Centrifuge USDS Jumps to 4.79% as Maple Holds the Floor

6,585 pools | Median APY 1.50% | Avg 24.7%

$30.0B

LOW-RISK TVL

3.2%

LOW-RISK AVG APY

3.4%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $30.0B (140 pools, 3.2%)Med: $28.2B (2560 pools, 3.4%)High: $1.0B (2272 pools, 6.5%)

WEEK OVER WEEK

Total TVL

$178.5B+$5.9M

prev: $178.5B

Median APY

1.50%-0.06pp

prev: 1.56%

Pool Count

6,585+0

prev: 6,585

Low-Risk APY

2.56%-0.06pp

prev: 2.62%

5 THINGS TO KNOW

Centrifuge USDS Reprices to 4.792% on $868M

Centrifuge Protocol USDS on Ethereum: 4.792% APY, $868,443,115 TVL, risk score 40.

Maple Keeps the 4.8% Large-Cap Reference Yield

Maple USDC on Ethereum: 4.82223% APY, $3,086,200,124 TVL, risk score 20.

Raw APY Screens Are Not Reliable This Week

Raw market average is 24.70114%, median APY is 1.50217%, and top-yield rows include multiple Morpho Blue markets above 297,000% APY.

Dolomite USDT Falls from 3.31% to 0.0092%

Dolomite USDT on Ethereum: current APY 0.0092%, previous APY 3.31266%, change -99.72%, TVL $2,535,097, risk score 28.

New Tracking Adds Ethena, Ondo, Maple, and Centrifuge Rows

New tracked rows include Ethena SUSDE at $1.71B, Ondo USDY at $1.11B, Maple USDT at $1.04B, and Centrifuge USDS at $868.4M.

CHAIN BREAKDOWN

Chain averages below use an outlier-clipped view capped at 50% APY on named chains. Ethereum, Arbitrum, and Base remain the useful large-chain references after excluding unmapped and zero-yield anomaly rows.

POOLS

AVG APY

TVL

Ethereum

2020

3.5%

$37.4B

Arbitrum

327

5.5%

$2.7B

Base

550

1.6%

$6.8B

Gnosis

3.9%

$81.2M

Solana

588

2.9%

$2.1B

Avalanche

127

4.6%

$894.1M

STABLECOIN YIELDS (AVG APY)

USDC

2.7%

$17.8B

USDS

3.8%

$8.8B

USDT

2.4%

$6.7B

PYUSD

2.5%

$3.1B

BUIDL

3.4%

$2.9B

SUSD

4.1%

$2.7B

USDY

3.5%

$1.9B

DAI

8.6%

$1.1B

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

TOP RISK-ADJUSTED PICKS

140 pools | $30.0B TVL | 3.2% avg APY

Maple USDC

Ethereum | Best large low-risk yield reference, with more than $3B TVL and a rate above wrapper floors.

4.8%

R:20

Sky Lending SUSDS

Ethereum | Largest conservative savings pool and the baseline for USDS yield.

3.6%

R:20

Morpho V1 GTUSDCP

Base | Solid yield-to-risk profile for users comfortable with Base and Morpho vault mechanics.

4.6%

R:23

Ethena Usde SUSDE

Ethereum | Large low-risk-scored synthetic-dollar exposure at 3.5418%. Allocators should still understand basis-trade and counterparty mechanics behind the yield.

3.5%

R:13 | $1.7B

Usd Ai SUSDAI

Arbitrum | One of the better yield-to-TVL combinations in the query set. The low risk score should be weighed against newer stablecoin and Arbitrum execution risk.

7.7%

R:24 | $294.5M

THIS WEEK IN STABLECOINS

The Guardian

UK political fight over Britcoin keeps private stablecoins in focus

The Guardian reported that Nigel Farage is opposing the Bank of England CBDC plan, with scrutiny around links to a donor who holds a minority stake in Tether. The story keeps the public versus private digital-money debate active in the UK.

Stablecoin allocators should watch UK policy because stricter CBDC or stablecoin rules could affect demand for private dollar stablecoins and related yield venues.

arXiv

New research models the limits of Ethena-style basis yield

A recent paper modeled Ethena's yield engine as a delta-neutral position that earns staking and perpetual funding carry. The model highlights how growth can compress the very basis trade that funds yield.

Ethena sUSDe remains a large tracked pool, so funding-rate compression is directly relevant to synthetic-dollar yield durability.

arXiv

Stablecoin contagion study revisits USDC depeg behavior

A June paper analyzed transaction behavior around the 2023 USDC depeg and found coordinated market activity as holders reallocated across stablecoins. The work reinforces that stablecoin risk can propagate through liquidity behavior, not only issuer balance sheets.

The risk context matters when choosing between USDC, USDT, USDS, PYUSD, and newer stablecoins with high yield premiums.

OUTLOOK

Stablecoin yields look set to stay bifurcated rather than broadly rise. Conservative wrappers and credit venues are clustering around 3% to 5%, with Maple, Sky, Ethena, and Centrifuge defining the usable large-pool range. Median APY is still drifting lower, down to 1.50217%, and total TVL barely moved, so there is little evidence of a broad demand shock. The higher returns are concentrated in Pendle, APXUSD, Wildcat, and incentive markets where peg, maturity, or borrower risk matters. For the next one to two weeks, watch whether Centrifuge holds its 4.792% USDS rate and whether Maple can keep USDC above the tokenized Treasury floor.

HIGHCentrifuge USDS Repricing

HIGHMaple Above the Wrapper Floor

MEDIUMAPXUSD Risk Premium

HIGHOutlier Hygiene in Morpho and LP Rows

MEDIUMEthena Basis Yield Durability