Opinion: Stablecoins are not more profitable than lending markets
2025-09-18 10:09:16
Replying to the X user "Lending DEXs like AAVE and Fluid have enough advantages to issue stablecoins" post, Lido Strategy Advisor Hasu stated that the idea that stablecoins are more profitable than lending markets is one of the biggest misconceptions in DeFi. Both lending markets and stablecoins borrow money from A and then lend to B, and earn spreads in the process. Stablecoins do have implied convenience benefits such as global transferability, but this benefit is limited to stablecoins with deep global liquidity and acceptance networks, such as USDT and USDC. Everyone else is competing for the same scarce pool of funds, and increasingly needs to pay interest to lenders. For new stablecoins entering the market, there are really only two advantages - superior distribution (allowing you to borrow less) and superior ALM (allowing you to borrow more). Which does AAVE or Fluid have?
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