Retail sit in low APY lending pools in DeFi because... they can't cash out their USDT/USDC to fiat. So many cases. Some worry about taxes and many are afraid to deal with their local banks. In Portugal, for example, converting crypto to stablecoins is tax free. The moment you sell to fiat, you are taxed. Also, so much stablecoins in DeFi is bullish as these could quickly be redeployed to buy spot. When stables leave to fiat, it's bearish.(Ignas | DeFi)