Sky Cuts SSR to 3.75% but $6.2B SUSDS Vault Keeps Growing

4,769 pools | Median APY 1.56% | Avg 3.7%

$40.7B

LOW-RISK TVL

2.4%

LOW-RISK AVG APY

2.6%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $40.7B (180 pools, 2.4%)Med: $26.2B (2738 pools, 2.6%)High: $1.1B (1851 pools, 81.7%)

WEEK OVER WEEK

Total TVL

$67.9B+$91.9M

prev: $67.8B

Median APY

1.56%-0.03pp

prev: 1.59%

Pool Count

4,769+6

prev: 4,763

Low-Risk APY

2.37%-0.02pp

prev: 2.39%

5 THINGS TO KNOW

Sky Lending Absorbs $900M Despite 25bp Rate Cut

SUSDS APY dropped from 4.00% to 3.75% visible in sparkline data. TVL grew from $4.3B (Feb 1) through $5.3B to $6.2B (Mar 14). Sky Lending total: 3 pools, $6.8B TVL, risk score 21.

Maple Crosses $5.1B TVL at 4.31% Average APY

Maple: 2 pools, $5.1B TVL, 4.31% avg APY, risk 20. USDC at 4.45% ($3.2B TVL), USDT at 4.08% ($1.9B TVL).

Aptos TVL Doubles on Hyperion Growth

Aptos: +$137M TVL (+105%). Hyperion identified as primary driver.

Monday Trade AUSD on Monad Drops 74% to 1.67%

Monday Trade AUSD-EARNAUSD on Monad: 6.33% -> 1.67% (-74%), $541K TVL, risk 68.

Ethena sUSDe Continues Gradual Decline to 3.43%

Ethena sUSDe: APY 4.56% (Feb 1) -> 3.43% (Mar 14). TVL stable at ~$3.6B. Risk score 12.

CHAIN BREAKDOWN

Ethereum dominates with $46.8B (69% of total TVL) across 1,970 pools. Base holds second position at $6.9B. The standout chain mover was Aptos, which doubled its TVL to roughly $267M driven by Hyperion. Avalanche experienced the largest outflow at $509M (-5.4%). Arbitrum continues to deliver the highest weighted average APY among major chains at 5.69%.

POOLS

AVG APY

TVL

Ethereum

1970

2.8%

$46.8B

Base

539

1.5%

$6.9B

Gnosis

0.1%

$3.1B

Arbitrum

383

5.7%

$2.4B

Solana

335

2.5%

$2.0B

Berachain

1.1%

$1.5B

STABLECOIN YIELDS (AVG APY)

USDC

3.7%

$21.6B

USDT

6.7%

$9.8B

USDS

3.8%

$7.7B

SUSD

3.8%

$4.6B

PYUSD

2.1%

$4.3B

LUSD

2.9%

$1.6B

USDY

3.5%

$1.0B

DAI

8.8%

$1.0B

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

TOP RISK-ADJUSTED PICKS

180 pools | $40.7B TVL | 2.4% avg APY

Maple USDC Pool

Ethereum | Best risk-adjusted yield in the low-risk tier. 4.45% at risk score 20 represents a 208bp premium over the tier average with institutional credit underwriting.

4.5%

R:20

Sky Lending SUSDS

Arbitrum | Largest single pool at $6.2B TVL. Reserve-strengthening governance changes enhance long-term stability despite the rate cut.

3.8%

R:20

Ondo USDY

Ethereum | RWA-backed yield with Treasury-rate exposure. Low risk score and regulatory clarity under evolving stablecoin legislation.

3.5%

R:22

Maple USDT Pool

Ethereum | Second Maple pool offering above-4% yield at risk score 20. Combined with USDC pool, provides issuer diversification within the same protocol.

4.1%

R:20 | $1.9B

Ethena USDe sUSDe

Ethereum | Lowest risk score (12) among major yield-bearing stablecoins. Yield declining but TVL stable, indicating strong holder conviction.

3.4%

R:12 | $3.6B

THIS WEEK IN STABLECOINS

DeFi governance forums / multiple outlets

Sky Protocol Proposes 90% Buyback Cut and 25bp SSR Reduction to 3.75%

Sky Protocol governance proposed cutting SKY token buybacks from 75% to approximately 7.5% of net profit for roughly three months to fortify $11B in stablecoin reserves. Simultaneously, the Sky Savings Rate was reduced by 25bp from 4.00% to 3.75%. The rate cut is directly visible in pool data and coincided with significant TVL inflows.

Directly impacts the largest stablecoin yield vault by TVL. The rate cut is live in pool data, and the reserve-strengthening rationale explains why capital flowed in despite lower returns.

Bloomberg / SCMP

HSBC and Standard Chartered Expected to Receive Hong Kong's First Stablecoin Issuer Licenses

Hong Kong's Monetary Authority received 36 applications for stablecoin issuer licenses and plans to issue the first approvals around March 24. HSBC and Standard Chartered, two of the city's note-issuing banks, are among the expected recipients. This marks the first time major global banks will formally enter stablecoin issuance.

Bank-issued stablecoins could expand the addressable market for yield protocols and introduce new assets to the tracked pool universe. Institutional issuance legitimizes the stablecoin sector.

Aave Governance

Aave V4 Ethereum Mainnet Activation Proposal Advances

Aave governance is advancing a proposal to activate V4 on Ethereum mainnet, featuring a modular architecture with Liquidity Hubs (shared liquidity) and Spokes (independent lending environments). Separately, Aave monthly active users reached approximately 155,000 in February, an all-time high and nearly double the figure from six months ago.

Aave V3 holds $8.0B in tracked stablecoin TVL. V4's modular architecture could reshape lending rates and liquidity distribution. User growth at 155K MAU signals broadening DeFi participation.

OUTLOOK

The stablecoin yield market is entering a phase of deliberate rate management. Sky's preemptive SSR cut -- taken from a position of strength to fortify reserves rather than under duress -- sets a precedent that other protocols may follow. Expect the low-risk APY floor to settle in the 3.5-4.5% range as protocols balance yield competitiveness against balance sheet resilience. The continued compression of median APY toward 1.5% suggests overcrowded lower-tier pools, while the thin 25bp premium between low and medium risk tiers offers little incentive for capital migration. Hong Kong's imminent stablecoin licenses for HSBC and Standard Chartered could introduce new issuers and deposit venues within months, potentially expanding the market past $70B TVL. Aave V4's modular architecture may redistribute lending rates across isolated markets when it launches.

HIGHSky SSR Floor Discovery

MEDIUMEthena sUSDe Yield Floor

MEDIUMAptos DeFi Ecosystem Growth

HIGHMaple TVL Trajectory

LOWHong Kong Stablecoin Licenses Impact