The profits of stablecoins are evident in the high interest rates of US Treasury bonds, so in the past two years, under the exemplary role of USDT and USDC, thousands of stablecoin projects have been launched one after another. In fact, after the reduction of US Treasury bonds, such as 1%, the returns of stablecoin projects may not be as good as large lending agreements such as AAVE. The former is actually a token subsidy (US Treasury bond interest is a subsidy for US dollar tokens), while the latter is a business driver. I think the market is underestimating the importance and value of the circulation index and lend of assets.