Stablecoin yield products have amassed $60 billion in assets, marking a resurgence in the crypto lending sector following the 2022 collapses of BlockFi and Celsius. The new "Vault" model, which is non-custodial and uses smart contracts, aims to mitigate risks associated with traditional centralized lending. However, concerns persist about the potential for these platforms to repeat past mistakes, as seen with Stream Finance's $93 million loss. Vaults allow users to deposit cryptocurrencies into shared pools, with funds managed through smart contracts to generate returns. Despite their promise of transparency, the pressure to deliver high yields could lead to risky off-chain transactions. Industry experts warn that while Vaults offer a more visible risk structure, the underlying competitive pressures may still drive curators to take on excessive risks, echoing past shadow banking crises.