{
  "article": {
    "slug": "beyond-usdt-and-usdc-yield-bearing-stablecoins-and-perpetual-dex-tokens-explained",
    "title": "Beyond USDT and USDC: Yield-Bearing Stablecoins and Perpetual DEX Tokens Explained",
    "description": "Deep dive into yield-bearing stablecoins and perpetual DEX tokens — how they generate yield, where risks hide, and how non-custodial swaps help manage exposure.",
    "language": "en",
    "category": "DeFi Analysis",
    "tags": ["stablecoins", "yield-bearing", "perp DEX", "non-custodial swaps", "DeFi risk"],
    "publishedAt": "2025-12-04T09:00:00+03:00",
    "modifiedAt": "2025-12-04T09:00:00+03:00",
    "canonical": "https://etz-swap.com/blog/beyond-usdt-and-usdc-yield-bearing-stablecoins-and-perpetual-dex-tokens-explained",
    "cover": "https://api.etz-swap.com/api/v1/content?path=blog/beyond-usdt-and-usdc-yield-bearing-stablecoins-and-perpetual-dex-tokens-explained-cover.webp",
    "logo": "https://api.etz-swap.com/api/v1/content?path=blog/logo.webp",
    "friendlyUrls": [
      "https://etz-swap.com/blog/usdt-to-xmr-practical-guide-private-digital-cash",
      "https://etz-swap.com/blog/usdt-vs-usdc-stablecoin-comparison",
      "https://etz-swap.com/blog/usdt-from-concept-to-worlds-most-used-digital-dollar"
    ],
    "riskNotes": [
      "Yield-bearing stablecoins add extra legal and structural layers, increasing counterparty complexity.",
      "Perpetual DEX tokens depend on trader P&L and can face sharp drawdowns during one-sided markets.",
      "Liquidity for new stablecoins or DEX tokens may be thin outside their native ecosystems.",
      "Non-custodial swaps mitigate centralised custody risk but do not eliminate protocol-level risk."
    ],
    "keyTakeaways": [
      "Yield-bearing stablecoins share part of reserve interest with users, often through complex setups.",
      "Perp DEX tokens provide exposure to exchange revenue but carry volatility and trend risk.",
      "Non-custodial swaps enable flexible portfolio rotation between yield and safety modes.",
      "Clarity of structure and legal backing is critical before allocating capital.",
      "Small, reversible test positions and periodic stress reviews help manage downside."
    ],
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