The Routing War Most stablecoin discourse is about supply, TVL, and market cap. These matter. But they are not the whole picture. There is a deeper competition happening underneath all of that. And it rarely gets talked about directly. The competition is to become a routing hub.

Happy Friday, dGENS 🍻 dLEND dUSD's utilization on Ethereum is only 54.5%, but its Supply APY has already reached parity vs. @aave USDC & USDT. Meanwhile, dLEND dUSD's Net Borrow APY is about 4 percentage points lower vs. Aave USDC & USDT. It's technically still in negative interest rate territory, so dUSD currently has zero net borrowing cost. In fact, borrowers are earning 0.30% APY thanks to interest rebates (hence why dUSD's Net Borrow APY is green). Once utilization catches up, dLEND dUSD's Net Borrow APY will reach parity vs. Aave USDC & USDT, at which point its Supply APY will surpass market rates.

Stablecoin summer continues to pump with frxUSD! ☀️ Best stable yields with frxUSD (@fraxfinance) pairs. 🧑‍🌾 Being the lazy farmer that I am, I want the best risk-adjusted yields in defi, and, I can get them all using the best Peg Keeper in the game, frxUSD by @fraxfinance sUSDat (@saturn_credit) and ebUSD (@ebisu_finance) taking the top spots this week with 22% and 16% APY respectively. Wow. 🤯 There are quite a few pools paying over 10% APY this epoch. Happy farming anons.

frxUSD just became the borrower's best friend. I was going through borrowing markets earlier and the frxUSD rate on @aave V4 stopped me. 0.74%. I had to double check it. Most stablecoins charge you 5%, 8%, sometimes double digits to borrow. The protocol captures the yield and keeps it. You get nothing back. frxUSD is doing the opposite and the rate is the proof. At 0.74%, you can borrow and deploy into almost anything with a pulse and come out positive. The math barely has to work in your favor. Then I saw @StaniKulechov's tweet and it clicked even more. "USDG and frxUSD represent the new gen stablecoins that value sharing more rewards with the users. All stablecoins should move in this direction." When the person who built Aave says that about a stablecoin sitting in his protocol at 0.74%, you pay attention. @Fraxfinance is not competing on yield tricks or points campaigns. They are competing on what it actually costs you to borrow.

1/ What is dTRINITY? It is the 1st subsidized stablecoin protocol that reduces borrowing costs & enhances yields through float revenue-funded incentives 💸 dTRINITY consists of 3 core components: 🔹 A native stablecoin (dUSD) 🔹 Lending markets (dLEND) 🔹 @CurveFinance pools

1/ dUSD has reached ~54% utilization in dLEND on Ethereum, with ~$94K left in borrows until optimal utilization is reached. Current Net Borrow APY is -0.31%. This means users are not incurring any interest on their loans. In fact, they're getting paid 0.31% APY to borrow dUSD!

Gud team. Gud protocol. @dTRINITY_DeFi

Stablecoin summer continues to pump with frxUSD! ☀️ Best stable yields with frxUSD (@fraxfinance ) pairs. 🧑‍🌾 Being the lazy farmer that I am, I want the best risk-adjusted yields in defi, and, I can get them all using the best Peg Keeper in the game, frxUSD by @fraxfinance ebUSD (@ebisu_finance) and sdUSD (@dTRINITY_DeFi) taking the top spots this week with 25% and 21% APYrespectively. Wow. 🤯 There are quite a few pools paying over 10% APY this epoch. Happy farming anons.

frxUSD incentives went live on @aave V4 last week and caps quickly filled. @LlamaRisk is now proposing to double the frxUSD caps from $10M to $20M. This would give frxUSD the largest stablecoin cap in Aave V4. Read more: governance.aave.com/t/arfc-a…

Stablecoin summer continues to pump with frxUSD! ☀️ Best stable yields with frxUSD (@fraxfinance) pairs. 🧑‍🌾 Being the lazy farmer that I am, I want the best risk-adjusted yields in defi, and, I can get them all using the best Peg Keeper in the game, frxUSD by @fraxfinance USG and USP taking the top spots this week with 26% and 22% respectively. Wow. 🤯 There are quite a few pools paying over 10% APY this epoch. Happy farming anons.

