Stablecoin Summer is here, which mines should we rush into?

As the crypto market warms up, the stablecoin sector is experiencing an unprecedented explosion. Emerging projects like Plasma, STBL, and Falcon Finance are standing out with their innovative mechanisms and substantial returns. After the airdrop and issuance of $XPL and $SBTL tokens, investors flocked to buy, and the $FF community sales set a record high for Buidlpad overfunding, all of which are driving “Stablecoin Summer” to become one of the hottest narratives in the second half of 2025. PANews will cover major mainstream platforms in this article, organizing the mining pool layouts of the aforementioned three projects for readers to seize this wave of “mining rush.”

PANews solemnly declares that this article is for information aggregation only and not investment advice, and the data in the article may vary due to changes over time.

Plasma ($XPL) Mining Pool offers a wide selection, balancing APR and TVL.

Plasma is a Layer 1 public chain designed for global stablecoin payments, dedicated to solving the efficiency and cost issues in handling large-scale, high-frequency stablecoin transactions. Its core innovation lies in providing a zero-fee transfer feature. Plasma is EVM compatible, allowing developers to deploy Ethereum-based smart contracts. Additionally, it supports custom Gas tokens and a trustless Bitcoin bridge, enabling users to use BTC within smart contracts.

The project token XPL of Plasma launched its TGE (Token Generation Event) on September 25, and its current market value has reached 2.8 billion USD, with its issued stablecoin being USDT0.

The $XPL Mining Pool is primarily located on 5 CEX and PancakeSwap.

CEX Mining Pools are divided into flexible and fixed products. Among flexible products, Gate offers the highest APR of 13.06%; in fixed products, Bybit provides the highest APR of 400%, but it is limited to 3 days; KuCoin, on the other hand, has the richest selection of products and has launched two types of products.

In addition, $XPL has a large number of Mining Pools on PancakeSwap, but some are flagged as unverified tokens, and the Total Value Locked (TVL) and 24-hour trading volume are relatively low. Only the XPL/USDT Mining Pool on V3 with a fee level of 0.01% shows more significant data, with a TVL exceeding $1.7 million and a 24-hour trading volume of nearly $57 million, resulting in a combined APR (mining + LP fees) of up to 117.73%.

There are a total of 29 Mining Pools related to the stablecoin $USDT0, distributed across 9 major DeFi protocols. They can be divided into four categories: liquidity provision (LP), borrowing, lending, and deposits. The token incentives for the Mining Pools are mostly distributed in the form of $XPL.

Among them, the number of LP Mining Pools is the highest, with a total of 13, distributed across the three major DEXs: Uniswap, Curve, and Balancer. Balancer accounts for nearly half of the total, offering 6 Mining Pools on its own. Among the three DEXs, the WXPL/USDT0 liquidity pool on Balancer has the highest incentive APR at 134.71%. If trading fees are also considered, the total APR reaches 211.48%, with a TVL of over $4.5 million. The USDai-aUSDT liquidity pool with the highest TVL is also on Balancer, exceeding $69 million, with an average APR of 14.24%.

There are a total of 10 lending pools distributed across four lending platforms: Aave, Euler, Fluid, and Gearbox. Users can lend USDT0 or other specified tokens in the lending pools to receive incentives. Among them, Gearbox offers the highest APY at 19%. $WXPL and $GEAR contributed 15.44% and 3.67% of the incentives, respectively. Aave has the highest TVL at $3.49 billion, but its APY is relatively low at only 8.9%.

There are a total of 4 borrowing Mining Pools, all concentrated on Fluid. Although users need to pay interest to the platform when borrowing UST0, the Token incentives provided by $WXPL are higher than the borrowing rate of the platform, allowing users to still earn returns while borrowing. The incentive APR for the USDai-USDT0/USDT0 vault is the highest at 31.1%. After deducting the borrowing rate, users can still enjoy a net APR of 28.34%. The syrupUSDT/USDT0 vault has the highest TVL at nearly 85 million USD, but its net APR is the lowest at only 1.15%.

