DeFi's 48-Hour Reckoning: How the Market Repriced Risk
Until April 17, the annual percentage yield for lending stablecoins on Aave, a benchmark for DeFi, was 2.32%, which was lower than the Federal Reserve's overnight rate of 3.64%. This implied that the market considered an unregulated, open-source smart contract to be a lower credit risk than the US Treasury. However, this pricing anomaly was corrected within 48 hours. The market's repricing of DeF…
April 23, 2026, 4:30 p.m.