Aave Rates Split as Institutional Stablecoin Rails Expand

6,785 pools | Median APY 1.38% | Avg 3.5%

$28.1B

LOW-RISK TVL

3.4%

LOW-RISK AVG APY

3.4%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $28.1B (114 pools, 3.4%)Med: $30.0B (2477 pools, 3.4%)High: $1.4B (2515 pools, 7.1%)

WEEK OVER WEEK

Total TVL

$178.2B-$4.6M

prev: $178.2B

Median APY

1.38%-0.03pp

prev: 1.41%

Pool Count

6,785+1

prev: 6,784

Low-Risk APY

2.48%+0.00pp

prev: 2.47%

5 THINGS TO KNOW

Aave V3 Ethereum USDT rises 25.3212%

Current APY 2.67889%, previous APY 2.13762%, TVL $456.73M, risk score 23

Aave V3 Ethereum USDC falls from 12.14839% to 2.99667%

Current APY 2.99667%, previous APY 12.14839%, TVL $264.55M, risk score 25

Aave SGHO drops to 0%

Current APY 0%, previous APY 3.25836%, TVL $47.09M, risk score 41

Low and medium risk APYs are nearly equal after clipping

Low risk: 3.4190% on $28.15B; medium risk: 3.4326% on $29.99B

Institutional and RWA wrappers dominate new large rows

Ethena SUSDE $1.67B at 3.80726%; Ondo USDY $1.11B at 3.55%; Maple USDT $1.05B at 3.92406%

CHAIN BREAKDOWN

Screened chain data puts Ethereum far ahead by investable stablecoin TVL, while Arbitrum and Avalanche offer the highest large-chain clipped APYs. Berachain's raw TVL leadership is excluded from this reader-facing table because it is dominated by zero-yield Bex rows.

POOLS

AVG APY

TVL

Ethereum

2057

3.7%

$37.2B

Base

555

1.6%

$6.9B

Arbitrum

338

5.6%

$2.7B

Solana

652

3.0%

$2.1B

Aptos

3.2%

$1.1B

Avalanche

127

5.5%

$837.2M

STABLECOIN YIELDS (AVG APY)

USDC

2.8%

$18.6B

USDS

3.9%

$8.5B

USDT

2.5%

$6.5B

SUSD

4.8%

$3.6B

PYUSD

2.5%

$3.1B

USYC

3.1%

$3.1B

BUIDL

3.4%

$3.0B

USDY

3.5%

$2.2B

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

TOP RISK-ADJUSTED PICKS

114 pools | $28.1B TVL | 3.4% avg APY

Centrifuge Protocol USDC

Ethereum | Large $370.69M TVL and 5.7303% APY make this one of the cleaner low-risk premiums.

5.7%

R:23

Maple USDC

Ethereum | The strongest large liquid low-risk reference, with $3.17B TVL.

5.2%

R:20

Sky Lending SUSDS

Ethereum | Lower APY, but the largest conservative stablecoin yield anchor in the dataset.

3.6%

R:20

Dolomite USD1

Ethereum | A 9.5855% low-risk screen on $105.22M is notable; monitor whether the USD1 rate persists beyond a utilization window.

9.6%

R:15 | $105.2M

Usd Ai SUSDAI

Arbitrum | A larger Arbitrum low-risk candidate at $301.68M TVL and 8.49% APY, with DAI exposure rather than USDC-only concentration.

8.5%

R:27 | $301.7M

THIS WEEK IN STABLECOINS

Wall Street Journal

BNY Mellon adds USDC functionality for institutional clients

BNY Mellon said it will support custody, transfer, minting, and burning for Circle's USDC on its digital-asset platform by the end of July. The move extends a reserve-bank relationship into direct institutional stablecoin operations.

USDC rails moving deeper into bank infrastructure supports demand for low-risk, regulated stablecoin liquidity rather than short-lived incentive pools.

Wall Street Journal

BlackRock, Google, Coinbase, and payments firms back Open USD

A consortium including BlackRock, Google, Coinbase, and major payment companies is preparing Open USD for Base, Solana, and other networks. The announcement points to more direct competition among regulated and institutionally distributed dollar tokens.

A new well-backed stablecoin could add supply to Base and Solana liquidity venues, pressuring existing stablecoin yields while creating new launch-week opportunities.

The Guardian

Community banks intensify opposition to US stablecoin rules

The Independent Community Bankers of America launched a campaign warning that stablecoin legislation could pull deposits away from local banks. The group argues that yield and incentive structures around stablecoins could reshape bank funding competition.

The policy fight matters because issuer-level yield restrictions and bank competition shape whether stablecoin returns show up at the token layer or in DeFi and RWA wrappers.

OUTLOOK

Stablecoin yields look range-bound at the aggregate level, but increasingly divergent by venue. The screened market APY is 3.5104%, low-risk APY is 3.4190%, and medium-risk APY is only 3.4326%, so broad risk rotation is not paying much today. The better signal is distribution: regulated and institutionally backed wrappers keep expanding around a 3-4% cash floor while Aave-style utilization markets reprice quickly by asset. If Open USD and BNY's USDC rollout pull more liquidity toward bank-connected and multi-chain rails, expect conservative yields to remain compressed and opportunity to concentrate in specific launch, lending, and structured-yield pockets rather than the whole stablecoin market.

HIGHAave Stablecoin Utilization Split

MEDIUMInstitutional USDC Rails

HIGHLow-versus-Medium Risk Compression

MEDIUMBase and Solana Open USD Launch Effects

HIGHOutlier and Anomaly Hygiene