Stablecoin yield is entering a selective-expansion phase rather than a broad repricing. The screened market averages 3.683196%, with medium risk only 12.19677 basis points above low risk, while high-risk structured and LP pools lift to 6.897601% on just $1,032,478,507. That narrow core spread suggests safer capital is still competing efficiently; the durable premium remains concentrated in maturity-sensitive or incentive-heavy venues. Circle's Arc launch and Aave V4's early Arc and Ethereum traction could widen the opportunity set if new liquidity survives the initial incentive period. Over the next one to two weeks, watch whether Arc demand produces repeatable USDC utilization, whether Pendle's 12.323295% protocol average persists without an accompanying TVL history, and whether RWA coverage rows translate into genuinely new deployments. Treat the raw 22.729113% feed average as unusable until the outlier rows are resolved.