Aave Stablecoin Rates Snap Back as DeFi United Closes 80% of rsETH Gap

5,738 pools | Median APY 1.64% | Avg 21.8%

$33.9B

LOW-RISK TVL

2.3%

LOW-RISK AVG APY

19.7%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $33.9B (165 pools, 2.3%)Med: $129.4B (3076 pools, 19.7%)High: $1.2B (2497 pools, 793.5%)

WEEK OVER WEEK

Total TVL

$164.5B+$43.8M

prev: $164.4B

Median APY

1.64%+0.01pp

prev: 1.64%

Pool Count

5,738+0

prev: 5,738

Low-Risk APY

2.34%+0.02pp

prev: 2.32%

6 THINGS TO KNOW

Aave V3 USDT Ethereum Crashes 58% to 3.28% as rsETH Stress Unwinds

APY 7.74% -> 3.28% (-57.6%), TVL $167M, risk score 29. WETH utilization on Aave V3 Ethereum fell from 100% pin to normal range as the rsETH freeze resolution progressed.

Aave V3 USDC Ethereum Drops 49% to 3.90% as Lending Pressure Eases

APY 7.67% -> 3.90% (-49.1%), TVL $144M, risk score 29.

Maple Holds $4.05B as Post-Incident Capital Stays Put

Maple USDC: $3.00B at 4.72%, risk 20. Maple USDT: $1.05B at 4.53%, risk 21. Combined $4.05B is the highest sustained TVL in protocol history.

sGHO Pays 5.88% on $252M with Aave Safety Module Backing

sGHO: 5.88% APY on $252M, risk score 27. Yield comes from Aave protocol revenue and GHO discount mechanics.

Sparklend USDS Hits $1.20B as USDS Ecosystem Compounds

Sparklend USDS $1.20B at 3.51%; Spark Savings USDC $558M at 3.65%; Spark Savings USDT $1.13B at 2.75%; Sky SUSDS $5.54B at 3.65%.

Risk Premium Compresses: Low-Risk Tier Inches to 2.34%

Low-risk weighted APY 2.34% on $33.86B TVL across 165 pools; medium-risk weighted APY normalizes alongside.

CHAIN BREAKDOWN

Ethereum continues to anchor the institutional stablecoin yield stack at $39.4B across 2,422 pools, with Base the only L2 above $5B in tracked stablecoin TVL. Berachain's headline TVL is dominated by the Bex DEX wrapper and is not directly comparable.

POOLS

AVG APY

TVL

Ethereum

2422

4.2%

$39.4B

Base

610

2.0%

$6.8B

Gnosis

0.1%

$3.1B

Arbitrum

426

4.3%

$2.3B

Solana

451

2.9%

$1.9B

Aptos

3.3%

$877.8M

STABLECOIN YIELDS (AVG APY)

USDC

4.3%

$17.8B

USDS

3.7%

$7.5B

USDT

3.0%

$6.6B

PYUSD

5.1%

$3.4B

SUSD

3.9%

$3.2B

USYC

3.2%

$2.9B

BUIDL

3.4%

$2.8B

USDY

3.5%

$1.1B

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

TOP RISK-ADJUSTED PICKS

165 pools | $33.9B TVL | 2.3% avg APY

Sky Lending SUSDS

Ethereum | Deepest single yield in DeFi at $5.54B with risk score 20; SSR held this week implies stability through the next governance cycle.

3.6%

R:20

Maple USDC

Ethereum | $3.0B at 4.72% with the post-incident capital base now durable. Best risk-adjusted yield above Sky's SSR floor.

4.7%

R:20

Reservoir Protocol WSRUSD

Ethereum | $112M at 4.65% with risk score 20 makes this an under-followed alternative to Maple inside the institutional credit tier.

4.7%

R:20

Aave V3 sGHO

Ethereum | Highest-yielding deposit-style position with explicit Aave Safety Module backing; the only material risk is GHO peg.

5.9%

R:27

Fluid Lending USDT

Ethereum | Now pays 233bps over Aave V3 USDT with comparable risk profile post-normalization.

5.6%

R:28

THIS WEEK IN STABLECOINS

CoinDesk

Aave Rallies $160M of $200M Needed to Backstop rsETH Bad Debt

DeFi United, the coalition led by Aave service providers, secured $160M of the ~$200M needed to cover bad debt from the Kelp DAO rsETH exploit. Major contributors include Aave DAO and Mantle (55,000 ETH combined), plus pledges from Consensys, Lido, and EtherFi.

Directly explains this week's collapse in Aave V3 stablecoin rates: as the bad-debt overhang closes and WETH utilization releases, the post-incident lending premium on USDC and USDT unwinds.

PYMNTS

Treasury Opens State Path Under GENIUS Act for Sub-$10B Stablecoin Issuers

Treasury issued its first GENIUS Act NPRM defining when a state regulator is 'substantially similar' to the federal regime. State-chartered nonbank issuers up to $10B can operate under state oversight. FDIC issued a parallel NPRM April 7 and FinCEN/OFAC issued AML/sanctions rules April 8.

Lowers the federal compliance bar for smaller issuers and clarifies AML for the largest. Together the federal regime is now operationally defined, supporting continued institutional inflows into Maple, Sky, and tokenized treasuries.

CoinMarketCap

Sky Agent Network Live; Treasury Overhaul Proposed to Cap Costs as Revenue Share

Sky Agent Network launched April 2 to let independent firms borrow USDS and deploy across DeFi strategies. On April 27 Sky proposed a Treasury Overhaul to cap operating expenses as a fixed percentage of revenue.

Sets the structural backdrop for the SUSDS rate path. SSR was held flat this week and the institutional lending channel that Maple, Sparklend, and Fluid feed into continues to expand.

OUTLOOK

With the rsETH overhang resolving and Aave rates back to baseline, the next two weeks are about whether the spread between institutional credit (Maple, Fluid, sGHO at 4.5-5.9%) and the Sky/Aave deposit floor (3.65-3.90%) holds or compresses. The structural read is that it holds: Aave's normalization removed temporary upward pressure on lending rates, while Maple's $4B+ institutional capital base is now path-dependent and unlikely to retrace quickly. Expect a slow grind back toward median APY 1.5-1.7% on the deposit side, with the institutional credit channel anchoring the 4-5% band. The Sky Treasury Overhaul proposal and Morpho Midnight's fixed-rate primitive are the two near-term catalysts that could meaningfully reshape the rate stack; until then, the post-rsETH winners (Maple, Fluid, sGHO) keep the trade.

HIGHAave V3 Stablecoin Rate Stickiness Below 4%

HIGHDeFi United Final Funding for rsETH Bad Debt

MEDIUMMaple TVL Above $4B

MEDIUMSky Agent Network and Treasury Overhaul Adoption

LOWMorpho Midnight Fixed-Rate Lending Adoption