield-bearing stablecoin” ASAP. It’s more pernicious than RWA is for digital/onchain assets (implying digital/onchain assets aren’t “real”). The primary feature of a stablecoin is STABILITY + interchangeability with fiat. 1:1 with the underlying collateral being exceptionally liquid, even in times of extreme volatility. The primary feature of the majority of “yield-bearing stablecoins” or yieldcoins is HIGH YIELD. Going further out on the risk curve to earn high rates of return through yield. Some of these products have had had/will continue to have issues from: - repricing of collateral - illiquidity of underlying assets - mismanagement (through execution or otherwise) - incorrect disclosures There is no free lunch and I’m worried that several newcomers building these structured products are using the term to imply the products are safer than they are. Hoping we can avoid more ammo for the anti-stablecoin/crypto crowd. “Well Terra blew up so stablecoins are dangerous” = WRONG. Believe yieldcoins are one of the largest opportunities in crypto, but think it’d be prudent to avoid implying some false equivalency.