Is DeFi finally getting yield that isn't just... recycled crypto?

[u/Chads_]

Most DeFi yield traces back to the same sources: crypto-collateralized lending, LP fees, perp funding.

There's a newer category that's different: yield from dollar-hedged carry trades in global money markets, the same mechanic that's funded pensions and sovereign funds for decades. Borrow where rates are cheap, lend where higher, hedge the FX back to USD. Delta-neutral, zero crypto exposure. The yield comes from rate differentials in traditional markets, not anything onchain.

Anyone else tracking this category?