Opinion: Stablecoins are not more profitable than the lending market.

According to a report by Jinse Finance, Lido strategic advisor Hasu responded to an X user post stating that "lending DEXs like AAVE and Fluid have sufficient advantages for stablecoin issuance" by saying that the idea that stablecoins are more profitable than the lending market is one of the biggest misconceptions in DeFi. Both the lending market and stablecoins borrow money from A and lend it to B, earning a spread in the process. Stablecoins do have implicit convenience benefits like global transferability, but these benefits are limited to stablecoins with deep global liquidity and accepted networks, such as USDT and USDC. Everyone else is competing for the same scarce funding pool and increasingly needs to pay interest to lenders. For new stablecoins entering the market, there are actually only two advantages—superior distribution (allowing you to borrow at lower amounts) and superior ALM (allowing you to lend at higher amounts). Which one do AAVE and Fluid have?