bueno pues (▲)

The Routing War Most stablecoin discourse is about supply, TVL, and market cap. These matter. But they are not the whole picture. There is a deeper competition happening underneath all of that. And it rarely gets talked about directly. The competition is to become a routing hub.

Best stable yields with frxUSD by @fraxfinance. 🧑‍🌾 Being the lazy farmer that I am, I want the best risk-adjusted yields in defi, and, I can get them all using the best Peg Keeper in the game, frxUSD by @fraxfinance. @AlchemixFi (alUSD) and @dTRINITY_DeFi (sdUSD) take the top spots! There are quite a few pools paying over 10% APY this epoch. It's a good time to be a farmer!

@fraxfinance Smart teams making smart choices.

frxUSD PegKeeper TVL crossed back above $50M📈 Now, nearly 20 protocols trust frxUSD as their default stablecoin pairing, with more on the way. Positive-sum growth toward a more sustainable DeFi 🤝

📢 RECOVERY UPDATE • All bad debts on Ethereum have been repaid • Minting, redeeming, and unstaking dUSD are available • dLEND debt repayments and withdrawals are available • Staking dUSD + dLEND deposits and borrows are temporarily disabled, pending final internal security reviews. All protocol features are expected to resume normal operation within this week. We appreciate your patience as we continue to work on this issue. A post-mortem analysis will be released soon. We're also deeply grateful for the unwavering support from our community members throughout this process. Thank you, dGENS ❤️

@wolfehr @fraxfinance All roads/paths go through frxUSD.

The key metrics right now for stablecoins are not TVL, revenue, or profit; they are trust and network size. @fraxfinance is the only stablecoin issuer executing against this strategy with $frxUSD.

@Smallro_man 🫡

@BaltoAlt Mucho bueno 🤝

@Black_Nagh Good presentation. Thank you for sharing.

Right now, banks are just offering DeFi staking yields to their clients — cute, but nothing crazy. The real explosion happens the moment they launch on-chain CDPs: collateral locked, stablecoins/liquidity minted directly on-chain by regulated banks. We're talking insane amounts of fresh liquidity flooding DeFi from TradFi balance sheets. Mind-blowing that we're still waiting for it in 2026.

@wagmiAlexander Frax

Is your favorite token on this list? If not, why is it your favorite?

@peazyfi @_brizal @letsgetonchain @re @DeFi_Made_Here @samkazemian

@_brizal @letsgetonchain @re @DeFi_Made_Here 🫡 im sure @DeFi_Made_Here and @samkazemian can cook great things for both protocol!

Fluid is the only looping RWA platform that allows you to earn yield on your liabilities. For example looping @re with smart debt (USDC-USDT) means trading fees on your debt boost your APY by 2%+ compared to plain USDC or USDT borrowing. That extra 2% APY is based on trading fees earned by USDC-USDT dex pool in the last 24h which was yielding 0.34% APY (on average it is much higher). Last years average trading APY on USDC-USDT pool was at 0.64% APY. That means if you looped you RWA on Fluid last year with USDC-USDT smart debt your APY was enhanced by roughly ~4% APY without incurring any additional risks besides USDC or USDT depegging. Capital efficiency translates to better yields.

@Ikebillion_ Thank you ser! Following your lead 🙂

@BaltoAlt This is a very important and worthy read. Thank you, Bueno!

The Structural Outcome Spokes that pair with frxUSD now are not just choosing a good routing asset for today. They are building liquidity alongside a token that has a credible path toward becoming the next tier of DeFi infrastructure. That is asymmetric positioning. The spoke protocols that choose wisely now will benefit from compounding liquidity gravity. The ones that choose passively will spend years bribing alone.

The Routing Asset Decision Framework The sections above build the case. This is what that case looks like as a decision. Protocols launching spoke tokens are not just picking a pairing asset. They are making a liquidity infrastructure decision that compounds. Six questions worth asking before choosing a routing asset: 1. Routing reach — does this routing asset connect you to the swap paths your users actually need? 2. Reserve backing — does it hold GENIUS Act compatible reserves, or does its peg depend on protocol mechanics that can be externally stressed? 3. Co-incentive contribution — does it actively help sustain your pool's yield environment, or does it sit passively while the spoke protocol bribes alone? 4. Cross-chain mobility — can it move natively between chains, or does it depend on third-party bridges? 5. Incentive sustainability — is the co-incentive mechanism funded by something durable, like exogenous yield, or by emissions and protocol revenue that can be exhausted? 6. Governance — who controls the routing asset? Fragmented or unstable DAOs have created real governance risk across DeFi. A routing asset governed by a DAO with alignment issues introduces a risk that sits under every pool paired with it.

The Routing War Most stablecoin discourse is about supply, TVL, and market cap. These matter. But they are not the whole picture. There is a deeper competition happening underneath all of that. And it rarely gets talked about directly. The competition is to become a routing hub.