Liquid staking tokens (LSTs) have shifted from being a major DeFi narrative to becoming core infrastructure for onchain finance, with $52.6B in TVL across protocols like Lido. Meanwhile, real-world assets (RWAs) are emerging as yield-bearing collateral that can simultaneously back loans and trading positions while generating returns, fundamentally changing DeFi's capital stack.
Non-USD stablecoins are expanding rapidly with supply growing from $110M in 2020 to $2.7B across 66 stablecoins in 24 currencies, with euro dominance fading as more currencies move onchain. Coinbase offers 3.75% APY on USDC for One members, while liquid staking protocols maintain $52.6B TVL and generate $28.8M weekly fees despite shifting market attention toward restaking, points, perps, and RWAs.