Stablecoin yield markets are becoming one of the most competitive corners of DeFi again.

Seeing pools push 20-40%+ APY across Pendle, Convex, and StakeDAO tells me protocols are aggressively fighting for liquidity ahead of the next wave of onchain dollar demand. What stands out is how much of the yield is now incentive-driven rather than pure base lending yield, which usually means protocols expect much larger capital inflows later.
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