Fed's tightening talk and its shadow on stablecoin utility

Interesting how much the recent Fed rhetoric on tightening cycles is starting to ripple through even the most 'stable' corners of crypto. With the focus shifting to rate hikes and quantitative tightening, it's making me reconsider the immediate tailwinds for stablecoin adoption, especially in the payment space. If borrowing costs rise significantly, does that inherently make businesses, particularly smaller merchants, more cautious about integrating new payment rails, even if they offer cost efficiencies? The $DEFI index is sitting at 73.2283 today, which feels like a bit of a hold given the broader market jitters. I'm watching to see if this macro pressure translates into any noticeable slowdown in the bridge and on/off-ramp development for fiat-to-stable-to-fiat, or if the underlying demand for faster, cheaper settlement just overrides the higher cost of capital. It's a complex interplay, and I'm keen to hear if others are adjusting their watchlist for stablecoin projects based on these macro headwinds. Are we still seeing aggressive pushes, or a more measured approach from fintechs?