DeFi's 48-Hour Reckoning: The Market Reprices Credit Risk
Until April 17, lending stablecoins on Aave yielded 2.32% APY, lower than the Federal Reserve's overnight rate of 3.64%. This discrepancy implied that the market viewed an unregulated, open-source smart contract as a lower credit risk than US Treasury bonds. However, this mispricing was short-lived. Within 48 hours, the market corrected itself, repricing DeFi credit risk. The catalyst for this ch…
April 23, 2026, 4:30 p.m.