Aave V3 USDT Jumps to 3.74% as DAO Redirects 100% of Revenue to Holders
5,475 pools | Median APY 1.39% | Avg 3.1%
$36.1B
LOW-RISK TVL
2.2%
LOW-RISK AVG APY
4.6%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $36.1B (172 pools, 2.2%)Med: $136.2B (3090 pools, 4.6%)High: $1.2B (2213 pools, 603.1%)
WEEK OVER WEEK
Total TVL
$173.5B+$98.0B
prev: $75.5B
Median APY
1.39%-0.13pp
prev: 1.52%
Pool Count
5,475+110
prev: 5,365
Low-Risk APY
2.16%+0.00pp
prev: 2.16%
6 THINGS TO KNOW
Aave V3 USDT Ethereum Jumps 64.5% to 3.74% APY on $279M TVL
APY rose from 2.28% to 3.74%, change of +64.5%. TVL $279M, risk score 27, audits present. DAO vote on April 13 passed with 74.89% support.
Median APY Compresses from 1.52% to 1.39% Week-Over-Week
Median APY 1.52% on 2026-04-11, 1.39% on 2026-04-18. Total pools rose from 5365 to 5475 over the same window.
Low-Risk Tier Loses 11 Pools and $4.7B in Tracked TVL
Low-risk pools 183 -> 172 (-6.0%). Low-risk TVL $40.77B -> $36.10B (-11.5%). Low-risk APY 2.16% -> 2.16% flat.
Morpho V1 Usual SENPYUSDMAIN on Ethereum Rises to 5.81% PYUSD
APY 5.07% -> 5.81% (+14.6%). TVL $359M. Risk score 38. Same PYUSD vault family as last week's alert.
Spark Savings USDT Vault Debuts at 4.58% on $859M TVL
New pool. APY 4.58%. TVL $858.9M. Risk score 31. Launched in the past week.
Falcon Finance SUSDF Holds 7.48% at Risk Score 29 on $88M TVL
APY 7.48%, risk score 29, TVL $88.0M, stablecoin SUSD. Sits at the edge of the low-risk boundary.
CHAIN BREAKDOWN
Berachain appears as the largest chain at $101B TVL due to Bex AMM onboarding this week, not real capital flow. Ethereum holds genuine dominance for yield-bearing pools at $46.6B and 9.85% TVL-weighted avg APY (the avg is inflated by outlier Uniswap V4 tokens). Base remains the most meaningful L2 at $6.9B across 575 pools.
POOLS
AVG APY
TVL
Berachain
38
0.0%
$101.1B
Ethereum
2275
9.8%
$46.6B
Base
575
1.8%
$6.9B
Gnosis
26
0.1%
$3.1B
Arbitrum
417
5.8%
$2.5B
Solana
436
2.8%
$2.3B
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
172 pools | $36.1B TVL | 2.2% avg APY
Ethena Usde SUSDE
Ethereum | Lowest risk score with $3.5B TVL. APY has ticked up across the month. Best conservative anchor.
3.7%
Avantis USDC
Base | 11.43% at risk score 17 is the widest yield-to-risk gap in the dataset. Yield comes from Avantis perp LP funding.
11.4%
Maple USDC
Ethereum | Highest APY among $3B+ low-risk pools. Institutional private-credit backing with audit coverage.
4.4%
Usd Ai SUSDAI
Arbitrum | 7%+ yield at risk score 25 on $259M TVL. Consistent rate for multiple weeks.
7.2%
Sky Lending SUSDS
Ethereum | The $6.3B benchmark for native DAI/USDS yield. Flat at 3.75% for six consecutive weeks, giving allocators a predictable rate with MakerDAO lineage and risk score 20.
3.8%
THIS WEEK IN STABLECOINS
Unchained Crypto
Aave DAO Passes 'Aave Will Win' Redirecting 100% of Product Revenue to HoldersAave's governance approved the 'Aave Will Win' proposal with 74.89% support on April 13, restructuring token economics so that 100% of revenue from all Aave-branded products flows to the DAO and consolidates under a single economic entity. The vote included a $25M grant to Aave Labs.
Aave still anchors the low-risk lending tier at $5.75B TVL across 87 pools; the revenue redirect aligns the DAO with retaining depositors and plausibly contributed to this week's Aave V3 USDT Ethereum APY surge from 2.28% to 3.74%.
The Block
CLARITY Act Stablecoin Yield Language Pushed Back; Ban on Idle Balances StaysSenate negotiators stalled the CLARITY Act's contentious stablecoin yield provisions to a later legislative window, but the existing prohibition on yield from idle issuer balances remains intact. Sens. Tillis and Alsobrooks are still negotiating compromise language.
US allocators still cannot receive yield directly from stablecoin issuers, which keeps demand routed into Aave, Maple, Morpho, and tokenized-treasury wrappers (BUIDL, USYC, USTB) as the only compliant yield venues.
Reuters
Hong Kong Grants First Stablecoin Licences to HSBC and Anchorpoint FinancialOn April 10, the Hong Kong Monetary Authority granted the first two stablecoin issuer licenses under the Stablecoins Ordinance to HSBC and Anchorpoint Financial, a Standard Chartered-led joint venture. Issuance is expected to begin mid to late 2026.
New bank-issued stables expand the regulated issuer set beyond Circle and Tether and will eventually create DeFi pools alongside PYUSD, USDC, USDT, USDS.
OUTLOOK
Expect the divergence between headline TVL and real allocator flow to widen as pool coverage keeps expanding. The signal to watch is the low-risk tier, which contracted by 11 pools and $4.7B this week while APY held at 2.16%. If the safe-pool count keeps shrinking, allocator choice in the 0-29 risk band will concentrate into an ever-narrower list: Ethena SUSDE, Sky SUSDS, Maple USDC, Sparklend USDS. Aave's 'Aave Will Win' vote should stabilize USDT/USDC rates on Ethereum, and the Spark Savings USDT launch gives USDT holders a $500M+ new venue outside Aave/Maple. On the medium-risk side, Morpho-curated vaults continue to widen the yield gap over blue-chip lending; the senPYUSD family in particular looks sustainably structured. Watch the CLARITY Act schedule and any Hong Kong issuer activity for the next policy-driven move.
HIGHAave V3 USDT Rate Persistence
MEDIUMLow-Risk Pool Count Contraction
MEDIUMSpark Savings USDT Growth
MEDIUMSky Obex Cohort 1 Capital Deployment Pace
HIGHPYUSD Yield Leadership in Morpho