The new generation of stablecoins: analysis of the recent experiments

Hello everyone! So, stablecoins often hold the feature of contemporary being a great and terrible idea. They make buying and selling crypto easier and are a simple way for people in different countries to own some US dollars, which can be convenient if your national currency sucks. However, de-pegging is always a big fear and I personally avoid having big funds in stablecoin for this reason, as crashes are often abrupt and fast (see UST-Luna).

I've recently started investigating new kinds of stablecoins, not necessarily for investment purposes but to learn something new about DeFi. Here are the most interesting ideas:

YIELD-BEARING STABLECOINS:

This kind of stablecoins are collateralized by Real World Assets and the protocols that release them generate yield from those. US Treasury Bonds, for example, currently bring a yield of 5% a year; Tether (USDT) is currently the 12th biggest holder of US Treasury bonds and generates hundreds of millions a month thanks to that, without distributing any to USDT users. So having protocols that do that instead seems a step toward a more democratic finance. Examples are Ondo Finance USDy, Mountain Protocol USDM or stUSDT (which is properly built on theory but belongs to Justin Sun and we all know what a shady character he is). Unfortunately, these coins aren't available in the US and you have to go through a sort of KYC to get them.

Another example is Tangible, which released USDR, a stablecoin backed by Real Estate, luxury watches and other valuable physical assets. In this case, the APY can reach 16% of part stable, part TNGBL token. Risks are bigger in this case, as the assets below aren't as safe as Treasury Bonds.

A "VOLATILE STABLECOIN":

Do you remember Olympus DAO, the protocol that during the last bull run offered 1000% APY on their token? Apparently, they completed changed road and their token OHM has now become a sort of stablecoin. Actually, they claim to be a "reserve currency": OHM is not pegged to USD, but it can fluctuate almost freely. Olympus DAO uses its treasury to buy back OHM in case the price drops below a predetermined level, in order to guarantee that users don't lose money due to market movements. The platform offers staking with much more reasonable APY than in the past and other financial services like borrows and bonds. It sounds like a really interesting idea to me, but it surely brings some risks (what if the asset in the treasury suddenly drops in value?).

Disclaimer: I'm not currently invested in any of these projects, I just wanted to share them as I find them interesting. Do you have experience with these protocols? Do you think these new kinds of stablecoins will succeed?