In the current bear market, investors are gravitating towards stablecoins due to their promise of stable returns and lower underlying risks, according to a report by IOSG. While all products saw a rise in Total Value Locked (TVL) during the bull market, the bear market has highlighted significant performance disparities. High-risk products are facing compounded risks, with funding rate strategies experiencing reduced returns and market-making vaults encountering manipulation risks. Emerging Real World Asset (RWA) protocols introduce third-party participants, leading to issues of opacity and limited liquidity. The report suggests that if all Layer 1 blockchains were to deploy their own stablecoins instead of relying on USDT or USDC, their revenue could potentially increase by two to three times, given the current stablecoin supply dynamics.