Market Hits $69.8B as CLARITY Act Threatens Yield and Resolv Crashes

5,111 pools | Median APY 1.64% | Avg 2.8%

$39.3B

LOW-RISK TVL

1.9%

LOW-RISK AVG APY

3.4%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $39.3B (173 pools, 1.9%)Med: $29.5B (2878 pools, 3.4%)High: $1.1B (2060 pools, 20.6%)

WEEK OVER WEEK

Total TVL

$69.8B+$51.4M

prev: $69.8B

Median APY

1.64%-0.01pp

prev: 1.65%

Pool Count

5,111+3

prev: 5,108

Low-Risk APY

1.92%-0.06pp

prev: 1.98%

6 THINGS TO KNOW

CLARITY Act Draft Threatens All US Stablecoin Yield Products

Circle and Coinbase stocks saw significant single-day drops. The bill targets stablecoin yield specifically, not broader DeFi.

Resolv USR Crashes 70% After $25M Exploit via Compromised Minting Key

USR dropped from $1.00 to $0.025, roughly a 97.5% decline at its low. Currently trading around $0.27.

Sky Lending SUSDS Holds $6.36B Despite Rate at 3.75%

Sky Lending SUSDS TVL: $6.36B at 3.75% APY, risk score 20. Down from $6.58B peak on Mar 22.

Maple Grows to $5.45B TVL with USDT Vault Now at $2.1B

Maple USDC: 4.22% APY, $3.35B TVL, risk score 20. Maple USDT: 3.84% APY, $2.10B TVL, risk score 20.

Aave V3 USDC on Polygon APY Jumps 80% to 2.78%

APY rose from 1.55% to 2.78% (79.6% change). TVL: $920K, risk score: 44.

Morpho V1 PYUSD Vault APY Falls 9% to 5.32%

APY dropped from 5.86% to 5.32% (-9.2%). TVL: $321M, risk score: 24.

CHAIN BREAKDOWN

Ethereum dominates with $46.2B TVL (66% of market), while Base holds steady at $6.87B. Arbitrum delivers the highest weighted APY among major chains at 5.31%, and Monad maintains $435M TVL at 4.14% APY.

POOLS

AVG APY

TVL

Ethereum

2146

2.9%

$46.2B

Base

553

1.6%

$6.9B

Gnosis

0.1%

$3.1B

Arbitrum

398

5.3%

$2.6B

Solana

378

2.7%

$2.5B

Berachain

0.6%

$2.8B

STABLECOIN YIELDS (AVG APY)

USDC

2.6%

$20.2B

USDT

2.7%

$9.3B

USDS

3.8%

$7.8B

SUSD

3.8%

$4.6B

PYUSD

2.2%

$4.4B

BUIDL

3.4%

$2.7B

LUSD

3.1%

$1.5B

USDY

3.5%

$1.0B

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

TOP RISK-ADJUSTED PICKS

173 pools | $39.3B TVL | 1.9% avg APY

Morpho V1 SENPYUSDMAIN

Ethereum | Best low-risk yield at 5.32% with $321M TVL. Morpho's PYUSD vault offers a significant premium over comparable low-risk USDC pools while maintaining strong security properties.

5.3%

R:24

Maple USDC

Ethereum | Best risk-adjusted USDC yield at 4.22% with $3.35B TVL. Maple's institutional credit model and growing TVL demonstrate deep market confidence.

4.2%

R:20

Ondo Yield Assets USDY

Ethereum | Tokenized Treasury yield at 3.55% with minimal smart contract risk. Direct exposure to US Treasury rates makes this a near-riskless on-chain option.

3.5%

R:22

Sky Lending SUSDS

Ethereum | The institutional-grade benchmark for on-chain savings with $6.36B TVL at a fixed 3.75% rate. Backed by BlackRock BUIDL and RWA revenue, this is the safest large-scale yield option. Rate-insensitive demand signals deep institutional confidence.

3.8%

R:20 | $6.4B

Ethena Usde SUSDE

Ethereum | At risk score 12 with $3.56B TVL, sUSDe offers 3.53% from delta-neutral basis trade exposure. Yield has stabilized after weeks of decline from 4.56%. Lowest risk score among major yield sources, though basis trade mechanics introduce structural risk not fully captured by the score.

3.5%

R:12 | $3.6B

THIS WEEK IN STABLECOINS

PYMNTS.com

CLARITY Act Draft Would Ban Yield on Stablecoins

A new draft of the proposed CLARITY Act released March 24 would prohibit platforms from offering yield on stablecoins, aligning them with traditional deposit products. Circle Internet Group saw its largest-ever single-day stock drop, and Coinbase also declined sharply.

Directly threatens on-chain stablecoin yield strategies. If passed, US-based yield products could face legal restrictions, forcing allocators to restructure around non-US protocols or compliant wrappers.

CoinDesk

Resolv USR Stablecoin Crashes 70% After $25M Exploit

On March 22, an attacker exploited a compromised minting key in Resolv's contract to create 80 million unbacked USR tokens, extracting approximately $25 million in ETH. USR crashed from $1.00 to $0.025 on Curve within 17 minutes.

A reminder of smart contract and key management risk in newer stablecoin designs. Allocators using newer stablecoins must scrutinize minting controls, multisig requirements, and oracle dependencies.

Steakhouse Financial

Sky Protocol TVL Surges 38% in March as sUSDS Absorbs $6.5B

Sky (formerly MakerDAO) reached $7.52 billion in TVL during March, with its sUSDS savings pool alone attracting $6.5 billion at a fixed 3.75% rate. Roughly 70% of Sky's revenue comes from off-chain RWA sources including BlackRock BUIDL.

Sky/sUSDS is emerging as the institutional default for on-chain stablecoin savings. The 3.75% fixed rate backed by RWA revenue represents a credible benchmark. Allocators should monitor CLARITY Act risks to Sky's US user access.

OUTLOOK

Stablecoin yields are entering a regulatory uncertainty phase that may reshape the entire market. The CLARITY Act's yield prohibition proposal creates a binary outcome: if it advances, expect accelerated capital migration toward non-US protocols and offshore yield venues; if it stalls, the gradual compression trend continues. Meanwhile, the Resolv exploit has temporarily widened the risk premium for newer stablecoins, while established protocols like Sky and Maple continue absorbing capital. Low-risk APY at 1.92% is approaching the psychological floor where allocators may begin rotating into medium-risk for yield pickup. Expect the Sky-Maple duopoly in institutional lending to strengthen over the next 2 weeks as capital flight from smaller protocols accelerates post-Resolv. Allocators should maintain positions in audited, institutional-grade venues while monitoring CLARITY Act committee hearings.

HIGHCLARITY Act Legislative Progress

MEDIUMMaple USDT Vault Growth Trajectory

MEDIUMPost-Resolv Risk Repricing in Newer Stablecoins

HIGHBlackRock BUIDL Multi-Chain Expansion

MEDIUMLow-Risk APY Approaching 1.5% Floor