Maple Holds $4.4B at 4.5% as Market TVL Flatlines at $65.8B

4,591 pools | Median APY 1.37% | Avg 2.8%

$38.9B

LOW-RISK TVL

2.4%

LOW-RISK AVG APY

2.6%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $38.9B (156 pools, 2.4%)Med: $25.5B (2560 pools, 2.6%)High: $1.4B (1875 pools, 16.3%)

WEEK OVER WEEK

Total TVL

$65.8B+$15.1M

prev: $65.8B

Median APY

1.37%-0.03pp

prev: 1.40%

Pool Count

4,591+6

prev: 4,585

Low-Risk APY

1.88%-0.01pp

prev: 1.90%

5 THINGS TO KNOW

Maple Holds Firm at 4.5% While Competitors Compress

Maple USDC: 4.53% APY on $3.0B TVL (risk 20). Maple USDT: 4.21% on $1.4B TVL (risk 20). Aave V3 USDC: 1.57% on $1.4B (risk 23).

Uniswap V4 USDT Pool on BSC Drops from 82% to 22%

Previous APY: 82.47%. Current APY: 21.53%. Change: -73.9%. TVL: $205,265.

Ethena sUSDe Yield Continues Multi-Week Slide to 3.47%

sUSDe: 3.47% APY, $3.53B TVL, risk score 14. Down from ~4.56% reported in early February.

Monday Trade AUSD Pool on Monad Rises to 6.36%

Previous APY: 5.02%. Current APY: 6.36%. Change: +26.7%. TVL: $649,917.

Pendle Maintains 11% Weighted APY Across $940M TVL

Pendle: 11.05% avg APY, 152 pools, $940M TVL, avg risk 48. Top pool: sUSDai at 35.24% on Arbitrum.

CHAIN BREAKDOWN

Ethereum dominates with $44.8B TVL (68% of market), followed by Base at $6.9B. Arbitrum leads on yield at 5.84% weighted APY. Newer chains like Monad and Berachain remain small but show elevated yields typical of early ecosystems.

POOLS

AVG APY

TVL

Ethereum

1919

2.8%

$44.8B

Base

527

1.5%

$6.9B

Gnosis

0.1%

$3.1B

Arbitrum

369

5.8%

$2.4B

Solana

302

2.5%

$2.2B

Berachain

1.3%

$1.2B

STABLECOIN YIELDS (AVG APY)

USDC

2.6%

$21.4B

USDT

2.3%

$9.3B

USDS

4.0%

$7.3B

SUSD

3.8%

$4.6B

PYUSD

2.2%

$4.5B

LUSD

2.9%

$1.4B

DAI

9.1%

$960.0M

USDE

1.0%

$860.0M

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

TOP RISK-ADJUSTED PICKS

156 pools | $38.9B TVL | 2.4% avg APY

Maple USDC

Ethereum | Best yield-to-risk ratio among billion-dollar pools. Institutional credit underwriting justifies the 290bps premium over Aave.

4.5%

R:20

Sky Lending SUSDS

Ethereum | Largest low-risk vault at $6.0B. Governance-backed yield with proven stability across market conditions.

4.0%

R:20

Ethena Usde SUSDE

Ethereum | Lowest risk score of any major pool at 14. Yield declining but still competitive for ultra-conservative allocators.

3.5%

R:14

Maple USDT

Ethereum | Top USDT yield in the low-risk tier. Institutional lending pool with $1.4B deposits.

4.2%

R:20 | $1.4B

OUTLOOK

The stablecoin yield market is in a consolidation phase. TVL has plateaued at $65.8B for two consecutive weeks, and median APY continues its slow compression from 1.99% (four weeks ago) to 1.37% today. This suggests capital has largely found its equilibrium across risk tiers. The low-risk tier is particularly stable with $38.9B parked at sub-2.5% rates. We expect median yields to continue drifting lower toward the 1.2-1.3% range over the coming weeks, while protocol-specific opportunities in the medium-risk tier (Pendle, Sparklend, USD.ai) maintain their premiums. The key wildcard remains Ethena's basis trade: if sUSDe yield drops below 3%, it could trigger reallocation flows toward Maple and Sky.

HIGHEthena sUSDe Yield Floor

MEDIUMArbitrum Yield Premium Sustainability

HIGHMedian APY Compression

LOWMonad Ecosystem Development

MEDIUMMaple's TVL Growth Trajectory