Sky SUSDS Loses $526M as Clean Stablecoin Yields Compress

7,048 pools | Median APY 1.37% | Avg 24.9%

$27.8B

LOW-RISK TVL

3.4%

LOW-RISK AVG APY

3.5%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $27.8B (124 pools, 3.4%)Med: $29.7B (1904 pools, 3.5%)High: $1.4B (1026 pools, 6.8%)

WEEK OVER WEEK

Total TVL

$177.7B-$201.4M

prev: $177.9B

Median APY

1.37%-0.02pp

prev: 1.39%

Pool Count

7,048+1

prev: 7,047

Low-Risk APY

2.70%-0.04pp

prev: 2.75%

5 THINGS TO KNOW

Sky SUSDS loses $526.19M while APY stays flat

Sky Lending SUSDS TVL moved from $5,275,977,905 on 2026-07-12 to $4,749,783,035 on 2026-07-18; APY was 3.60% on both dates.

Low and medium risk yields are only 5.9 bps apart

Low risk: 124 pools, $27.78B TVL, 3.411636% APY. Medium risk: 1,904 pools, $29.74B TVL, 3.470914% APY.

Maple still anchors the large active-yield floor

Maple averages 4.677858% across $4.35B; Maple USDC is 4.82714% on $3.19B after printing 4.87902% on 2026-07-12.

Pendle keeps the main screened risk premium

Pendle's clipped average is 12.139199% across $1.22B, led by SUSDAI on Arbitrum at 35.24470% and APYUSD on Ethereum at 32.77266%.

Aave V3 Ethereum USDC slips 5.883%

Aave V3 Ethereum USDC moved from 12.24543% to 11.52502%, with $16.85M TVL and risk score 51.

CHAIN BREAKDOWN

After clipping outliers and excluding unmapped chain IDs from reader-facing chain tables, Ethereum remains the largest screened venue while Arbitrum and Monad carry the highest named-chain averages. Berachain's raw TVL remains distorted by zero-yield rows, so this table uses the positive-yield clipped screen.

POOLS

AVG APY

TVL

Ethereum

1416

3.7%

$37.1B

Base

307

1.5%

$6.7B

Arbitrum

150

5.5%

$2.7B

Solana

392

3.0%

$2.0B

Avalanche

3.7%

$1.2B

Aptos

3.2%

$1.1B

STABLECOIN YIELDS (AVG APY)

USDC

2.8%

$19.0B

USDS

3.9%

$7.8B

USDT

2.6%

$6.0B

SUSD

4.8%

$3.5B

BUIDL

3.4%

$3.4B

PYUSD

2.5%

$3.1B

USYC

3.2%

$3.0B

USDY

3.6%

$2.2B

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

TOP RISK-ADJUSTED PICKS

124 pools | $27.8B TVL | 3.4% avg APY

Maple USDC

Ethereum | The largest active low-risk yield reference, with a premium over Sky and enough TVL for serious comparison.

4.8%

R:20

Sky Lending SUSDS

Ethereum | Still the largest conservative savings anchor despite this week's TVL drift.

3.6%

R:20

Ethena Usde SUSDE

Ethereum | A large low-risk screened row that pays above Sky, with yield tied to Ethena mechanics.

4.0%

R:12

Dolomite USD1

Ethereum | One of the highest large low-risk screened rows this week, with $133.25M TVL. The yield premium is meaningful, but USD1 venue and collateral mechanics should be checked before treating it like a simple savings wrapper.

7.6%

R:27 | $133.2M

Usd Ai SUSDAI

Arbitrum | A large low-risk Arbitrum row with a clear premium over the 3.521211% screened market average. The allocator trade-off is protocol and stablecoin-specific risk rather than broad market beta.

7.2%

R:24 | $328.2M

THIS WEEK IN STABLECOINS

CoinDesk

Stablecoin market cap has shrunk by $10B since May

CoinDesk reported that stablecoin supply has fallen by roughly $10B from its May peak, including a $7.7B June decline. The article frames the move as the largest dollar decline since May 2022, but only about 3% in percentage terms.

Shrinking stablecoin supply matters for yield allocators because lower onchain liquidity can weaken borrow demand and compress conservative lending rates.

Aave Governance

Aave risk stewards lower PT discount rates as implied yields compress

LlamaRisk recommended parameter updates for PT-srUSDe, PT-sUSDe, and PT-USDG reserves across Aave V3 and V4. The proposal lowers discount rates and modestly adjusts E-Mode parameters as residual price risk compresses toward maturity.

The update is directly relevant to structured stablecoin yield because Aave and Pendle PT markets are becoming collateral venues where fixed-rate exposure and leverage limits are actively recalibrated.

Barron's

Fed nears stablecoin rule deadline under the GENIUS Act

Barron's reported that the Federal Reserve was working toward a deadline to release payment stablecoin rules for public comment under the GENIUS Act. The update keeps U.S. stablecoin regulation in focus after Congress created a federal framework in July 2025.

Clearer payment stablecoin rules could favor regulated issuers and distribution channels, affecting which stablecoins and wrappers attract low-risk capital.

OUTLOOK

Stablecoin yields are likely to stay split between a compressed conservative floor and selected structured premiums. The clean market screen is only 3.521211%, and low risk is just 5.9 bps below medium risk, so broad allocation into extra complexity is not being paid well. The exceptions are named rows where the risk source is explicit: Maple credit-style yield, Pendle maturity exposure, and Monad or Arbitrum incentive-linked growth. Stablecoin supply has also contracted from its May peak, which can keep borrow demand soft and make large savings wrappers more sensitive to distribution flows. Over the next one to two weeks, allocators should watch whether Sky SUSDS TVL stabilizes, whether Maple USDC holds the 4.8% area, and whether Aave's PT parameter changes make Pendle-linked collateral more efficient without widening risk.

HIGHSky SUSDS TVL Drift

MEDIUMMaple Above the Wrapper Floor

MEDIUMPendle and Aave PT Collateral Efficiency

LOWMonad Stablecoin Incentives

MEDIUMStablecoin Supply Pullback