USYC Adds $2.9B as RWA Vaults Anchor the Yield Floor

6,491 pools | Median APY 1.69% | Avg 25.2%

$31.7B

LOW-RISK TVL

2.9%

LOW-RISK AVG APY

0.6%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $31.7B (152 pools, 2.9%)Med: $138.8B (2853 pools, 0.6%)High: $1.1B (2275 pools, 4.1%)

WEEK OVER WEEK

Total TVL

$178.1B-$17.1M

prev: $178.1B

Median APY

1.69%-0.04pp

prev: 1.73%

Pool Count

6,491+1

prev: 6,490

Low-Risk APY

2.55%+0.00pp

prev: 2.54%

5 THINGS TO KNOW

USYC Adds a $2.9B RWA Reference at 3.13%

Circle Usyc USYC: $2.92B TVL, 3.13% APY, risk score 30

Aave SGHO Slips 13% as GHO Yield Compresses

Aave V3 SGHO fell from 3.76% to 3.26% on $64.4M TVL, risk score 35

Morpho V1 SENPYUSDMAIN Cools Below 5%

Morpho V1 SENPYUSDMAIN fell from 5.39% to 4.75% on $293.1M TVL, risk score 24

Raw Market APY Is Not a Usable Signal This Week

Raw snapshot APY is 25.20%; clipped named-chain APY is 1.04%; median APY is 1.69% raw and 1.14% clipped

Maple Still Carries the Large-Cap Yield Premium

Maple USDC: 4.76% on $3.13B, risk score 20; Maple USDT: 4.38% on $851.6M, risk score 21

CHAIN BREAKDOWN

Named-chain rankings need clipping this week because Ethereum and Arbitrum raw averages are distorted by outlier rows. Berachain holds the largest reported TVL because of Bex rows at near-zero APY, so it is a liquidity anomaly rather than a yield leader.

POOLS

AVG APY

TVL

Berachain

0.0%

$101.1B

Ethereum

2599

3.3%

$39.9B

Arbitrum

437

1.1%

$12.7B

Base

620

1.5%

$7.1B

Gnosis

0.1%

$3.1B

Solana

626

2.3%

$2.7B

STABLECOIN YIELDS (AVG APY)

USDC

0.4%

$114.8B

USDT

0.6%

$24.9B

USDS

3.6%

$9.2B

SUSD

3.7%

$3.7B

PYUSD

2.4%

$3.4B

BUIDL

3.4%

$2.9B

USDY

3.6%

$1.8B

DAI

8.4%

$1.1B

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

TOP RISK-ADJUSTED PICKS

152 pools | $31.7B TVL | 2.9% avg APY

Maple USDC

Ethereum | Best large low-risk balance of yield and TVL this week.

4.8%

R:20

Sky Lending SUSDS

Ethereum | Largest conservative savings reference in the screened data.

3.6%

R:20

Ethena Usde SUSDE

Ethereum | Large low-risk synthetic-dollar exposure, but funding compression should be monitored.

3.6%

R:12

Infinifi SIUSD

Ethereum | A low-risk score with yield above the RWA floor, though the pool is smaller and less battle-tested than Maple or Sky.

5.9%

R:20 | $42.9M

THIS WEEK IN STABLECOINS

Financial Times

Tether supply reaches $187B while USDC trails at $75B

FT Alphaville argued that Tether remains the dominant dollar stablecoin despite stronger regulatory positioning from USDC. The article cited USDT supply of about $187B versus USDC at about $75B and framed the gap as a liquidity and regulatory enforcement problem.

Stablecoin yield allocators still need to price USDT liquidity depth against reserve transparency and jurisdiction risk.

Cinco Dias

European banks split across competing euro-stablecoin projects

Cinco Dias reported that 22 of Europe’s 29 largest banks are developing euro-linked stablecoins, with projects including Qivalis, EUR.BANK, EUROD, and a multicurrency effort involving Santander, Goldman Sachs, and Bank of America. The article said dollar stablecoins still control about 98% of the market.

Euro stablecoin liquidity remains fragmented, so EURC and euro-pair yields should be treated as early-market signals rather than deep reserve venues.

arXiv

New Ethena research models yield compression from basis trades

A recent paper modeled Ethena’s delta-neutral strategy and highlighted how scaling the stETH and perpetual-futures legs can compress future funding income through price impact. The work is academic, but it directly addresses the mechanics behind yield-bearing synthetic dollars.

Allocators using sUSDe or USDe-linked pools should expect yields to depend on funding depth and execution capacity, not only protocol TVL.

OUTLOOK

Stablecoin yields look more compressed than the raw dashboard suggests. The 25.20% market APY is distorted by extreme Morpho Blue and LP rows, while the clipped named-chain view sits near 1.04% and the conservative vault floor is closer to 3.1-4.8%. Maple and Sky should remain the main large-cap references over the next one to two weeks, with USYC, BUIDL, USDY, and USTB tightening the RWA comparison set. Higher returns are increasingly concentrated in Pendle, Base euro pairs, and smaller chain-specific pools, so allocators should expect a barbell: durable but modest vault yields on one side, small advanced sleeves on the other.

HIGHUSYC and RWA Coverage Expansion

HIGHMaple Above the Wrapper Floor

MEDIUMPendle Stablecoin Risk Premium

MEDIUMEuro Stablecoin Fragmentation

HIGHOutlier Hygiene in Morpho and LP Rows