The 'interest rate winter' in DeFi is colder than expected. Deposit rates for USDC/USDT on Aave have fallen below 2%, hitting a new low since June 2023. Stablecoin market cap has doubled in two years, yet no one is borrowing, with 60% of funds idling in pools. Oversupply + leverage slowdown + capital flowing into U.S. Treasury bonds—DeFi's high-yield myth is collapsing. Author: @JulianLuck1121