For years, most DeFi systems treated stablecoins as capital searching for yield. Liquidity moved between lending pools, interest rates adjusted algorithmically based on utilisation curves, and markets competed primarily on APY. That model works when flows are small and fragmented, but becomes fragile when stablecoins start moving in hundreds of millions or billions of dollars at a time. At that scale, the problem changes. The question is no longer how to chase yield, but how to coordinate liq...

For years, most DeFi systems treated stablecoins as capital searching for yield. Liquidity moved between lending pools, interest rates adjusted algorithmically based on utilisation curves, and markets competed primarily on APY. That model works when flows are small and fragmented, but becomes fragile when stablecoins start moving in hundreds of millions or billions of dollars at a time. At that scale, the problem changes. The question is no longer how to chase yield, but how to coordinate liq...