Moya

Moya argues DeFi has all the ingredients for currency carry trades—stablecoins in multiple denominations, composable lending, permissionless execution—but nobody runs them because the economics don't work. FX looping at current Aave V3 rates generates -0.09% net APY versus sUSDe's +6.82%, destroying rather than creating value; unlike yield-bearing assets like stETH or sDAI, currency spreads lack native protocol yield to anchor returns. Viable on-chain FX carry requires yield-bearing stablecoins like EUTBL listed on major protocols and institutional-grade hedging infrastructure—neither exists yet despite macroeconomic conditions favoring the trade.