# stablecoins — X 热门讨论 (2026-09-25 09:37 UTC)
## @EMEBOK_ (EMEBOK 🥷🕸️) · 09-25 06:11 · ♥42 ↻4 💬31 who gets the treasury yield?
that’s the question i keep coming back to.
stablecoin issuers can earn from reserve assets, while ordinary holders don’t automatically receive that income.
maybe that’s part of why yield-bearing stablecoins are getting attention.
watching on BingX 👀 https://x.com/EMEBOK_/status/2103366672409133526
## @Tanaka_L2 (Tanaka) · 09-25 09:04 · ♥49 ↻2 💬21 The onchain credit stacks.
Most DeFi lending still requires users to deposit more collateral than they borrow. That is useful for leverage, but it is not real credit.
Previous models removed collateral without building sufficient systems for identity, credit history and enforcement.
The defaults experienced by early onchain lenders showed why those functions cannot be skipped.
I now divide the onchain credit stack into 3 layers:
identity → trust record → recourse
[1] Identity
A lender first needs to determine whether the borrower is a real, unique and accountable person or business.
Projects I’m watching here:
– @worldnetwork provides privacy-preserving proof that a borrower is a unique human.
– @privy_io introduces wallet based on your social ID.
– @DivineResearch uses World ID inside World App to issue small unsecured loans through progressive trust.
– @PrivadoID allows borrowers to prove specific identity or financial attributes without publicly exposing the underlying data.
Divine is currently the clearest example of identity being converted into credit.
Borrowers start with a small limit and unlock more capital through successful repayments, eventually reaching up to $1,000.
I like this model because it limits initial exposure while producing real repayment data.
However, identity only tells a lender who is borrowing. It does not prove that the borrower will repay or provide a recovery path after default.
[2] Trust records
The next layer converts historical behavior into a measurable risk signal.
Projects I’m watching:
– @ethos_network builds reputation from reviews, vouches, slashing and staked ETH.
– @credifi uses Ethos scores to offer loans of up to $3,000 without collateral.
– @ChainAware combines credit history with wallet behavior, fraud probability and risk classifications.
This is where onchain data becomes financially useful.
A wallet’s age, repayment behavior, liquidation history and counterparties can help lenders price risk instead of applying the same collateral requirement to everyone.
I find Ethos particularly interesting because reputation providers also put capital and credibility at risk.
But a score is still a prediction. It can improve underwriting, while offering limited protection when a borrower actually defaults.
[3] Recourse and structured credit
This layer defines who owns the claim, who absorbs losses and how lenders recover capital.
Projects I’m watching:
– @3janexyz connects stablecoin capital with fintech originators, SPVs, loan servicing, tranching and licensed collections.
– @humafinance finances payment and receivable flows using onchain liquidity and offchain underwriting.
– @centrifuge provides infrastructure for compliant tokenized funds and real-world credit assets.
– @maplefinance combines onchain lending markets with professional institutional underwriting and transparent loan management.
– @goldfinch_fi Prime brings established private-credit funds and senior secured loan exposure onchain.
3Jane is currently the model I find most complete.
It offers fintech lenders credit facilities ranging from $5M to $200M and recently completed an approximately $8.5M purchase of SMB credit receivables.
The financial structure is clear:
→ stablecoins provide capital
→ fintechs originate and service loans
→ SPVs hold the legal assets
→ tranches allocate losses
→ collections provide enforcement
It is less crypto-native than pure wallet-based lending, but I think it currently has the strongest path toward scale.
A functional credit market needs these systems to connect.
I think onchain lending can expand beyond collateralized crypto leverage and become a real credit market. https://x.com/Tanaka_L2/status/2103410227412705526
## @ETH_Daily (Ethereum Daily) · 09-25 04:00 · ♥40 ↻9 💬2 ETH is Taking a Much Bigger Role in Bank Crypto Exposure
According to the latest Basel Committee data for H2 2025, BTC’s share of bank crypto exposure in the Americas fell from 75.8% to 44.2%.
Meanwhile, ethereum:native surged to 38.5%.
SOL and XRP accounted for 7.8% and 5.6%.
The bigger signal is the shift in institutional composition.
BTC still leads, but ethereum:native is no longer a small allocation within banks’ crypto exposure. At 38.5%, it is now nearly as large as BTC in the Americas.
For Ethereum, this matters because institutional adoption is increasingly extending beyond ETH as an asset.
Banks are gaining exposure to an ecosystem built around: • Smart contracts and programmable finance • Stablecoins and tokenized assets • Ethereum-based financial infrastructure • ETH as the native asset of a proof-of-stake network
The data covers H2 2025, but the direction is notable: Ethereum is becoming a much larger part of how traditional financial institutions approach crypto.
ETH isn’t just competing for capital with BTC. It is increasingly becoming part of the infrastructure institutions are gaining exposure to. https://x.com/ETH_Daily/status/2103333678973604248