Incentives for frxUSD on Aave V4 are now LIVE 🥳 The next era of DeFi is taking shape. Aave will win. Frax will win. Together. Get started: pro.aave.com/explore/asset/1…

🚨JUST IN: The Clarity Act ADVANCES out of the Senate Banking Committee in a 15-9 bipartisan vote, with two Democrats voting in favor: @SenRubenGallego and @Sen_Alsobrooks. Next stop: the full Senate.

It feels like stablecoin summer with frxUSD! ☀️ Best stable yields with frxUSD (@fraxfinance) pairs. 🧑‍🌾 Being the lazy farmer that I am, I want the best risk-adjusted yields in defi, and, I can get them all using the best Peg Keeper in the game, frxUSD by @fraxfinance USP and USPC taking the top spots this week with 38% and 28% respectively. Wow. 🤯 There are quite a few pools paying over 20% APY this epoch. It's a good time to be a farmer!

DeFi protocols really need private access to Mythos before Anthropic gets social engineered by North Korea posing as Microsoft or some US megacorp that needs access/"lost their access key."

Best stable yields with frxUSD (@fraxfinance) pairs. 🧑‍🌾 Being the lazy farmer that I am, I want the best risk-adjusted yields in defi, and, I can get them all using the best Peg Keeper in the game, frxUSD by @fraxfinance @Raacfi (pmUSD) taking the top spot this week with 42.41% APY. pmUSD is currently depegged, so, do your own research. srROYUSDC and crvUSD are both paying over 30% apy! Wow. 📈 There are quite a few pools paying over 20% APY this epoch. It's a good time to be a farmer!

Clarity Act is now poised to accelerate the “Bretton Woods 3.0” framework that I’ve talked about. The yield “ban” is cosmetic & simply something for banks to tout as a victory. It bans stablecoins from paying you interest for just holding them: the way a savings account does. But it explicitly allows stablecoins to pay you rewards for using them: buying things, lending, providing liquidity, participating in any program.. Now consider that those rewards can be calculated based on how much you hold & for how long. I think that’s what we just call interest, but it will now be rebranded under a new name. So, the implications: - The fact that there is now a carve-out for stablecoin yield will accelerate the Bretton Woods 3.0 system. If the ban had been real (no yield in any form) there’s no reason for anyone to hold stablecoins over a bank account. Stablecoin adoption would flatline (especially in Developed Markets) & Bessent’s $3.7T target would be hard to achieve. This carve out keeps the incentive to hold stablecoins, which keeps the growth flywheel spinning. - CBDCs can’t compete. No central bank would design its digital currency to pay activity based rewards calculated by balance & duration (too close to monetary policy). However, dollar stablecoins can. So in every market where a CBDC competes against a $ stablecoin, the dollar product is economically superior. The Clarity Act now guarantees that advantage persists. - The dollar now goes global without permission. The new text allows platforms to pay incentives for payments, remittances, & settlement activity using stablecoins. That’s a subsidy for global dollar adoption funded by private companies (not taxpayers). Meanwhile, increasing Treasury demand in the background. For example, a Filipino worker now gets a rebate for sending remittances in USDC. There’s an additional incentive for him to now transact in stablecoins, which, unbeknownst to him, purchases American debt behind the scenes. A win-win for global stablecoin users & the American economy (fiscal situation). The compromise looks like a ban. But it’s actually a growth mandate. As I’ve stated, the US government needs stablecoins to scale because it needs someone to buy its debt. Bretton Woods 3.0

Yield

Best stable yields with frxUSD (@fraxfinance) pairs. 🧑‍🌾 Being the lazy farmer that I am, I want the best risk-adjusted yields in defi, and, I can get them all using the best Peg Keeper in the game, frxUSD by @fraxfinance. @ebisu_finance (ebUSD) taking the top spot again this week with 26.57% APY. @Raacfi (pmUSD) and @dTRINITY_DeFi (sdUSD) take spots 2 and 3 respectively! There are quite a few pools paying over 10% APY this epoch. It's a good time to be a farmer!

JUST IN: 🇺🇸 US Admiral Paparo says the United States is running a Bitcoin node. "We have a node on the Bitcoin network…We're doing a number of operational tests to secure and protect networks using the Bitcoin protocol."