Stablecoin Summer is coming, which mines should I invest in?

The stablecoin market is booming, with projects like Plasma, STBL, and Falcon Finance offering high-yield mining opportunities. Here's a breakdown of the key investment options:

Plasma ($XPL)

A Layer 1 blockchain for stablecoin payments with zero-fee transfers and EVM compatibility.
Offers numerous mining pools on CEXs and DEXs.
On PancakeSwap, the top XPL/USDT pool offers a 117.73% APR.
For its stablecoin USDT0, Balancer's WXPL/USDT0 pool provides a 211.48% total APR.
Lending and deposit pools are available on platforms like Aave and Fluid, with APYs up to 31.1%.

STBL ($SBTL)

A "Stablecoin 2.0" protocol with a three-token system and yield-stripping mechanism.
Mining pools are only on PancakeSwap.
The USDT/STBL pool offers an extremely high 1,356% APR but has low TVL (under $1 million), indicating high risk.
Note: Its stablecoin USST is not yet issued, adding to the risk.

Falcon Finance ($FF)

A DeFi platform for synthetic USD liquidity, with its stablecoin USDf backed by diverse collateral.
The $FF token is highly anticipated after a record-breaking community sale.
USDf mining pools are on PancakeSwap and Uniswap, with APRs ranging from 0.18% to 15.59%.

Key Considerations

Plasma offers the most options with a balance of APR and TVL.
STBL's high APR comes with significant risk due to low TVL and an unissued stablecoin.
This summary is for informational purposes only and not investment advice.

As the crypto market rebounds, the stablecoin sector is experiencing an unprecedented boom. Emerging projects such as Plasma, STBL, and Falcon Finance are standing out with their innovative mechanisms and generous returns. Following the airdrop and online launch of $XPL and $SBTL tokens, investors flocked to the market, and the $FF community sale, which set a new Buildingpad oversubscription record, is fueling the "Stablecoin Summer" narrative into one of the hottest stories of the second half of 2025. In this article, PANews will cover all major platforms and provide readers with a breakdown of the mining pools for the aforementioned three projects, helping them capitalize on this "mining boom."

PANews solemnly declares that this article is only a summary of information, not investment advice, and the data in the article may differ due to changes over time.

Plasma ($XPL) has a wide selection of mining pools, taking both APR and TVL into account.

Plasma is a Layer 1 public blockchain designed specifically for global stablecoin payments. It aims to address the efficiency and cost challenges of processing large-scale, high-frequency stablecoin transactions. Its core innovation lies in its zero-fee transfer functionality. Plasma is EVM-compatible, allowing developers to deploy Ethereum-based smart contracts. It also supports custom gas tokens and a trustless Bitcoin bridge, allowing users to use BTC within smart contracts.

Plasma's project token XPL launched TGE (Token Generation Event) on September 25. Its current market value has reached US$2.8 billion, and its issued stablecoin is USDT0.

$XPL's mining pools are mainly on 5 CEXs and PancakeSwap.

CEX mining pools offer both fixed-term and fixed-term products. Gate offers the highest APR of 13.06% for fixed-term products, while Bybit offers the highest APR of 400% for fixed-term products, but only for three days. KuCoin offers the most comprehensive product selection, offering both types of products.

In addition, $XPL has a large number of mining pools on PancakeSwap, but some of them are prompted that the tokens are unverified, and the total locked value (TVL) and 24-hour trading volume are low. Only the XPL/USDT mining pool with a fee level of 0.01% on V3 has relatively impressive data, with a TVL of over US$1.7 million and a 24-hour trading volume of nearly US$57 million. The total APR (mining + LP fees) is as high as 117.73%.

There are 29 mining pools involved in 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 of the mining pools are mostly still issued in the form of $XPL.

Among them, LP mining pools are the most numerous, totaling 13, distributed across the three major DEXs: Uniswap, Curve, and Balancer. Balancer accounts for nearly half of the market, offering six mining pools alone. Among the three DEXs, the WXPL/USDT0 liquidity pool on Balancer offers the highest incentive APR, at 134.71%. When transaction fees are added, the total APR reaches 211.48%, with a TVL exceeding $4.5 million. The USDai-aUSDT liquidity pool, also on Balancer, boasts the highest TVL, exceeding $69 million, and an average APR of 14.24%.

There are 10 lending pools across four lending platforms: Aave, Euler, Fluid, and Gearbox. Users who lend USDT0 or other designated tokens in these lending pools receive incentives. Gearbox offers the highest APY of 19%. $WXPL and $GEAR contribute 15.44% and 3.67% in incentives, respectively. Aave carries the highest TVL at $3.49 billion, but its APY is relatively low at 8.9%.

