The official repaid $25M in loans, reducing utilization. Deposits and withdrawals of several million are now no problem. Utilization for USD1 has dropped, though the 36% level disappeared within just a few days. Current interest rates are under 10%. It’s decent, but it feels like other initiatives or mechanisms will soon emerge to boost rates and attract users. The main issue is that AAVE’s position remains unchallenged, and Morpho occupies its own niche. If the focus is on-chain, there’s still a long way to go—although security has faced skepticism, the team is gradually responding with action. So far, USD1 is the only stablecoin actively pushing to increase adoption.
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