Market Nears $75B as Institutional RWA Tokens Absorb $8B in TVL
5,236 pools | Median APY 1.53% | Avg 2.8%
$40.8B
LOW-RISK TVL
2.6%
LOW-RISK AVG APY
2.5%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $40.8B (177 pools, 2.6%)Med: $32.9B (2935 pools, 2.5%)High: $1.2B (2124 pools, 18.9%)
WEEK OVER WEEK
Total TVL
$74.8B-$50.4M
prev: $74.9B
Median APY
1.53%+0.02pp
prev: 1.51%
Pool Count
5,236+1
prev: 5,235
Low-Risk APY
1.83%+0.00pp
prev: 1.82%
5 THINGS TO KNOW
BlackRock BUIDL Expands Multi-Chain to $2.83B Across Ethereum, Aptos, and Solana
Total TVL $2.83B across 9 pools, Ethereum at 3.57%, Aptos at 3.23%, Solana at 3.54%. Average risk score 52.
Maple Crosses $5B TVL with USDC at 4.63% and USDT at 3.78%
TVL $5.09B, weighted APY 4.31%, risk score 20. USDC vault $3.14B at 4.63%, USDT vault $1.94B at 3.78%.
Circle USYC Debuts at $2.55B TVL with 3.14% Yield
TVL $2.55B across 2 pools, APY 3.14%, risk score 50.
Spark Ecosystem Grows to $2.2B Across Sparklend and Spark Savings
Sparklend $870M TVL at 4.04% avg, Spark Savings $1.35B at 3.29% avg. Combined $2.22B.
Pendle Maintains 10.98% Weighted APY Across $1.02B TVL
TVL $1.02B, 168 pools, weighted APY 10.98%, avg risk score 47. Top pool SATUSD+ at 35.57% on BSC.
CHAIN BREAKDOWN
Ethereum dominates with $48.07B (64% of market TVL) across 2,188 pools. Arbitrum leads yield among major chains at 5.50%, while Base holds $6.83B as the second-largest chain by TVL.
POOLS
AVG APY
TVL
Ethereum
2188
2.9%
$48.1B
Base
556
1.5%
$6.8B
Arbitrum
411
5.5%
$2.5B
Solana
404
2.9%
$2.3B
Gnosis
26
0.1%
$3.1B
Berachain
45
0.5%
$2.8B
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
177 pools | $40.8B TVL | 2.6% avg APY
Maple USDC
Ethereum | Best risk-adjusted yield in the low-risk tier at 4.63% with $3.14B TVL. Institutional-grade underwriting with 290bps above Aave V3.
4.6%
Ethena Usde SUSDE
Ethereum | Lowest risk score in the entire dataset at 12, with $3.52B TVL providing deep liquidity. Basis trade yield stabilized near 3.5%.
3.5%
Sparklend USDS
Ethereum | Strong yield within the Sky/Spark ecosystem at $612M TVL. Offers 6bps above the Sky Savings Rate with growing USDS liquidity.
3.8%
Sky Lending SUSDS
Ethereum | The largest single stablecoin yield position in DeFi at $7.34B. Sky Savings Rate at 3.75% offers unmatched liquidity depth for capital preservation strategies.
3.8%
Ondo Yield Assets USDY
Ethereum | Tokenized Treasury yield from an established RWA issuer. Available across multiple chains including Mantle, offering diversification from pure DeFi lending risk.
3.5%
OUTLOOK
Stablecoin yields are entering a bifurcation phase between institutional RWA products and DeFi-native protocols. The $8.2B in RWA yield tokens (BUIDL, USYC, USTB, USDY) now competes directly with DeFi lending for conservative capital, offering Treasury-rate yields with institutional custody and reduced smart contract risk. This structural shift is likely to accelerate: BlackRock's multi-chain BUIDL expansion to Aptos and Solana signals that RWA issuers will meet DeFi users on their native chains rather than forcing migration. Meanwhile, DeFi lending yields continue compressing, with median APY stabilizing near 1.53%. Protocols like Maple (4.63%) and Pendle (10.98%) that offer meaningful yield premiums through differentiated strategies will capture allocator attention. Expect the low-risk tier APY floor to firm around 1.8-2.0% as RWA competition prevents further compression.
HIGHBlackRock BUIDL Multi-Chain Expansion
MEDIUMUSDS Ecosystem Liquidity Growth
MEDIUMLow-Risk APY Approaching 1.5% Floor
MEDIUMMaple TVL Trajectory Toward $6B
LOWCircle USYC Adoption