It's still a bit difficult for Makerdao to grow stablecoins. Objectively speaking, it's still niche users who need decentralized and unfrozen privacy stablecoin DAI, accounting for 1% or less. RUNE is also well aware that the next step to achieve significant growth is to develop a more popular and compliant stablecoin, so they are heavily investing in USDS. Three paths for the development of stablecoins, pay、trade、earn， At a historical moment, USDT relied on the trade of Chinese exchanges to timely enter trading pairs, and then spread to the global capillary economy to establish a basic base for pay. As a latecomer, USDS can only focus on earning, with APY starting from 12.5%. The problem also follows, emptying the treasury to subsidize USDS, which is currently around 4B in scale. It is still difficult to further break through and gradually follow the US Treasury's interest rate cut, which dropped to 4.5% yesterday. Further observation is needed, and it is necessary to cross from earning and lending to trade to stabilize the fundamentals. This may require some opportunity.