The article compares Uphold RLUSD Earn and Ethena Pay Earn+, two yield and leverage solutions built around stablecoins. An illustration starts with the same $10,000 allocated to each of the two comparative strategies. It shows how rising borrowing costs can turn a leveraged stablecoin strategy negative even without a depeg. Returns therefore depend not only on stablecoin gains, but also on the financing used to increase exposure.
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