Ethereum

Can Stablecoins be Both Decentralized and Capital Efficient?

That's the promise behind Delta-neutral Stablecoins - But not all designs are created equal.

What’s the most decentralized and capital-efficient stablecoin?
We can think of stablecoins along a spectrum.

- On the far left: fiat-backed stables like USDC or USDT: capital efficient, but not decentralized.
- Toward the middle: Maker's sDAI: decentralized, but not capital-efficient (overcollateralized).

Then there’s what’s emerging on the far right: delta-neutral stablecoins like $USDe and $USR, both decentralized and capital-efficient.

But are they built the same?

Let’s set the stage 👇

DeFi & Crypto Research | Senior Writer - The Coin Bureau

$USR vs $USDe: High-Level Differences

Insurance Model:
- Resolv uses a dual-token system. A separate token, RLP, absorbs all risk to protect USR (→ more on this in the next post).
- Ethena uses a centralized insurance fund with assets like USDtb, USTB, and USDS.

Minting Access:
- USR can be minted by anyone using stablecoins like USDC — fully permissionless
- USDe is mintable only by whitelisted, KYC-cleared participants
- But both are liquid on secondary markets

Yield Snapshot (as of April 2025):
sUSDe: ~4% APY
stUSR: ~9% APY
RLP (Resolv’s risk pool token): ~15.88% APY

If both use the same delta-neutral engine, what really sets them apart?

It’s in how they handle risk — and who carries it.

What do Ethena and Resolv Protocol have in common?

- Both are delta-neutral: they hedge $ETH + $BTC exposure using spot + short perp positions.
- Both offer staked variants — sUSDe (Ethena) and stUSR (Resolv) — that earn yield.
- Both draw yield from: Staked ETH rewards + Perpetual funding rates (when longs pay shorts)

They look similar on the surface — but the architecture begins to diverge.