I absolutely love Hasu. He always speaks the brutal truth. For example, he said that thinking stablecoins are more profitable than lending markets is just wishful thinking. Check out if you agree with what he said: He pointed out that, in reality, the operating models of lending markets and stablecoins are the same. Both involve borrowing funds from one person and lending them to another, earning the spread. Stablecoins can generate returns due to the implicit convenience of global transferability, but this only applies to stablecoins like USDT and USDC, which have liquidity and broad acceptance. All other stablecoins are competing for the same scarce pool of funds and increasingly need to pay depositors the same interest rates! For new stablecoins, there are really only two critical advantages: super strong capital distribution capabilities (so they can borrow money at lower costs) and asset-liability management skills (to lend out at higher interest rates).