PANews reported on February 9th that Ethereum co-founder Vitalik Buterin published an article on the X platform stating that USDC deposit yields do not constitute DeFi, and that algorithmic stablecoins are the true DeFi. He explained from a risk structure perspective: if high-quality algorithmic stablecoins backed by ETH exist, even if their liquidity largely comes from CDP holders, the key is still the ability to transfer counterparty risk on the USD side to market makers; even if algorithmic stablecoins are backed by RWA, as long as over-collateralization and asset diversification are achieved—ensuring sufficient collateral remains even if any asset fails—it represents a substantial improvement to the risk structure for token holders.

Buterin believes the industry should move in this direction and gradually move away from the US dollar as the unit of account, shifting towards a more universal and diversified index-based pricing system. Current transactions involving "depositing USDC into Aave for interest" do not fall into this category.