USDCx on Cardano starting to show a more interesting structure. Yields are spread out, but TVL is already clustering into a few key pools rather than chasing extremes. You still have high APY opportunities, but at the same time deeper pools are forming around more stable rates. This is a mix that matter because suggests the system is not just attracting liquidity, but beginning to organize it. With fees subsidized, this phase becomes a clean test of how capital positions itself when friction is low.