Morpho PYUSD Yield Falls 14.5% as Clean APY Holds at 3.60%
7,334 pools | Median APY 1.36% | Avg 3.6%
$27.6B
LOW-RISK TVL
3.5%
LOW-RISK AVG APY
3.6%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $27.6B (121 pools, 3.5%)Med: $30.8B (2605 pools, 3.6%)High: $1.4B (2758 pools, 5.7%)
WEEK OVER WEEK
Total TVL
$178.3B-$177.2M
prev: $178.5B
Median APY
1.36%+0.01pp
prev: 1.34%
Pool Count
7,334+0
prev: 7,334
Low-Risk APY
2.93%+0.04pp
prev: 2.89%
5 THINGS TO KNOW
Morpho V1 SENPYUSDMAIN falls 14.50% to 6.15261%
APY 7.19576% -> 6.15261%; change -14.496731%; TVL $302.017M; risk score 26
Medium-risk premium widens to 15.5525 basis points
Low risk: 3.475049% on $27.647B; medium risk: 3.630574% on $30.791B; spread: 15.5525 bps
Large RWA rows arrive as coverage expands
Ethena SUSDE: 4.01862% and $1.565B; Ondo USDY: 3.55% and $1.110B; Ethereum BUIDL: 3.55679% and $964.402M
Monad leads named chains at a 7.180495% clean average
Monad: 7.180495% weighted APY across 97 pools and $470.405M; Aave's Monad proposal cites more than $300M of deposits and a PT-AUSD market near 6.5% implied APY
Pendle structured markets retain the main risk premium
Pendle clean average: 12.133020% on $1.267B; SUSDAI on Arbitrum: 35.2447% on $68.677M at risk score 59
CHAIN BREAKDOWN
These figures use positive-yield pools with APY at or below 50% and known chain mappings only. The screen removes $101.065B of stale zero-yield Bex TVL and extreme small-pool rates so chain averages describe comparable yield-bearing activity.
POOLS
AVG APY
TVL
Ethereum
2200
3.7%
$36.9B
Base
587
1.9%
$7.1B
Arbitrum
338
5.5%
$2.7B
Solana
774
3.4%
$2.2B
Aptos
65
3.2%
$1.1B
Avalanche
131
4.7%
$1.1B
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
121 pools | $27.6B TVL | 3.5% avg APY
Maple USDC
Ethereum | The $2.728B market is a large low-risk reference at 4.86558%, though private-credit and withdrawal-liquidity exposure remain material.
4.9%
Morpho V1 STEAKUSDC
Base | A 4.94737% rate on $596.505M gives the low-risk tier a meaningful Base comparator, balanced by curator, bridge, and smart-contract exposure.
4.9%
Ethena Usde SUSDE
Ethereum | The $1.565B synthetic-yield reference sits at 4.01862% with a low modeled score, but funding and depeg risks require separate review.
4.0%
Usd Ai SUSDAI
Arbitrum | The 7.68% rate on $352.812M is a large premium within the low-risk screen. Newer collateral and strategy design, plus Arbitrum execution and smart-contract risks, make the modeled score only one part of the review.
7.7%
THIS WEEK IN STABLECOINS
Morpho Dashboard
Morpho dashboard shows $5.43B in deposits as of August 7Morpho's official network dashboard reported $5.43B in total deposits, $2.01B in active loans, and $3.42B in total value locked as of August 7, 2026. The dashboard shows activity across Base, Ethereum, Arbitrum, Monad, and other networks.
Morpho's scale makes the tracked PYUSD rate reset a market-specific signal worth monitoring rather than a marginal-pool curiosity.
Aave Governance
Aave Monad proposal cites $300M deposits and a 6.5% PT-AUSD rateAn Aave governance proposal says the Monad deployment crossed $300M in deposits and that AUSD is the chain's largest stablecoin. It proposes onboarding PT-AUSD-8OCT2026, citing approximately 6.5% implied APY, $5.75M of Pendle liquidity, and $67.5M of PT total value locked at submission.
The proposal helps explain why Monad is a high-rate chain in the current screen, while its fixed-rate and incentive components require separate maturity and liquidity analysis.
Aavescan
Sky stUSDS supply APY steps down from 6.48% to 6.31%Aavescan's daily snapshots show Sky stUSDS supply APY at 6.48% on August 1, 6.42% on August 2, and 6.31% on August 3 and 4. The page reports 192.1M USDS supplied and a 4.77% increase in supply over the prior 30 days.
The move is a useful rate-compression reference: supply can grow even as a wrapper's quoted yield declines. stUSDS is distinct from the tracked Sky SUSDS pool.
OUTLOOK
Stablecoin yields are likely to remain two-speed over the next one to two weeks. The clean positive-yield screen sits at 3.604433% across $59.790B, with low-risk pools at 3.475049% and medium-risk pools at 3.630574%, so the liquid core still offers little premium for moving up the risk curve. Higher rates are concentrated in structured and newer markets: Pendle averages 12.133020% and Monad averages 7.180495%, but both figures depend on maturity, incentives, and chain-specific liquidity. Morpho V1's PYUSD reset to 6.15261% is an early test of rate durability rather than a market-wide signal. The next issue should distinguish persistent utilization from temporary rewards and separate genuine RWA distribution from tracker coverage updates.
MEDIUMMorpho V1 SENPYUSDMAIN rate durability
HIGHLow-versus-medium risk compression
MEDIUMRWA distribution versus tracker coverage
MEDIUMPendle maturity-specific premium
MEDIUMMonad stablecoin market depth