STABLECOIN ISSUER > LENDING MARKETPLACE?

🔁 Active loans on @aave are up from $3.4b to $12.4b since Jan '24.

🏦 At the same time, the GHO stablecoin supply has increased from $34.3m to $168.8m.

💡 In p2p lending, Aave's take rate is ~20%, but as a stablecoin issuer it's 100%.