According to CoinMeta, the scale of stablecoins on the blockchain has exceeded $290 billion, with deposits on platforms such as AAVE and Morpho exceeding $8.6 billion. Returns vary depending on the protocol design and the curator of the treasury, and there are significant differences in returns for the same stablecoin across different lending protocols. The returns of USDC on AAVE and Morpho fluctuate compared to one-year U.S. Treasury bonds. Starting from 2024, if one invests in AAVE, the returns of USDC will be higher than those of ETH lending. Stablecoins provide relatively stable returns on the blockchain, but their volatility and risk are higher than those of traditional fixed-income assets, so investors need to carefully weigh these factors.