Stablecoin yields are likely to stay split between a slow low-risk floor and sharp pockets of structure-risk premium. Maple, Sky, Ethena, and tokenized Treasury wrappers are clustering around 3.1% to 4.6%, and the low-risk tier now looks healthier after a 24 bps rebound. The next one to two weeks should be less about broad APY expansion and more about whether APXUSD-style premiums persist after the depeg scare, whether Coinbase gives Ethena a clearer USDC savings path, and whether Base's positive chain signal turns into durable TVL rather than temporary incentives. Conservative allocators should expect modest yields; active allocators will find yield, but mostly where peg, wrapper, or incentive risk is explicit.