The USDG revolving loan on X Layer is about to mature, and the next phase should be USDe. USDG has had quite a few issues, including exchange attrition and YT management problems; hopefully, USDe can minimize these. The USDe revolving loan strategy essentially boils down to two types: USDe → other stablecoin lending and USDe → sUSDe collateral. Looking at Aave's proposal, it seems to be the former, which would be simpler than the previous PT-USDG. We'll see how much subsidy is available upon launch. (I also saw a PT-USDG extension proposal, but even if it passes, it's probably too late to reconnect.) The main risk is still de-pegging and liquidation. USDG can still potentially generate some returns through multiple revolving transactions, but USDe has a history of de-pegging, so the number of revolving transactions needs to be carefully considered.