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There’s several ways. Most simply you can use it as cash and trade your ETH and BTC back and forth with USDC while staying on the exchage entirely. This includes using GMX or other platforms to trade with leverage on these assets. The other way is to use stable coins in liquidity pools to farm yields. There are tons of stable coins out there like USDC, USDT, DAI, USD+, USDbC, FRAX, DOLA, crvUSD… and so on. Many exchanges pay top dollar for liquidity pairs like USDC/FRAX or some other combination of tokens. I supply liquidity to those pools and then earn a pretty substantial rewards yield on top of the trade fees I’m earning. Stable coins can also be used to earn yield through bonds by using tokens like sDAI, sFRAX or the like. There’s lots of options in crypto to trade with only usd exposure
These debt backed ones like DOLA there is partially backed ones like FRAX there’s delta neutral farm backed ones like USD+ there’s bogus backed ones like BUSD (on BSC) What do you mean “the three” ways lol
If this affects you: Balancer listed the pools that need to be withdrawn to include DOLA / bb-a-USD on Ethereum, It's MAI life and Smells Like Spartan Spirit on Optimism, and Tenacious Dollar on Fantom.
Wow, Inverse Finance was issuing a stablecoin called DOLA. Wonder what's its status now.