PYUSD deposits on Aave jumped ~40x in Q4 ’25, from $10M to ~$400M. Context: PayPal launched on-chain incentives (via Merkl) to close a very specific gap: PayPal pays ~4% in-app, but on-chain holders don’t get that yield. → Incentives effectively “ported” the in-app yield to

PYUSD0,04%
AAVE-5,94%
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