Currently, roughly $300 billion sits idle in stablecoins—with the vast majority of users pocketing absolutely nothing in return. Meanwhile, the issuers? They're quietly raking in billions by farming treasury yield off the reserves backing these tokens. It's a clean wealth extraction play, honestly.

Then there's a different approach emerging. Two weeks in, and one project isn't making noise about it—just shipping. They're pulling ~20% APY from actual stablecoin utilization, flipping the script on who captures value. No hype cycle, no empty promises. Just mechanics that align incentives differently.