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Stablecoin market capitalization has grown to $303.97 billion, and Coin Metrics' State of the Network No. 379 notes that more than $8.6 billion now sits in Aave v3 and Morpho, where deposit rates are being benchmarked directly against short-dated Treasury yields. Identical USDC deposits are clearing both below and above the 1-year UST yield depending on venue and vault structure, meaning the spread is now a curation and credit-risk premium rather than a uniform crypto carry rate. Watch the Fed path: if front-end UST yields fall while on-chain lending rates hold, stablecoin supply and DeFi TVL should attract incremental capital, supporting ETH-beta liquidity, whereas widening dispersion across vaults is an early warning of concentrated collateral or curator risk.
As a Research signal, watch whether it changes price action, volatility, or flows around ETH, AAVE, BTC.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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Ray Dalio shares his personal view that where one ends up in life depends on how you see things and what you feel connected to, from family and community to country, mankind, and the wider ecosystem. He argues that everyone must decide how far to place others' interests above their own, and for whom, because situations forcing those choices arise regularly. This is reflective commentary with no market content.
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