The stablecoin launched by a certain payment giant has been expanding at a crazy pace lately. With network-wide incentive giveaways, its total supply has already surged to $3.8 billion—what does this scale mean? One more rally and it could catch up with that $6.6 billion synthetic dollar stablecoin.

Currently, participants can earn an annualized yield of 6%-7%. On Ethereum, the rewards are mainly concentrated in the liquidity pools of two established protocols, while additional incentives have been distributed through curation platforms to two emerging lending protocols and a cross-chain liquidity protocol. With subsidies this strong, it’s no wonder the growth curve is so steep.