RWA Rails Expand as Safe and Medium Risk Yields Converge

6,914 pools | Median APY 1.36% | 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 (123 pools, 3.4%)Med: $30.1B (1870 pools, 3.4%)High: $1.3B (1012 pools, 7.1%)

WEEK OVER WEEK

Total TVL

$178.1B-$196.5M

prev: $178.3B

Median APY

1.36%-0.03pp

prev: 1.39%

Pool Count

6,914+4

prev: 6,910

Low-Risk APY

2.65%-0.03pp

prev: 2.69%

4 THINGS TO KNOW

USYC, sUSDE, and USDY add large RWA reference rows

Circle USYC is $2,989,558,518 at 3.15617% APY; Ethena sUSDE is $1,571,949,437 at 3.94445%; Ondo USDY is $1,106,354,107 at 3.55%.

Low and medium risk yields are only 7.4 bps apart

Low risk: 123 pools and $28,091,757,720 TVL; medium risk: 1,870 pools and $30,095,358,610 TVL; spread: 0.073807 percentage points.

Maple and treasury wrappers anchor the clean yield floor

Maple: 3 pools, $4,570,101,918 TVL, 4.728729% average APY; Sky Lending: 4 pools, $6,150,867,152 TVL, 3.784203% average APY.

Tracked TVL slips $196.45M day over day

Total TVL moved from $178,327,709,387 to $178,131,254,821, a decline of $196,454,566 or 0.1102%; pool count moved from 6,910 to 6,914.

CHAIN BREAKDOWN

This is the screened named-chain view: positive APY at or below 50% and at least $100K TVL. It excludes unknown chain IDs and prevents Berachain's zero-yield tracking rows or Ethereum outliers from becoming false market leaders.

POOLS

AVG APY

TVL

Ethereum

1394

3.6%

$37.2B

Base

300

1.6%

$6.7B

Arbitrum

150

5.5%

$2.7B

Solana

426

3.0%

$2.1B

Avalanche

3.5%

$1.3B

Aptos

3.2%

$1.1B

STABLECOIN YIELDS (AVG APY)

USDC

2.8%

$19.0B

USDS

3.7%

$8.2B

USDT

2.7%

$6.0B

BUIDL

3.3%

$3.7B

SUSD

4.9%

$3.5B

PYUSD

2.5%

$3.1B

USYC

3.2%

$3.1B

USDY

3.6%

$2.2B

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

TOP RISK-ADJUSTED PICKS

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

Maple USDC

Ethereum | Large low-risk TVL and a rate above the screened market floor make this the main conservative reference.

4.9%

R:20

Avantis USDC

Base | A low-risk Base row with meaningful $29.20M TVL and a rate that merits incentive durability checks.

8.5%

R:16

Dolomite USD1

Ethereum | A $132.65M low-risk USD1 market with a sizable premium to the RWA reference set.

7.7%

R:24

Usd Ai SUSDAI

Arbitrum | A $310.69M low-risk Arbitrum position with a 7.61% screened rate, making it a substantial outlier within the conservative tier.

7.6%

R:24 | $310.7M

Aave V3 USDE

Ethereum | An established lending venue with $204.59M TVL and a low-risk screened rate above the broad market floor.

5.0%

R:26 | $204.6M

THIS WEEK IN STABLECOINS

Aave

Aave introduces Stable Vaults for embedded fixed-rate stablecoin yield

Aave describes Stable Vaults as infrastructure that converts variable onchain lending rates into a predictable stable-rate product. The design is aimed at fintechs and wallets that want to embed stablecoin earning while the vault manages allocation and rebalancing.

The launch adds an institutional distribution layer around the same lending markets represented in the current Aave V3 data.

Cointelegraph via TradingView

USDT leads payments while USDC leads DeFi activity

A Dune Digital Asset Brief reported that USDT settled about $95 billion in identified commerce payments during the first half of 2026, compared with about $14 billion for USDC. USDC remained stronger in DeFi transfer activity, especially across Base and Ethereum.

The split helps explain why stablecoin choice is increasingly tied to venue and use case rather than a single global yield ranking.

CoinDesk Research

Tokenized RWA activity grows as the stablecoin market contracts

CoinDesk's June STAR report described a $7.7 billion decline in stablecoin market capitalization alongside tokenized RWA value reaching $30.1 billion and a sharp rise in onchain tokenized-equity activity. The report frames RWA growth as a parallel trend to the contraction in crypto-native yield-bearing products.

This is consistent with the new large RWA rows in the tracker, including USYC, BUIDL, USDY, and USTB, which provide a cleaner reference set than extreme LP APYs.

OUTLOOK

Stablecoin yield is likely to bifurcate rather than move as one market over the next few weeks. The screened tracker average is 3.4903%, but the low-risk and medium-risk tiers sit only 7.4 bps apart at 3.3716% and 3.4454%, leaving little compensation for additional complexity at the floor. At the same time, USYC, BUIDL, USDY, and sUSDE account for large new reference rows, while Aave is packaging variable lending exposure into Stable Vaults for fintech distribution. If that distribution reaches new venues, demand may concentrate in recognizable wrappers and the deepest Ethereum and Base pools. Pendle's 35.2447% screened DAI and 37.9725% APXUSD rows remain higher-risk exceptions, not market averages. The next useful signal is whether those premiums persist after liquidity and incentive changes.

HIGHRWA stablecoin distribution

MEDIUMLow-versus-medium risk compression

MEDIUMAave Stable Vault distribution

MEDIUMAPXUSD risk premium after the depeg