According to @stonecoldpat0, despite claims that stablecoins will force banks to share deposit yield, USDC and USDT holders generally do not receive the underlying reserve yield unless coins are held on custodial exchanges that choose to share it, limiting direct wallet-level income today, source: @stonecoldpat0 on X, Oct 4, 2025. According to @stonecoldpat0, only when stablecoins rebase on-chain and pass yield directly to user addresses would they exert meaningful pressure on bank deposit pricing, source: @stonecoldpat0 on X, Oct 4, 2025. According to @stonecoldpat0, the trading takeaway is that until USDC and USDT implement on-chain rebasing or other pass-through mechanisms, stablecoin carry remains issuer- or custodian-captured rather than wallet-native, so DeFi stablecoin APYs and bank-competition catalysts are unlikely to see a structural uplift in the near term, source: @stonecoldpat0 on X, Oct 4, 2025.

According to @ai_9684xtpa, market focus has shifted from SOL picks to where to park USDT for yield, with Plasma seeking USDT deposits, Circle offering USDC staking subsidies, centralized exchanges promoting high APYs, and Yei Finance’s new Clovis product launching a pre-deposit vault (source: @ai_9684xtpa). According to @ai_9684xtpa, the post asserts there is capital backing these yields and frames stablecoin deposit competition as the actionable area for traders to evaluate APY, liquidity, and venue risk among these options, while noting no specific rates or lockup terms were disclosed (source: @ai_9684xtpa).