Staked stablecoin
yield-bearing stablecoin
A wrapped stablecoin whose share price rises as the underlying earns yield — non-rebasing, easier to integrate.
Examples: sDAI (DSR), sUSDe (Ethena yield), sFRAX (FRAX yield), sUSDS (Sky). The wrapper isolates yield mechanics from balance accounting, making composability with lending markets and DEXes trivial.
Related terms
- sDAIMakerDAO's interest-bearing wrapper of DAI, paying the [[dsr]] (DAI Savings Rate).
- sUSDeEthena's yield-bearing wrapper of [[usde]] — share price grows with funding-rate + LST yield, net of fees.
- sFRAXFrax's yield-bearing wrapper of FRAX — share-price grows with FRAX protocol revenue, primarily T-bill yield in v3.
- Rebasing stablecoinA stablecoin whose balance changes algorithmically in each holder's wallet to maintain a target price or yield.