Market Hits $68.9B as Maple Grows to $5.4B and PYUSD Emerges at 6.3%
4,901 pools | Median APY 1.43% | Avg 2.7%
$40.4B
LOW-RISK TVL
2.4%
LOW-RISK AVG APY
2.5%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $40.4B (179 pools, 2.4%)Med: $27.3B (2804 pools, 2.5%)High: $1.1B (1918 pools, 17.2%)
WEEK OVER WEEK
Total TVL
$68.9B+$93.0M
prev: $68.8B
Median APY
1.43%-0.01pp
prev: 1.43%
Pool Count
4,901+2
prev: 4,899
Low-Risk APY
1.82%-0.10pp
prev: 1.93%
5 THINGS TO KNOW
Maple TVL Surges to $5.4B with 30% Growth in Three Weeks
Maple USDC: $3,394M TVL at 4.28% APY, risk 20. Maple USDT: $2,033M TVL at 3.84% APY, risk 20. Combined $5.4B TVL, up from $5.1B last week and $4.4B two weeks ago.
PYUSD Delivers 6.34% on Euler V2 - Best Low-Risk Yield This Week
Euler V2 PYUSD: $109M TVL, 6.34% APY, risk 29. Morpho V1 SENPYUSDMAIN: $296M TVL, 5.86% APY, risk 25. PYUSD total: $4.3B TVL across 42 pools.
Low-Risk Tier APY Drops 10bps WoW to 1.82%
Low-risk (0-29) WoW: APY 1.93% -> 1.82% (-10bps). Low-risk TVL: $40.55B -> $40.39B. Pool count: 177 -> 179.
Sky Lending Holds $7.1B TVL Despite SSR at 3.75%
Sky Lending total TVL: $7.06B across 3 pools. SUSDS on Ethereum: $6,453M at 3.75%. SUSDS on Arbitrum: $358M at 3.75%. Sparkline shows APY decline from 4.00% to 3.75%.
Pendle Maintains 10.6% Weighted APY Across $1.12B TVL
Pendle: 158 pools, $1.12B TVL, 10.61% weighted avg APY, risk score 47. Top pool: SATUSD+ at 37.29% on BSC. sUSDAI pools on Arbitrum: 30-35% APY.
CHAIN BREAKDOWN
Ethereum dominates with $46.7B TVL (67.8% of market), while Arbitrum leads L2s in weighted APY at 5.36%. Low-risk APY slipped 10bps WoW as capital continues concentrating in Ethereum-based lending protocols.
POOLS
AVG APY
TVL
Ethereum
2029
2.8%
$46.7B
Base
544
1.6%
$6.9B
Gnosis
26
0.1%
$3.1B
Arbitrum
389
5.4%
$2.6B
Solana
354
2.4%
$2.0B
Berachain
45
0.5%
$2.8B
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
179 pools | $40.4B TVL | 2.4% avg APY
Euler V2 PYUSD
Ethereum | Best low-risk yield this week. Euler V2 is audited, PYUSD is backed by PayPal reserves, and the 6.34% rate significantly exceeds the low-risk tier average of 2.42%.
6.3%
Maple USDC
Ethereum | Institutional-grade credit with the deepest TVL ($3.4B) in low-risk lending. The 4.28% rate is structurally supported by real credit origination, not incentive farming.
4.3%
Morpho V1 SENPYUSDMAIN
Ethereum | Curated Morpho vault with $296M TVL offering 5.86% on PYUSD. Morpho's modular architecture and curator oversight reduce smart contract risk within the low-risk tier.
5.9%
Morpho V1 BBQUSDCRESERVOIR
Ethereum | Morpho's curated USDC vault on Ethereum offers 5.57% with a risk score of 28 and $133M TVL. One of the best USDC yields available in the low-risk tier, outperforming Maple's 4.28% with only slightly higher risk.
5.6%
Sky Lending SUSDS
Ethereum | The largest single stablecoin pool in DeFi at $6.5B TVL. Sky's SSR provides a baseline 3.75% yield with institutional-grade security. Lower yield than Maple but offers the deepest liquidity and proven track record.
3.8%
THIS WEEK IN STABLECOINS
Payments Dive
Mastercard Acquires Stablecoin Infrastructure Firm BVNK for $1.8 BillionMastercard announced a definitive agreement to acquire BVNK, a stablecoin payments infrastructure company, for up to $1.8 billion. The deal is the largest stablecoin acquisition to date and signals growing institutional confidence in stablecoin infrastructure as global transaction volumes surged 167% year-over-year.
Validates institutional demand for stablecoin infrastructure at scale. As more capital flows through stablecoin rails, yield protocols stand to benefit from increased TVL and stablecoin supply seeking productive deployment.
PYMNTS.com
Senate Nears Compromise on Stablecoin Yield Payments in CLARITY ActSenate Banking Committee Chair Tim Scott indicated a compromise on stablecoin yield payments could arrive within days. The yield question has been the central obstacle to the CLARITY Act, with banking groups pushing for restrictions while crypto firms view yield as essential for adoption.
If yield payments are permitted, it would legitimize DeFi yield protocols like Sky (3.75%), Maple (4.28%), and Ethena (3.49%) under a clear legal framework. The outcome directly shapes the future regulatory landscape for stablecoin yield products.
Payments Dive
Stablecoin Transaction Volume Surges 167% to $1.78 Trillion MonthlyGlobal stablecoin transaction volume climbed from $668 billion in February 2025 to $1.78 trillion in February 2026, according to Macquarie Group. Total stablecoin market cap reached $311.8 billion. Major payment companies including PayPal, Fiserv, and Mastercard are building stablecoin integrations.
The $68.9B in tracked yield TVL represents roughly 22% of total stablecoin market cap, suggesting significant room for growth as more stablecoins seek yield. The surge in real-world stablecoin usage validates long-term demand for yield infrastructure.
OUTLOOK
Stablecoin yield markets are entering a consolidation phase where institutional capital concentrates in a shrinking set of trusted protocols. Maple's 30% TVL growth in three weeks and Sky's ability to hold $7.1B despite a rate cut to 3.75% suggest that the largest pools will continue absorbing capital while marginal yields compress. Median APY at 1.43% is approaching a floor where only well-capitalized protocols can sustain operations. The Senate's approaching compromise on yield payments could be a catalytic event - regulatory clarity would unlock institutional capital currently sidelined by compliance uncertainty. Allocators should watch for the CLARITY Act markup in April, which could reshape the competitive landscape between DeFi and TradFi savings products. In the near term, expect continued low-risk APY compression as capital inflows outpace rate increases, with the best opportunities shifting to curated vaults (Morpho, Euler) and medium-risk strategies (Pendle, USD.ai) that maintain structural yield advantages.
MEDIUMPYUSD Yield Ecosystem Growth
MEDIUMCLARITY Act Yield Compromise Impact
HIGHMaple TVL Trajectory
MEDIUMEthena sUSDe Yield Stabilization
HIGHLow-Risk APY Compression Below 1.5%