The whole thing playing out with @aave is healthy for the market. The idea of sticking your money in an M2 sort of smart contract to get 2% yield with 1) the risk of the base stablecoin 2) the risk of the lending/borrowing protocol when 3) t-bills are yielding 4.25% means that the market is drastically mispricing risk. This is likely due to captive capital on the blockchain, i.e. capital that doesn't want to realize taxation, exit to fiat, etcetera. Logically there is no reason to lend on Aave at below the risk free rate. Yields settling closer to 5% are healthier in general. Will be interesting to see in the coming months if yield stays re-priced above the risk free rate after the exodus.