U.S. Dollar-denominated stablecoins dominate the DeFi ecosystem, but it's not a lead we should take for granted. Data from our member @AlliumLabs shows USD-denominated stablecoins make up ~97% of all currency-pegged DeFi activity today. Euro, Yuan, and JPY alternatives are still a small share, but users move where the yield goes. Restrict returns on digital dollars, and that 97% starts to drift. This is what we are advocating to protect in our Stablecoin Reward Principles. Keeping the U.S. as the Crypto Capital of the World requires protecting dollar dominance, and that means ensuring users can earn rewards for providing liquidity in USD-denominated assets. Allium's analysis spans 100+ DEXs, 50+ lending protocols, and 20+ blockchains, with bridged tokens and locked supply excluded.(The Digital Chamber)