The Yield-Bearing Stablecoin Landscape Report outlines the emerging categories of stablecoins following the GENIUS Act, which divides the stablecoin market into two classes: federally regulated “Payment Stablecoins” and “Yield-Bearing Stablecoins” (YBS). The report identifies three main categories of YBS: RWA-Backed YBS, Onchain Native YBS, and Actively Managed YBS. RWA-Backed YBS serve as pass-through vehicles for yield from traditional finance assets like U.S. Treasury bills. They are the most conservative option, linking traditional finance with the onchain economy while minimizing credit risk. Onchain Native YBS generate yield from decentralized finance activities. Their returns come from instances like decentralized lending and staking, making them less correlated with traditional markets. Actively Managed YBS, on the other hand, involve complex strategies that might include algorithmic trading and human-managed portfolios. These have the potential for higher returns but also carry increased risks, such as model and manager risk. The report highlights key actors in the RWA-backed space, such as Ondo Finance, Superstate, and Mountain Protocol, each with unique legal structures and yield distribution methods. A notable example is BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), a tokenized share of a money market fund designed for qualified investors. It allows for 24/7 trading among whitelisted participants, circumventing traditional settlement times. The custody of underlying assets presents a counterparty risk not typically found in decentralized assets, emphasizing the need for careful navigation in this new regulatory environment.