The profits of stablecoins have emerged in the high interest rates of US bonds. Therefore, under the exemplary role of usdt and usdc in the past two years, hundreds of stablecoin projects have been launched one after another. In fact, after the US bonds are lowered, such as 1%, the income of stablecoin projects may not be as good as large lending agreements such as AAV. The former is actually token subsidy (US bond interest collection is US dollar token subsidy), and the latter is business-driven.资产的流通dex和lend的重要性和价值，我觉得市场在低估。