What is the yield on demand? This is not just a gimmick. In the past, stablecoin holders were often zero-interest "non-interest depositors," while issuers invested the idle funds in safe assets such as U.S. Treasury bonds and bills to earn substantial returns, just like USDT/Tether and USDC/Circle. However, now the exclusive dividends that used to belong to the issuers are being redistributed—**in addition to the interest subsidy war of USDC, an increasing number of new generation yield-bearing stablecoin projects are breaking down this "yield wall," allowing coin holders to directly share in
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