CIAN

**Mantle Vault has surpassed $200 million in total value locked (TVL)**, marking a significant milestone for the stablecoin yield platform. The vault, a collaboration between Bybit, Mantle, and CIAN protocol, offers users: - **7%+ APY on stablecoins** through automated strategies - One-click access via Bybit's On-Chain Earn platform - Support for USDC and USDT deposits The platform utilizes auto-leveraged strategies on Aave, routing deposits into USDe and sUSDe positions to generate boosted yields. Users can also earn Ethena points and additional incentives, though withdrawals require a 57-day waiting period. This TVL milestone demonstrates growing adoption of automated DeFi yield strategies among stablecoin holders seeking returns beyond traditional savings rates.

**Cian Protocol announced a two-stage plan to build on Aave Mantle:** **Stage 1: Immediate Migration** - Moving billion-dollar yield strategies to Aave Mantle - Lower borrow rates on Mantle create better net yields - Key assets (Ethena, Maple, Kelp) already deployed **Stage 2: RWA Infrastructure** - Building new interest-bearing RWA strategies over coming months - Leveraging Bybit and Mantle's tens of billions in deployable capital - Redesigning DeFi primitives to accommodate institutional-scale RWA The team believes RWA will dominate lending markets within two years as the gap between on-chain and off-chain economies closes. Cian, an early builder of RWA yield strategies, is positioning Aave Mantle as the infrastructure layer for this transition.

Cian's founder Luffy_Cian is participating in **Mantle State of Mind Episode 07**, scheduled for March 17 at 10 PM UTC+8. The discussion will focus on: - The **CeDeFi flywheel** mechanism on Mantle - How Cian's automation platform integrates into the broader ecosystem - Insights from multiple ecosystem builders The event will be hosted on Mantle's official X (Twitter) account, bringing together various projects to explore the convergence of centralized and decentralized finance.

**3Jane's USD3 stablecoin** currently holds $21.04M entirely in USDC on Aave, with a backing ratio of 1.159 (above 1:1). The traceable backing structure is straightforward - a single Aave USDC position. **Key risk**: The sUSD3 component involves unsecured lending, making verification more challenging. Phase 2 plans may introduce additional unsecured lending allocations, though timing remains unscheduled. The backing exceeds the combined USD3/sUSD3 value of $18.15M, indicating overcollateralization within current tracking parameters.

Bondify has mapped the underlying assets for several yield-bearing stablecoins including cUSD, iUSD, srUSDe, thBILL, and USD3. The platform aims to provide users with greater transparency and safety by tracking how these stablecoins generate yield. Many USD stablecoins now offer yield-bearing versions through staking or savings mechanisms, which can be further wrapped into fixed-maturity instruments like Pendle PT. **Key Points:** - Bondify is tracking underlying assets for major yield-bearing stablecoins - Focus on creating a safer, more traceable investment environment - Yield-bearing stablecoins represent 6% of total stablecoin market but could reach 50% - Combined market cap of top five yield-bearing stablecoins grew from $4B to $13B post-US election This transparency initiative comes as yield-bearing stablecoins gain traction, with JPMorgan analysts projecting significant market expansion driven by yield generation, custody maintenance, and collateral use cases.

**Key Changes This Week:** - **USD1 venue swap**: Added USD1 on Dolomite (~9.5% APY, ~$29M TVL, incentive-driven); removed USD1 on Lista DAO due to risk and liquidity concerns - **Kamino USD1 caution**: Elevated yields remain reward-heavy, expect compression as deposits increase **Notable Rate Movements:** - Fluid USDC (ETH): Rose to ~6.3% from ~4.5%, TVL climbed to ~$366M - Aave USDT (ETH): Compressed to ~2.8% from ~3.5% *Not financial advice—DYOR always.*

Mantle Vault, a collaboration between Bybit and Mantle, grew from zero to $120M in assets under management within its first month. The platform prioritizes a clear hierarchy: **Security > Scalability > Sustainability > APY**. **Key operational principles:** - 3.5-year track record with zero security incidents and zero forced liquidations - Smart-contract automation handles frequent inflows/outflows and rebalancing - Critical transactions guaranteed within 12 blocks during network congestion - Risk engineering treated as first principle, not afterthought The platform's founder emphasized that building reliable onchain yield at scale requires different mechanics than managing small funds. As capital grows, viable yield sources narrow to battle-tested venues with deep liquidity. The system uses continuous monitoring, alerts, and failover protocols. During extreme market conditions, the platform coordinates with block builders to ensure strategy transactions execute when timing matters most. Mantle Vault routes funds into USDe/sUSDe on Aave, backed by Ethena's delta-neutral strategy. The team focuses on durable yield structures over short-term incentive spikes, expanding coverage through rigorous stress testing and conservative parameters.

CIAN launches **FBTC Yield Layer** in partnership with FunctionBTC, allowing Bitcoin holders to earn yield while maintaining BTC exposure. The platform routes Bitcoin into diversified on-chain opportunities including: - Lending protocols - Restaking mechanisms - DeFi reward flows This solution addresses the common problem of Bitcoin sitting idle in cold storage by putting it to work across multiple yield-generating strategies. [Explore FBTC strategy](https://yieldlayer.cian.app/vaults/0x8D76e7847dFbEA6e9F4C235CADF51586bA3560A2?chainId=1)

**USDE strategies spotlight** reveals new yield opportunities through Pendle's Principal Token system. Key strategies include: - **PT-USDe on Plasma** (15JAN2026): 5.59% APY with 3.03% borrow cost - **PT-srUSDe on ETH** (15JAN2026): 7.91% APY with 6.99% USDC borrow cost These strategies use **borrow loops** to amplify returns through fixed APYs tied to specific maturity dates. The approach provides diversified yield farming options but comes with important considerations. **Key risks to consider:** - Early redemption can significantly reduce effective returns - Borrow costs must be factored into net gains - Maturity dates create time-locked commitments Most other stablecoin yield strategies showed only minor numerical adjustments this week, with TVL changes reflecting normal market flows. No major protocol additions or deletions occurred. *Always research thoroughly before investing - this is not financial advice.*

**Risk-tranching approach** transforms how tokenized real-world assets integrate with DeFi yield trading markets. Traditional RWAs face integration challenges: - Lack speculative incentives like governance tokens - Limited appeal for yield speculation - Constrained market liquidity **Sophisticated risk-tranching solution:** - Enables leveraged investors to absorb higher risk - Transfers excess yield potential at discount - Creates vibrant yield derivatives market - Amplifies RWAs' stable returns This structured finance framework serves dual purposes: - **Leveraged investors** get predictable yield spreads - **Speculators** pursue leveraged returns with small capital **Key benefits:** - Addresses DeFi liquidity constraints - Improves exit inefficiencies - Enhances RWAs' product-market fit - Bridges traditional and decentralized finance The mechanism aligns RWAs with DeFi's dynamic recursive staking strategies, creating new opportunities for both conservative and speculative investors.