Pablo 📐(@pablo_veyrat):On this, that's why @merkl_xyz has a feature that lets you reward lending protocol users based on utilization. e.g 0% utilization -> stablecoin issuer pays its full NIM 100% utilization -> stablecoin issuer pays nothing Incentives should scale with the revenue you generate

2026.07.06 09:05

On this, that's why @merkl_xyz has a feature that lets you reward lending protocol users based on utilization. e.g 0% utilization -> stablecoin issuer pays its full NIM 100% utilization -> stablecoin issuer pays nothing Incentives should scale with the revenue you generate

Christina ◡̈@0xChristina

2026.07.05 09:34

Great and underrated point by @joakimhi. Once a stablecoin is lent out, it gets redeemed and offramped via DEX swaps or CEXs (about 80%) -- so it's not the issuer paying that yield. In my experience, that's exactly why stablecoin issuers struggle to make long-term structural yield-share economics work doing deals direct with lending protocols natively.