Stablecoin market capitalization exceeds $200 billion, on-chain lending yields surge. Coinbase analysts point out that investors are turning to decentralized finance platforms for yields higher than traditional finance. According to CoinGecko data, stablecoin market capitalization has grown by 13% in the past month, reflecting strong demand from investors for high yields. The total value locked in DeFi lending protocols has reached $54 billion, surpassing the previous bull market peak. Analysts believe this signals a new wave of capital inflow aimed at capitalizing on on-chain high-yield opportunities.