Hayden is right. What @BrianInCrypto doesn't include is on-chain stablecoins such as USDS, where holding the balance sheet transparently on-chain benefits depositor confidence. This changes the economics of AMMs when USD liquidity is no longer scarce. You can do things like hold USDS-USDT pairs in passively managed positions. Look at the Sky USDC PSM, which is one of the largest holders of USDC. This has helped USDS grow into the behemoth it is today because depositors can exit at any time. The PSM is equivalent to a USDS-USDC pair on Uniswap, with billions in liquidity on both sides and centered exactly at 1:1. This is obviously completely uneconomical for a market maker, but very useful for a stablecoin protocol. The Stablecoin FX Layer launched 2 months ago and is already the top 2 stable-stable pools by 30d volume. APY is quite low, but this doesn't matter. Spark isn't losing money by holding these positions because the inventory would otherwise sit idle. Opportunity cost is effectively 0%. The Stablecoin FX Layer sits at 150m deployed right now, but this will quickly scale to billions as stablecoin payments come on-chain and the need for clearing grows.(Sam MacPherson)