In the second half of the stablecoin competition, GUSD is attracting market attention with its "dual yield" model. Official data shows that the on-chain supply of GUSD has exceeded 168 million, making it one of the fastest-growing new stablecoins.
The growth behind this is the innovative design logic of GUSD: it is supported by the income of the Gate ecosystem, government bonds RWA, and mainstream stablecoins. Users holding GUSD in products such as spot trading, wealth management accounts, and Launchpool can enjoy a 4.4% annualized yield on minting, which can be combined with the yields of other products.
This model breaks the traditional notion of stablecoins as just a store of value and is redefining the value logic of stablecoins.
01 Stablecoin Market Turning Point: From Scale Competition to Yield Empowerment
The stablecoin market is undergoing profound changes. According to CoinMarketCap data, by early 2025, the overall market value of stablecoins is expected to remain stable at over 160 billion USD, accounting for approximately 15% of the total market value of crypto assets in the long term.
This market has been dominated by two giants in the past: USDT holds the top position with over two-thirds market share, while USDC maintains an advantage among professional investors due to compliance and institutional backing. However, the landscape is changing.
Emerging stablecoins are beginning to enter the market through differentiated paths, shifting the focus from scale and compliance to applications and returns. The "dual yield" model of GUSD is a typical representative of this trend, offering users a new choice that maintains stability while also providing yield returns.
This model is similar to money market funds in traditional finance, providing stability while also offering a certain return on investment.
02 GUSD Core Value: The "Activeness" Revolution of Stablecoins
GUSD’s positioning in the Gate ecosystem is more like a "universal key." Whether it’s for Yubi Treasure wealth management, participating in Launchpool, or on-chain staking, GUSD can bring actual reward returns.
Dual Yield Model
The core innovation of GUSD lies in its creation of a dual yield model, allowing funds to not only "preserve value" but also "appreciate."
Specifically, users holding GUSD can earn an annualized minting yield of 4.4%, and when users use GUSD for other products within the Gate ecosystem (such as spot trading, wealth management accounts, and Launchpool), they can also earn the yields from those products themselves.
This means that GUSD has broken through the biggest problem of traditional stablecoins: apart from stability, there are almost no additional yield scenarios.
Ecological support system
The value support system of GUSD is diverse and transparent. It is backed by revenues from the Gate ecosystem, government bonds (RWA), and mainstream stablecoins. This diversified support structure emphasizes asset security while reinforcing the yield narrative.
Compared to traditional stablecoins, the design logic of GUSD is more complex; it is not simply a dollar-denominated debt certificate, but rather a yield-bearing asset closely linked to the development of the entire Gate ecosystem.
03 GUSD application scenarios in the Gate ecosystem
The value realization of GUSD is inseparable from its rich application scenarios. The following are the main application scenarios of GUSD in the Gate ecosystem:
Launchpad Subscription
Gate Launchpad regularly launches new projects and supports users in subscription with GUSD. Taking the recently launched Plasma (XPL) project as an example, users can participate in the subscription using GUSD, with a subscription price of 1 XPL = 0.35 GUSD.
This mechanism provides GUSD with the opportunity to directly participate in early project investments, increasing its utility.
Daily Trading and Wealth Management
GUSD can be used as a basic trading pair within the Gate ecosystem to participate in various spot trading. At the same time, users can deposit GUSD into wealth management products such as Yubi Treasure to earn additional income.
In the Gate ecosystem, GUSD is slowly evolving from a stablecoin into the "core currency" of the ecosystem.
On-chain asset transfer
As a blockchain-based cryptocurrency asset, GUSD can be easily transferred within the Ethereum system, which gives it the ability for cross-border payments and cross-platform circulation.
04 GUSD growth data and market response
The market performance of GUSD confirms the attractiveness of its model. As of September 2025, the on-chain supply of GUSD has reached 171 million, achieving significant growth in a short period.
This growth is not driven by subsidies, but by real ecological demand. As more application scenarios are integrated, such as RWA assets or new Launchpool activities, the role of GUSD may be further amplified.
Market analysts point out that the rapid rise of GUSD is a phenomenal signal indicating that the competition in stablecoins has entered the second half, shifting from "scale" to "application and yield." It is not intended to directly replace USDT or USDC, but rather represents the path that a new generation of stablecoins may take.
05 Future Outlook: The Value Logic of Stablecoins Rewritten
With the development of the crypto market, the value logic of stablecoins is being rewritten. In the coming quarters, the stablecoin market is likely to present a "multipolar" pattern:
- USDT continues to rely on its global liquidity advantage to hold the top position.
- USDC maintains its position in compliance and institutional markets.
- Emerging stablecoins like GUSD find breakthroughs in segmented tracks such as yield stacking and trading scenarios.
For users, the diversification of stablecoin options means more convenience and risk diversification, but it also requires greater attention to reserve transparency and the sustainability of income models.
From a regulatory perspective, compliance is a prerequisite for the development of stablecoins. The U.S. Congress continues to push for stablecoin legislation, requiring issuers to establish transparent reserve and disclosure mechanisms. The development path of GUSD within this framework will depend on the depth of integration between the global regulatory framework and the financial ecosystem.
Future Outlook
In the coming quarters, the stablecoin market will present a "multipolar" pattern: USDT will occupy the top position due to its liquidity advantage, USDC will maintain its institutional market status, while emerging stablecoins like GUSD will seek breakthroughs in niche segments such as yield stacking and trading scenarios.
The breakthrough of GUSD reminds us that stablecoins are no longer just "tokens of stable value," but are evolving into "public goods of the crypto world." Ultimately, the outcome of the stablecoin race will not be determined by a single product, but will be shaped by compliance, transparency, and application scenarios.
