Yield Source

Yield Source is independent research on onchain yield, stablecoins, DeFi credit, vaults, curators and tokenized assets.

[Yield Source @Yieldsource]

Circle fell 17.5% after Open USD was announced.

But this is not primarily a USDC market-share story.

It is a take-rate story.

Open USD could pressure how much reserve income Circle retains, even if USDC keeps growing.

Full analysis:
https://t.co/QQQ085aPqI

@circle @coinbase

[Yield Source @Yieldsource]

@openstandard Open USD attacks Circle’s take rate before it attacks USDC’s market share.

[Yield Source @Yieldsource]

My base case:
Open USD will not replace USDC quickly. It will accelerate the commoditization of stablecoin issuance.
Value shifts toward wallets, exchanges, PSPs and merchant platforms.
Circle must become more than reserve income.
#Stablecoins #OnchainYield

[Yield Source @Yieldsource]

Open USD arrived with 140+ partners, zero mint/redeem fees and most reserve income promised to distributors.
$CRCL fell 17%.
The threat: OUSD attacks Circle's take rate before it attacks USDC's market share.
@openstandard
https://t.co/RMcW7MDeoT

[Yield Source @Yieldsource]

Circle's moat remains real:
$77B USDC in circulation at Q1
deep exchange and DeFi liquidity
established redemptions
regulatory licenses
years of integrations
Stablecoin networks compound slowly. Logos cannot instantly reproduce liquidity.

[Yield Source @Yieldsource]

Today's takeaway:
Today's takeaway:
DeFi yield is professionalizing.
But the product is no longer just code. It is operators, oracles, permissions, custodians and legal plumbing.
Who controls them?
Who gets paid?
What breaks?
Research, not investment advice.
#DeFi #OnchainYield

[Yield Source @Yieldsource]

I read five DeFi risk proposals and disclosures today.
The pattern: onchain yield is becoming more managed, more permissioned and more dependent on invisible risk operators.
Five examples worth understanding:

[Yield Source @Yieldsource]

5/ Permissionless lending can end in permissioned liquidation.
A @Morpho RWA market uses approved liquidators and offchain redemption at NAV.
The smart contract is only part of the credit system.
https://t.co/XR6U8V6gjR