A stablecoin that passes reserve yield through to holders.
A yield-bearing stablecoin passes the yield earned on its reserves through to token holders, either via a rebasing supply or a rising internal exchange rate. This differs from traditional stablecoins where the issuer keeps the reserve interest as revenue. Yield-bearing stablecoins include tokenized-Treasury coins (BUIDL, USDY), delta-neutral coins (USDe, sUSDe), and DeFi vault-backed coins.