USDS has firmly secured the third position among stablecoins, with a TVL of nearly $12 billion including DAI, which accounts for 15% of it.

Recently, I reviewed Sky and Spark again. I still don't fully understand how they achieved today's level.
In terms of returns, USDS can only offer around 4% annualized yield.
Spark's SLL has only borrowed a few billion, and excluding what Spark has lent out, there are still over $10 billion of USDS used and held by users.
In a time when stablecoin yields are sluggish across the crypto space, USDS has still grown by 20% in the past month.
Can any DeFi experts help me understand? USDS has almost no trading demand, with no exchanges listing USDS trading pairs, so the core reason should be for financial management needs?
(Additionally, $SKY has also performed very well, gradually rising 50% since the November low, even though BTC has fallen nearly 25% during this period.)