STABLECOIN YIELDS ON AAVE SLIDE BELOW T-BILLS

Summary from the TLDR Crypto newsletter

Stablecoin supply APYs on Aave v3 Ethereum have fallen from ~5% in late summer to just above 3%, with USDC/USDT/DAI topping the pool and newer stables like USDe, RLUSD, and USDS under 1.5%. Yields are slightly better on some L2s, but in general, onchain stable rates now sit below the 3-month US Treasury yield (~3.8%), signaling cooling DeFi borrowing demand.