Yield-bearing stablecoins: how delta-neutral strategies actually generate returns
A stablecoin paying double-digit interest looks, at first glance, like a contradiction that has somehow been priced into existence. If the coin holds its dollar peg and the strategy earns 15% a year, where does the money come from — and, more uncomfortably, who is paying it? The honest answer is that yield is never created from nothing: every stablecoin …