... interest or use USDT as collateral for borrowing other cryptocurrencies. While yields in DeFi declined in 2022–2023 (along with declining speculative activity), in 2025 they may still exceed the zero rate associated with simple holding of USDT. This motivates some stablecoin holders to avoid cashing out to fiat and seek earning opportunities within the crypto ecosystem, maintaining demand for the coin. Retail and Institutional Adoption. Finally, it is worth noting the growing acknowledgment of stablecoins ...