Uphold RLUSD Earn vs. Ethena Pay Earn+: Lending and Leverage Compared
A comparison of two stablecoin yield products, Uphold RLUSD Earn and Ethena Pay Earn+, using an equal $10,000 illustration. The piece notes that rising borrowing costs can turn a leveraged stablecoin strategy negative even without a depeg. Traders using leveraged stablecoin yield should watch funding and borrow rate changes.