Aave's Umbrella stablecoin backstops shrink $12.4M as reward rates rise
- —USDC stake fell $5.30 million to $53.44 million; USDT dropped $7.13 million to $62.66 million
- —Extra reward rates rose 0.16 points for USDC and 0.17 points for USDT
- —Base lending yields reached 3.77% for USDC and 3.12% for USDT
- —Indicative annualized rewards held at about $1.994 million
Why it matters: A smaller Umbrella buffer reduces Aave's first-loss protection against reserve deficits, though higher rates may lure stakers back.
Source: CryptoSlate