Markets are down, but fiat continues to pour onchain to be transformed into programmable money. In the past 30 days alone, Tether (+7%), Circle (+4%), and PayPal (+111%) added another $10.6B to circulating supply.
Users are increasingly pursuing native DeFi yield, even in the most vanilla forms (e.g. borrow/lend, vaults), which vastly outperform traditional savings accounts.
One under-indexed angle is that stablecoins are expanding far beyond legacy rails and issuance. M^0 has surged 82% and is quickly approaching $1B in circulation.
While traditional liquidity tightens, onchain money markets are accelerating, finding novel ways to put otherwise idle fiat to work.
h/t @RWA_xyz
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