After $USDS/$DAI paired their liquidity with $USDC under the PSM mechanism, the ratio became $USDS:$USDC = 1:1. Starting the day before yesterday, $USDE also paired its liquidity with $USDC, making $USDE:$USDC = 1:1. Essentially, both $USDS and $USDE have become enhanced funds based on $USDC. Current TVL: $USDS + $DAI = 12.4B, $USDE = 4.3B. In the trading sector, $USDT still dominates as the unit of liquidity valuation; however, in the earn sector, $USDC has quietly taken the lead as the dominant unit of liquidity valuation.