Aave V3 USDT Cools 45% as Wrapped Vaults Win the CLARITY Act Fallout
5,949 pools | Median APY 1.74% | Avg 27.7%
$36.4B
LOW-RISK TVL
2.9%
LOW-RISK AVG APY
25.8%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $36.4B (170 pools, 2.9%)Med: $133.3B (3135 pools, 25.8%)High: $1.3B (2644 pools, 937.1%)
WEEK OVER WEEK
Total TVL
$171.0B+$1.9B
prev: $169.1B
Median APY
1.74%-0.06pp
prev: 1.80%
Pool Count
5,949+1
prev: 5,948
Low-Risk APY
2.52%+0.15pp
prev: 2.36%
6 THINGS TO KNOW
Aave V3 USDT Ethereum Crashes 44.8% from 5.00% to 2.76%
Pool tvl_usd $353.4M, current APY 2.76%, previous APY 5.00%, change -44.8%, risk score 24.
Aave V3 USDC Ethereum Eases to 11.01% on $24.9M as Pool Thins
TVL $24.9M, APY 11.01% (down from 12.14% last week), risk score 50.
Maple Crosses $4B Total Deposits; syrupUSDC at 63% of Book
Maple USDC $3.42B at 4.82%, Maple USDT $933M at 4.48%, combined $4.35B at risk score 20-21.
Senate Banking Advances CLARITY Act 15-9; Wrapped Vaults Spared
Bill cleared 15-9 with Gallego and Alsobrooks crossing over; Maple, Sparklend, and Spark Savings collectively added meaningful TVL while keeping rates between 2.5% and 4.8%.
Spark Savings USDT Cut to 2.50% on $1.28B as Yield Compresses to Sky Floor
Sparkline: 3.04% (Apr 5) -> 3.00% (Apr 19) -> 2.75% (May 3) -> 2.50% (May 10, May 16). TVL: $893M -> $1492M peak -> $1278M now.
Ethena sUSDe Holds $1.81B at 4.24% Even as Yield Compresses Toward T-Bill Mix
Pool TVL $1.81B, APY 4.24%, risk score 13, audits 1.
CHAIN BREAKDOWN
Ethereum still dominates with $40.2B in sane stablecoin TVL across 1,591 pools above $100K, and TVL-weighted APY of 3.34%. Base and Arbitrum continue to host the bulk of L2 stablecoin yield activity at 1.43% and 2.13% TVL-weighted APY respectively, kept low by big Morpho V1 vaults that anchor the books at sub-5%.
POOLS
AVG APY
TVL
Ethereum
1591
3.3%
$40.2B
Base
330
1.4%
$7.1B
Arbitrum
199
2.1%
$6.7B
Plume
26
3.4%
$3.5B
Solana
224
3.5%
$2.4B
Aptos
61
3.5%
$879.3M
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
170 pools | $36.4B TVL | 2.9% avg APY
Ethena Usde SUSDE
Ethereum | Best risk-adjusted pick in the data: 4.24% on $1.81B at the lowest risk score above $1B TVL.
4.2%
Avantis USDC
Base | Pays 11.10% on $46M at risk score 15, the widest yield-to-risk gap in the entire data this week.
11.1%
Maple USDC
Ethereum | $3.42B at 4.82% remains the most scalable low-risk USDC yield in DeFi after Maple crossed $4B.
4.8%
Usd Ai SUSDAI
Arbitrum | 7.10% on $295M at risk score 24 prices the AI compute-yield trade attractively vs the lower-risk Maple book.
7.1%
Aave V3 SGHO
Ethereum | Pays 5.39% on $272M with Aave Safety Module backing; only Aave V3 pool still earning a real premium after the post-rsETH normalization.
5.4%
THIS WEEK IN STABLECOINS
CNBC
Senate Banking Clears CLARITY Act 15-9, Bans Passive Stablecoin Yield but Spares Wrapped VaultsOn May 14 the Senate Banking Committee advanced the Digital Asset Market Clarity Act in a 15-9 vote, with Sens. Gallego and Alsobrooks crossing over to support. The Tillis-Alsobrooks compromise text bans passive stablecoin yield but preserves activity-based rewards and wrapped-vault structures.
Confirms the regulatory tailwind under Maple, Sky SUSDS, Sparklend, sUSDe, and Spark Savings - all of which deliver yield through tokenized wrappers rather than direct issuer interest, and all of which continue to absorb balances in this week's data.
Medium - Ben Fairchild
Maple Finance Crosses $4B Total Deposits With syrupUSDC at 63% of BookMaple Finance's total deposits crossed $4B in 2026 with syrupUSDC representing 63% of the book. SYRUP listed on Revolut on April 30 with access to 70M+ EU and UK users, and Maple's bridge cleared $7B cumulative volume in late April.
Maps directly to Maple USDC at $3.42B / 4.82% and Maple USDT at $933M / 4.48% in this week's data, both at risk score 20-21. Materializes last week's high-confidence Maple Above $4B watch call.
Stablecoin Insider
Ethena sUSDe Yield Compresses Toward 3.5-4% as Rebalance Shifts Toward T-BillsEthena's sUSDe yield has compressed toward 3.5-4% after rebalancing away from perpetual funding into T-bills and institutional loans, with the 90-day trailing average still around 11.8% but the spot rate falling sharply. Reports indicate yields could dip below 2% in low-funding regimes.
Explains why our pool reads $1.81B at 4.24% with risk score 13. The mix shift makes sUSDe behave more like an RWA wrapper, putting it in the same regulatory bucket as Maple and Sky under the new CLARITY language.
OUTLOOK
Stablecoin yields are entering a wrapped-vault consolidation phase. CLARITY Act passage in committee with the passive-yield ban intact accelerates the migration that was already underway: balances are flowing into tokenized vaults (Maple syrupUSDC, Sky SUSDS, Sparklend USDS, Spark Savings, sUSDe) and out of direct issuer rewards. Aave V3 USDT's reset to 2.76% confirms the rsETH-era rate dispersion is closed and the new equilibrium for blue-chip lending is 2.5-3.5%, with Maple at 4.8% and sGHO at 5.4% as the only durable 5%+ low-risk yields. Expect Maple's growth to continue toward $5B and Sky SUSDS to stay pinned at 3.65% through May. Allocators looking for premium yield should rotate into Pendle PT/YT markets on USDC, PYUSD and DAI rather than chasing thin Aave residuals.
HIGHMaple Growth Toward $5B Combined TVL
HIGHAave V3 Stablecoin Rate Floor Around 2.5-3%
MEDIUMCLARITY Act Full Senate Vote
MEDIUMsUSDe Convergence Toward Maple/Sky Risk-Adjusted Yield
MEDIUMPendle PYUSD/DAI Fixed-Rate Spread Persistence