Beanstalk

There simply aren't enough stablecoins in DeFi to meet demand, which is reflected in high borrowing costs for stablecoins across lending platforms like Aave and Compound. Most stablecoins today are either issued by centralized entities (USDC, USDT, etc), have collateral requirements that limit the growth of their supply (DAI, MIM, FRAX, UST, etc), or both.