both on @aave and @0xfluid it is always much cheaper to borrow in $USDtb than in $USDC $USDtb 1y avg: 3.8% $USDC 1y avg 6.66% both are backed by t-bills the difference is that Ethena passes their t-bill yield to depositors whereas Circle keeps it so $USDtb depositors get t-bill yield + borrow rate and can therefore charge a lower borrow rate