While USDT + USDC stayed flat, DeFi-native stables like GHO (+60%) and USDS (+90%) kept growing, even in a bear.
That’s not what you’d expect in a risk-off environment.
Feels like users are slowly rotating toward on-chain-native money + yield loops, not just centralized rails. If this trend sticks, DeFi might be rebuilding demand from the inside out.
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