BIS alerte sur les risques des produits à rendement des stablecoins : les utilisateurs exposés à des pertes potentielles
La Banque des Règlements Internationaux tire la sonnette d'alarme sur les produits de rendement des stablecoins qui pourraient coûter cher aux investisseurs.
Les stablecoins ne sont pas si stables
Les promesses de rendement alléchantes cachent des risques systémiques que beaucoup d'investisseurs sous-estiment - comme d'habitude dans la finance traditionnelle, mais en version crypto.Des pertes en cascade se profilent
Les mécanismes de génération de yield reposent sur des stratégies complexes qui pourraient s'effondrer à la première secousse marché - une spécialité de l'écosystème DeFi où les garde-fous restent limités.La régulation arrive trop lentement
Alors que les autorités tentent de rattraper leur retard, les investisseurs continuent de courir après des rendements à deux chiffres sans comprendre les risques sous-jacents. Parce que visiblement, personne n'a jamais appris la leçon des bulles précédentes.BIS warns against conflicts of interest for stablecoins and lending services
The BIS warned that the popularity of stablecoins can trigger conflicts of interest with traditional banks. Additionally, yield-bearing and lending apps can create conflicts of interest. The space is still unregulated when it comes to yield, despite the existing framework for stablecoin backing.
The BIS even called for additional regulations for decentralized crypto asset service providers (CASPs), which provide yields. For now, there are no specific restrictions against decentralized yield and lending protocols, and no protections for retail users.
One of the sources of conflict is the relatively higher savings rates for some stablecoins, which vastly exceed banking deposit rates for US customers. However, the BIS warned that those yield-bearing products were entirely unregulated and had no safety mechanisms for depositors.
“Yield-bearing products that mimic savings accounts can expose users to potential losses and adverse contractual outcomes, such as being treated as unsecured creditors, if the intermediary were to fail,” explained BIS in its recent report.
Some stablecoin protocols tap the yield from US T-Bills, either directly or through tokenized products like BUIDL. Unlike banks, the protocols are sharing more of their yields with users. There are exceptions like USDT, which mostly retains the interest on its T-Bills.
Aggressive yields depend on protocols, not stablecoins
Stablecoins are accepted by multiple protocols, and the final yield depends on those decentralized apps. Even regulated stablecoins like usdc have ended up in high-yield vaults or protocols.
Most of the liquidity is currently stored on Aave, Morpho, Maple Finance, and Sky Protocol. However, there is a long tail of smaller yield products, with APY above 100% or as high as 1,000%. Most traders still avoid those protocols for their unrealistic, unsustainable yields.
More commonly, yields on popular protocols range between 4% and 7%. Even those offers are more appealing compared to bank deposits.
Yield from stablecoins often has additional incentives, such as airdrop farming. For the past year, more users have chosen to farm new tokens, rather than trade riskier and more volatile crypto assets.
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