Since DAI is a USD based stable coin along with USDT and USDC, then why are their lending rates so different? In theory, the risks behind owning any of these stable-coins is similar so their lending rates should be similar too, right?
Clearly my thinking has a huge gap somewhere. Can someone please elaborate what am I missing? For example, here is what I see at the time of writing: https://app.aave.com/borrow (image attached)