The cryptocurrency market is witnessing a significant surge in stablecoin demand, with borrowing rates reaching unprecedented levels. Platforms like Yield Yak on Avalanche have reported a steady increase in stablecoin yields, with USDC and USDT yields reaching as high as 35% and 23% respectively. This trend is echoed across various DeFi platforms, with THORChain offering zero-interest loans and MakerDAO raising its interest rate to 17.25%, leading to an annual interest payment of $60,375. The high demand for stablecoins is primarily driven by borrowers looking to leverage these assets for purchasing cryptocurrencies like BTC and ETH or to earn USD-denominated yields. This has led to a notable increase in the total value locked (TVL) in these protocols, with THORChain's TVL surging after a significant RUNE burn to boost lending capacity, resulting in a 70% increase in $RUNE value. Additionally, platforms like OKXEarn and Synonym Finance are offering attractive yields for stablecoin deposits, with OKXEarn yield reaching 57% and Synonym Finance offering a total yield up to 66% for USDC suppliers. Aave has also been highlighted for its 45% APY for USDC, while THORChain reports stablecoins doing 5x volumes over depth, resulting in 100%+ APR figures.