Stablecoin Market Swells to $59.4B as Ethena Yield Erodes

4,034 pools | Median APY 1.42% | Avg 2.7%

$36.3B

LOW-RISK TVL

2.4%

LOW-RISK AVG APY

2.7%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $36.3B (148 pools, 2.4%)Med: $21.5B (2236 pools, 2.7%)High: $1.6B (1650 pools, 10.0%)

WEEK OVER WEEK

Total TVL

$59.4B

Median APY

1.42%

Pool Count

4,034

Low-Risk APY

2.37%

5 THINGS TO KNOW

Ethena sUSDe Yield Slides to 3.30% as Basis Trade Compresses

sUSDe APY: 4.56% (Feb 2) -> 3.56% (Feb 9) -> 3.30% (Feb 15). TVL steady at $3.62B. Risk score: 16.

Sky Lending SUSDS Vault Absorbs $700M in Two Weeks

SUSDS TVL: $4.21B (Feb 2) -> $4.78B (Feb 9) -> $4.88B (Feb 15). APY flat at 4.00%. Sky Lending total: $5.47B, risk score 22.

Monad Stablecoin Ecosystem Grows to 108 Pools and $450M TVL

108 pools, $450M TVL, 4.81% weighted avg APY. Merkl aggregates 35+ pools. Top pool: Monday Trade Spot AUSD-EARNAUSD.

Pendle Leads Medium-Risk Yield at 9.26% Across $700M TVL

112 pools, $699M TVL, 9.26% weighted APY, risk score 42. Top: SUSDAI on Arbitrum at 22.93%.

Three High-Yield Pools See APY Drop 77-96% in One Week

Monday Trade Spot: 82.2% -> 3.1%. Uniswap V4 BSC: 84.2% -> 7.1%. Spectra V2 Ink: 94.7% -> 21.5%.

CHAIN BREAKDOWN

Ethereum dominates with $40.6B (68% of TVL) across 1,642 pools. Base holds steady at $6.8B. The most notable shifts are in emerging chains: Monad at $450M with 108 pools, and Berachain concentrating $1.56B in just 15 pools.

POOLS

AVG APY

TVL

Ethereum

1642

2.8%

$40.6B

Base

491

1.5%

$6.8B

Gnosis

0.1%

$3.1B

Arbitrum

336

3.7%

$1.7B

Berachain

1.4%

$1.6B

Solana

249

1.7%

$1.3B

STABLECOIN YIELDS (AVG APY)

USDC

2.4%

$20.4B

USDT

2.5%

$7.8B

USDS

4.0%

$5.7B

sUSD (Ethena)

3.5%

$4.8B

PYUSD

2.2%

$2.8B

LUSD

3.2%

$1.5B

USDe

1.2%

$850.0M

DAI

6.6%

$610.0M

Avg APY can be skewed by outliers. TVL on right.

TOP RISK-ADJUSTED PICKS

148 pools | $36.3B TVL | 2.4% avg APY

Maple USDC

Ethereum | Best yield-to-risk ratio among mega-cap pools. 4.60% APY at risk score 20 with $3.2B TVL provides institutional-grade yield on USDC.

4.6%

R:20

Sky Lending SUSDS

Ethereum | Largest single pool at $4.9B TVL with unwavering 4.00% APY. Zero yield volatility makes it the stability benchmark.

4.0%

R:20

Aave V3 SGHO

Ethereum | GHO staking on Aave at 5.24% with low risk. The Aave safety module backing provides additional security confidence.

5.2%

R:24

Ethena Usde SUSDE

Ethereum | Lowest risk score (16) among large pools, but yield declining from 4.56% two weeks ago. Monitor for further compression.

3.3%

R:16 | $3.6B

Maple USDT

Ethereum | 4.03% on USDT with $1.3B TVL and low risk. Maple's USDT pool complements their USDC offering for diversified stablecoin allocators.

4.0%

R:21 | $1.3B

OUTLOOK

The stablecoin yield market is in a phase of measured expansion. The $2.3B TVL increase this week reflects growing institutional comfort with on-chain yield. Ethena's declining yield trajectory may accelerate reallocation toward fixed-rate products like Pendle and stable-rate protocols like Sky and Maple. Expect the low-risk yield floor to remain around 3.5-4.5% as Sky and Maple compete for institutional deposits. Monad and Ink are the chains to watch for higher-yield opportunities, though sustainability of their elevated APYs remains unproven. The thin risk premium between low and medium-risk tiers (30bps weighted) suggests medium-risk pools are underpricing risk, creating potential dislocation.

HIGHEthena sUSDe Yield Trajectory

HIGHSky vs Maple TVL Race

MEDIUMMonad Yield Sustainability

MEDIUMLow-Medium Risk Premium Compression

MEDIUMGHO Yield Premium