There are only 2 deposit Mining Pools, deployed via Veda and Term Finance respectively. Veda is an official partner of Plasma, assisting it in deploying assets to Aave. Currently, the official savings vault APY of Plasma is as high as 26.07%, with a USDT0 deposit amount of 2.86 billion USD. The total deposits on Term Finance exceed 38 million USD, allocating funds to the USDT0 yield strategies of four institutions: K3 Capital, Tulipa Capital, MEV Capital, and Shorewoods, with an APY reaching 24.66%, which includes a 1.73% USDT0 benchmark yield.

The STBL ($SBTL) Mining Pool APR is high but carries significant risk, and there are fewer options.

The STBL protocol launched by the team co-founded by Tether is creating a “Stablecoin 2.0” ecosystem. The innovation of this protocol lies in its three-token system with a “yield stripping” mechanism: when users deposit interest-bearing RWA collateral, they will simultaneously receive the USD-pegged stablecoin USST and YLD, which represents future rights to earnings (an NFT). This means users can freely trade USST or deploy it in DeFi, and independently earn continuous returns from the original collateral (such as tokenized US Treasury) by holding the YLD NFT. The project's token SBTL serves the governance function of the protocol.

$STBL started its Token Airdrop on September 16, and its market value has exceeded 200 million USD.

$STBL does not have a CEX Mining Pool, or due to its issuance on the BSC chain, only Pancake Swap has launched its Mining Pool. Based on the combined TVL and 24H trading volume, there are three Mining Pools that are worth participating in. Among them, the USDC/STBL liquidity pool with a fee level of 0.01% has the highest TVL and 24H trading volume, exceeding $5.5 million and $39 million, respectively. The USDT/STBL liquidity pool with a fee level of 0.25% has the highest APR at 1,356% (including mining + LP fees), but its TVL is relatively low, not yet reaching $1 million.

It is important to note that the stablecoin USST has not yet been issued, and all liquidity pools related to it on PancakeSwap should be aware of the risks.

Falcon Finance ($FF) Mining Pool incentive issuance stablecoin USDf

Falcon Finance is a DeFi platform focused on converting various collateral assets into synthetic dollar liquidity, with its core product being the synthetic dollar USDf, which is maintained through an over-collateralization model that keeps it pegged to the US dollar. Unlike traditional stablecoins, USDf's collateral composition is more diverse, including not only stablecoins like USDC and USDT but also volatile assets like BTC and ETH. The protocol employs a dynamic over-collateralization rate and delta-neutral trading strategies to hedge against collateral volatility risk, ensuring the stability of USDf.

The project token FF of Falcon Finance has not yet been issued, but it has recently generated a huge response, with its community fundraising exceeding $112 million, reaching 2,821% of the original target, setting a new historical high for Buidlpad. The launch of the $FF token may further improve Falcon Finance's dual-token model: $USDf provides stability and profit opportunities, while $FF promotes protocol development through governance.

As of now, the market capitalization of $USDf has reached 1.89 billion USD, with a monthly average growth rate of 111.44%. There are a total of 4 Mining Pools distributed on PancakeSwap and Uniswap, with Token incentives distributed in the form of $USDf.

In the LP Mining Pool, the liquidity pool APR for USDT/USDf on PancakeSwap V3 with a fee level of 0.01% is the highest at 15.59%, but its TVL is the lowest at about $2 million. On Uniswap V3, the liquidity TVL for USDT/USDf with a fee level of 0.01% is the highest at nearly $37 million, while its APR is relatively low at only 0.18%.

Among the three projects, the Plasma-related Mining Pools offer the most options for investors. Among them, the USDT/STBL liquidity pool on PancakeSwap V3 has the highest absolute APR with a fee level of 0.25%, but the TVL is relatively low, which may result in returns not covering risks; the WXPL/USDT0 liquidity pool on Balancer balances the advantages of high incentive APR and TVL; if users have borrowing needs, they can choose the USDai-USDT0/USDT0 vault on Fluid, which offsets borrowing interest through token incentives and enjoys the returns brought by positive APR.