DeFi's Credit Risk Repriced in 48 Hours
Until April 17, lending stablecoins on Aave, a gold standard in DeFi, yielded 2.32% APY, despite the Federal Reserve's overnight rate being 3.64%. This implied the market viewed an unregulated, open-source smart contract as a lower credit risk than the US Treasury. However, this mispricing ended within 48 hours. The market repriced DeFi credit risk, a feat no regulator or commentator had achieved…
April 23, 2026, 4:30 p.m.