Parking money in stablecoins doesn't look as attractive as it did a year ago, as Treasury yields now offer a significantly higher return than CurveFinance's 3pool. Reports godbole17.
is a liquidity base pool that provides crypto traders a capital-efficient means of swapping between the top three stablecoins – USDT, USDC and DAI.during the 2021 bull run. Large traders parked their stablecoin holdings on the pool in return for an annualized percentage yield . The APY comprises a share in trading fees and supplemental fee income via Curve's governance token CRV.
"A year ago, the spread between treasury yields and stablecoins was negligible. Investors were indifferent in 'parking' their assets in either 'low' yield product. There was no opportunity cost," said Matrixport's head of strategy and research, Markus Thielen. Meanwhile, DeFI yield's have crashed from their lofty double digits range in early 2021 as the liquidity-powered crypto bull market started running out of steam in mid-2022.
The dollar-pegged stablecoins and Treasury yields offered nearly similar yields at the beginning of 2022. At the time, analyststhat the Fed rate hikes would boost demand for all assets linked to the greenback, including stablecoins.
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