There are four lending pools, all centralized on Fluid. While users must pay interest to the platform when borrowing UST0, the $WXPL token incentives exceed the platform's lending rate, allowing users to earn income while borrowing. The USDai-USDT0/USDT0 vault offers the highest incentive APR of 31.1%. After deducting the lending interest, users still enjoy a net APR of 28.34%. The syrupUSDT/USDT0 vault has the highest TVL, nearly $85 million, but the lowest net APR, at just 1.15%.

There are only two deposit pools, deployed through Veda and Term Finance. Veda is an official Plasma partner, helping them deploy assets to Aave. Currently, Plasma's official savings vault offers an APY of 26.07%, with $2.86 billion in USDT0 deposits. Term Finance holds over $38 million in deposits, allocating funds to the USDT0 yield strategies of four institutions: K3 Capital, Tulipa Capital, MEV Capital, and Shorewoods. The APY has reached 24.66%, including a 1.73% USDT0 benchmark yield.

The STBL ($SBTL) mining pool has a high APR but is also risky and offers limited options.

The STBL protocol, launched by the team that co-founded Tether, is building a "Stablecoin 2.0" ecosystem. The protocol's innovation lies in its three-token system with a "yield stripping" mechanism: when users deposit interest-bearing RWA collateral, they receive both the US dollar-pegged stablecoin USST and YLD (an NFT) representing future income rights. This means users can freely trade USST or deploy it in DeFi, and independently earn ongoing returns on the original collateral (such as tokenized US Treasury bonds) by holding YLD NFTs. The project token, SBTL, serves as the protocol's governance function.

$STBL launched its token airdrop on September 16, and its current market value has exceeded US$200 million.

$STBL doesn't have a CEX mining pool, likely due to its issuance on the BSC chain, so only Pancake Swap has its mining pool listed. Based on a comprehensive analysis of TVL and 24-hour trading volume, three pools are worth participating in. The USDC/STBL liquidity pool on V3, with a fee tier of 0.01%, boasts the highest TVL and 24-hour trading volume, exceeding $5.5 million and $39 million, respectively. The USDT/STBL liquidity pool, with a fee tier of 0.25%, has the highest APR, reaching 1,356% (including mining and LP fees), but its TVL is relatively low, still under $1 million.

It is worth noting that the stablecoin USST has not yet been issued, and all liquidity pools related to it on PancakeSwap must pay attention to risks.

Falcon Finance ($FF) mining pool incentivizes issuance of stablecoin USDf

Falcon Finance is a DeFi platform focused on converting various collateral assets into synthetic USD liquidity. Its core product is the synthetic USDf, which maintains its peg to the US dollar through an over-collateralization model. Unlike traditional stablecoins, USDf's collateral portfolio is more diverse, including not only stablecoins like USDC and USDT, but also volatile assets like BTC and ETH. The protocol utilizes a dynamic over-collateralization ratio and a delta-neutral trading strategy to hedge against collateral volatility and ensure USDf's stability.

Falcon Finance's project token, $FF, has yet to be issued, but it has recently garnered significant attention. Its community sale exceeded its target by 2,821% to $112 million, setting a new all-time high on Buildlpad. The launch of $FF will likely further enhance Falcon Finance's dual-token model: $USDf provides stability and yield opportunities, while $FF facilitates protocol development through governance.

As of now, the market value of $USDf has reached 1.89 billion US dollars, with an average monthly growth rate of 111.44%. It has a total of 4 mining pools, distributed on PancakeSwap and Uniswap, and token incentives are issued in the form of $USDf.

Among LP pools, the USDT/USDf liquidity pool on PancakeSwap V3 with a fee tier of 0.01% has the highest APR at 15.59%, but also has the lowest TVL at approximately $2 million. The USDT/USDf liquidity pool on Uniswap V3 with a fee tier of 0.01% has the highest TVL at nearly $37 million. This relatively low fee tier also results in the lowest APR at just 0.18%.

Looking at the three projects, Plasma-related mining pools are the most numerous, providing investors with ample options. Among them, the USDT/STBL liquidity pool on PancakeSwap V3, with a fee tier of 0.25%, offers the highest absolute APR, but its TVL is low, potentially resulting in returns not covering the risks. The WXPL/USDT0 liquidity pool on Balancer offers both a high-incentivized APR and TVL. For users seeking to borrow, the USDai-USDT0/USDT0 vault on Fluid offers token incentives to offset interest and enjoy the benefits of a positive APR.