WHITE-LABEL STABLECOINS ARE THE NEXT STEP AFTER 2025'S YIELD-BEARING BOOM

Summary from the TLDR Crypto newsletter

Yield-bearing stablecoins (YBS) took off in 2025, with supply growth led by products like sUSDS and syrupUSDC, while sUSDe contracted. The next competitive move is owning the stablecoin layer. Instead of outsourcing issuance economics to Circle or Tether, chains and apps are increasingly choosing white-label or multi-issuer models so they can keep more of the fees and Treasury yield. Ethena has evolved from a single YBS product into a broader “stablecoin layer” across ecosystems, and M0 is positioning itself as an issuance platform where many issuers can launch branded “crypto dollars” with customizable rules for compliance and yield-sharing helped by shared liquidity and easier swapping across M0-issued stables.