Noble's yield-bearing stablecoin, USDN, has distributed over $2 million in yield directly to its users. This payout is generated from the returns on the short-duration U.S. Treasury Bills that collateralize the stablecoin.

What sets it apart is composable yield: a mechanism that accrues returns—currently an estimated 4.16% from Treasury bills via the M^0 Protocol—and funnels them cross-chain to whoever integrates the stablecoin.

Crucially, control rests not with Noble, the issuer, but with the projects that adopt USDN. As the token circulates across blockchain networks, integrators can redirect yields to reward users, bolster development funds, incentivise network validators, buy back tokens, or invent novel economic models. It's a far cry from the top-down structures of traditional banking, where yields are hoarded by institutions.

This distribution milestone indicates real-world usage and growing traction for USDN within the ecosystem. It signals a broader trend and increasing competition within the stablecoin market, where providing intrinsic yield is becoming a key differentiator to attract and retain capital.

Read More:
https://noble.xyz/blog/composable-yield-a-new-paradigm-for-stablecoins