Wrapped Vaults Win the Cycle: Sky and Maple Add $1.5B as Aave Premium Evaporates
6,070 pools | Median APY 1.59% | Avg 27.8%
$36.2B
LOW-RISK TVL
2.9%
LOW-RISK AVG APY
30.8%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $36.2B (161 pools, 2.9%)Med: $140.7B (3233 pools, 30.8%)High: $1.4B (2676 pools, 359.3%)
WEEK OVER WEEK
Total TVL
$178.3B+$5.8M
prev: $178.3B
Median APY
1.59%-0.05pp
prev: 1.64%
Pool Count
6,070+1
prev: 6,069
Low-Risk APY
2.49%-0.06pp
prev: 2.55%
6 THINGS TO KNOW
Aave V3 USDC Ethereum Collapses 56% from 11.01% to 4.83%
APY fell from 11.01% to 4.83% (-56.1% relative) on $133.1M TVL. Risk score is 44, the highest of any pool above $100M on Ethereum.
Aave V3 SGHO Drops 30% to 3.75% as Safety Module Premium Compresses
APY fell from 5.39% to 3.75% (-30.4%) on $115M TVL. Risk score 48 reflects Safety Module dependency.
Morpho V1 SENPYUSDMAIN Jumps 49% to 6.50% on $271M PYUSD
APY rose from 4.37% to 6.50% (+49.0%) on $271.4M TVL. Risk score 25, PYUSD stablecoin.
Sky SUSDS Crosses $6.24B at 3.65%, Up $860M Since April 26
TVL grew from $5.38B (April 26) to $6.24B (May 23). APY held at 3.65% throughout. Risk score 20.
Maple USDC Holds $3.28B at 4.80%, Adds $650M Since April 26
TVL grew from $2.63B (April 26) to $3.28B (May 23). APY moved from 4.18% to 4.80% over the same window. Risk score 20.
Saturn SUSDAT Quadruples TVL to $108M at 19.07% APY
TVL grew 338% from $24.6M to $107.9M since April 15. APY 19.07% at snapshot, with a 6-week range of 9.66-78.59%. Risk score 68.
CHAIN BREAKDOWN
Ethereum still concentrates the meaningful stablecoin TVL ($41.32B, 2,563 pools), with Base ($7.09B) and Arbitrum ($12.76B) the only L2s above $5B. Most chain-level TVL changes were noise within +/-2%; Arbitrum's TVL was driven mainly by Uniswap V4 USDC-1XUSDC pool registrations rather than yield-bearing deposits.
POOLS
AVG APY
TVL
Ethereum
2563
106.5%
$41.3B
Arbitrum
442
37.7%
$12.8B
Base
633
2.4%
$7.1B
Solana
499
3.4%
$2.3B
Gnosis
26
0.1%
$3.1B
Avalanche
167
3.1%
$1.4B
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
161 pools | $36.2B TVL | 2.9% avg APY
Sky Lending SUSDS
Ethereum | The deepest passive-yield vault in DeFi at 3.65% for seven straight weeks. Best risk-adjusted home for capital that needs to stay liquid.
3.6%
Maple USDC
Ethereum | Highest yield in the low-risk tier on a curated lending model. Now at parity with normalized Aave V3 USDC but with better concentration profile.
4.8%
Ethena Usde SUSDE
Ethereum | Lowest risk score among $1B+ stablecoin pools. Backing mix shifted to 47.7% DeFi lending, reducing perp-basis dependency.
3.7%
Morpho V1 SENPYUSDMAIN
Ethereum | Best risk-adjusted yield in the medium-risk tier this week. 167bps premium over the sibling PYUSD vault at the same risk score.
6.5%
Morpho V1 STEAKUSDC
Base | Curated USDC vault on Base paying Maple-equivalent yield. The best L2-native curated lending venue we track.
4.2%
THIS WEEK IN STABLECOINS
Binance / Yahoo Finance
CLARITY Act Senate Markup Hardens Passive-Yield Ban; Active Yield SurvivesThe May 11 Senate draft of the Digital Asset Market CLARITY Act extends the GENIUS Act's issuer-side passive-yield ban to third-party platforms. Passive yield on stablecoin balances is broadly prohibited; active yield tied to transactions, trading, or platform participation remains legal as the bill moves toward a full Senate vote.
Codifies the legal split between passive lending vaults and active strategies. Allocators must distinguish 'reward-bearing' yield wrappers from 'interest-bearing' ones.
Token Metrics
Aave Restores WETH Borrowing After rsETH Exploit; Stablecoin Rates ResetAave V3 fully restored WETH borrowing on Ethereum after the Kelp DAO rsETH exploit was contained and bad-debt funding closed. With borrow stress removed, stablecoin rates that had been elevated for six weeks collapsed: USDC fell from 11.01% to 4.83% and SGHO from 5.39% to 3.75% week-over-week.
Directly explains this week's Aave V3 USDC -56.1% and SGHO -30.4% APY moves. The 6-week rsETH premium is fully unwound.
MEXC News
Stablecoin Supply Crosses Record $323B as Western Union Launches USDPT on SolanaTotal stablecoin circulating supply crossed $323B for the first time on May 20, though weekly growth slowed to +0.03%. Western Union launched USDPT on Solana to replace SWIFT for agent settlements, with Solana Foundation backing Aave liquidity around the launch.
Supply growth has plateaued just as CLARITY narrows passive-yield distribution. New issuance shifts to payments-native rails, meaning yield protocols now compete for a fixed pie.
OUTLOOK
With Aave normalized and wrapped vaults absorbing the rotated capital, expect the passive-yield landscape to stay clustered at 3.65-4.80% for the next 1-2 weeks. Sky SUSDS, Maple USDC, and tokenized T-bills now define the low-risk floor, and there is no obvious catalyst to break it higher absent a macro rate move. The active-yield premium is concentrating in Morpho curated vaults and Pendle fixed-rate pools - the SENPYUSDMAIN spread to SENPYUSD is the cleanest signal to watch for compression. The CLARITY Act's passive-yield ban codification will, if passed, accelerate institutional flow toward wrapped vaults that fit the active-yield carve-out. Allocators positioned for high-rates yield should rotate toward curated lending and away from base Aave deposits.
HIGHMorpho V1 SENPYUSDMAIN-SENPYUSD Spread
HIGHSky SUSDS Floor at 3.65%
MEDIUMSaturn SUSDAT TVL Sustainability
MEDIUMCLARITY Act Full Senate Vote
LOWWestern Union USDPT and Payments-Rail Stablecoins