With utilization rate being much lower in recent months, the borrow rates have been adjusted to a much lower rate as well to entice users to borrow.

On the other hand, variable borrow rates for the stablecoins are quite volatile. This is because this variable rate is affected by its utilization rate, where the higher the utilization rate, the higher the variable borrow rate.

The graphs below show the stable and variable borrow rates for AAVE's stablecoins. Throughout the months, the stable borrow rates are quite stable for the stablecoins, with the exception of TUSD which took a plunge from 1.9 to 0.05 in 2 days in August.