PSM has now become Sky's key weapon in competing with Aave. Sky can continuously lower stablecoin borrowing rates through Spark. Currently, borrowing USDC on Aave requires a 4.9% interest rate, while borrowing USDS through Spark has a 3.9% interest rate. With PSM, you can directly swap USDS->USDC at a 1:1 ratio, with $4 billion in liquidity and zero slippage. Sky holds the minting rights for USDS, which allows them to keep interest rates low to a certain extent. After Aave's recent issues, it now faces the challenge of rebuilding trust while dealing with attacks from various competitors.