This week, @MetaMask dropped $mUSD, while China hinted at issuing yuan-backed stablecoins. But why is everyone racing into stablecoins? Because as the chart shows, 3 of the top 5 revenue-generating projects are stablecoin-related. Let’s dive into some of my favorite players in the stablecoin race, both chains and protocols 👇 ➢ @PlasmaFDN - Plasma is a L1 blockchain built for fast, secure, and efficient stablecoin transfers, with a focus on USDT. ➢ @Stable Stable is a new Layer 1 blockchain built for institutions, where USDT is the native gas and peer-to-peer USDT transfers are free. It's backed by @bitfinex and @USDT0_to. ➢ @convergeonchain Converge, built by @ethena_labs and Securitize, is a fast EVM-compatible blockchain made to settle stablecoins and RWAs. ➢ @FalconStable is creating a universal collateral layer that bridges crypto, RWAs, and TradFi. Falcon's USDf is a synthetic dollar asset designed for stability, with over $1.2 billion in circulation. ➢ @codex_pbc is building Codex Chain, a Layer-2 chain optimized for business-grade stablecoin transactions. ➢ @noble_xyz Noble, an application-specific blockchain built on the Cosmos SDK, designed for native asset issuance, particularly stablecoins and RWAs. ➢ @arc by @circle Arc is a new Layer-1 built for stablecoin finance. Fast, reliable, and fully EVM-compatible. USDC gas, instant finality, built-in FX, and enterprise-grade performance. Private testnet soon. ➢ Tempo @stripe is developing a stablecoin chain called "Tempo" in partnership with @paradigm, described as a high-performance, payments-focused chain. ➢ @MentoLabs builds Mento, a decentralized EVM platform on Celo for creating and managing stablecoins like cUSD, cEUR, cREAL, and more. ➢ @levelusd is the leading stablecoin protocol backed by @dragonfly_xyz @polychain. ➢ @Ducatstable governs UNIT, a Bitcoin-backed stablecoin native to the Bitcoin L1 chain. ➢ @FalconStable is creating a universal collateral layer that bridges crypto, RWAs, and TradFi. Falcon's USDf is a synthetic dollar asset designed for stability, with over $1.2 billion in circulation. ➢ @asymmetryfin is a CDP-based stablecoin protocol built on Liquity v2, optimized for on-chain capital efficiency. It powers unique stablecoins like USDaf and AmpUSD. ➢ @ResolvLabs offers a stablecoin called USR. USR is pegged to the US dollar and backed by Ethereum (ETH) and Bitcoin (BTC) through a delta-neutral hedging strategy. ➢ @noon_capital is a yield-generating stablecoin protocol with $USN as its flagship product. Drop your favorite stablecoin project in the comments if I missed it!