Base Earn & Borrow Arrives With $2.38B in Aave/Morpho Pools
6,012 pools | Median APY 2.98% | Avg 3.8%
$30.9B
LOW-RISK TVL
3.7%
LOW-RISK AVG APY
3.8%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $30.9B (142 pools, 3.7%)Med: $29.1B (2759 pools, 3.8%)High: $1.4B (3111 pools, 6.1%)
WEEK OVER WEEK
Total TVL
$196.5B-$120.2M
prev: $196.6B
Median APY
1.32%+0.00pp
prev: 1.31%
Pool Count
8,201+0
prev: 8,201
Low-Risk APY
2.98%-0.01pp
prev: 2.99%
5 THINGS TO KNOW
Base Earn & Borrow has a $2.38B Aave/Morpho liquidity base
Aave and Morpho on Base total $2,377,350,329 across 69 screened pools at 4.81284984% weighted APY; Base overall totals $7,303,284,127 across 605 pools.
RWA coverage expands, but the new-pool detector is not a launch ledger
The 15 flagged rows total $12,487,965,552; Circle USYC is $2,345,471,691, Ondo USDY is $1,248,014,157, and the two BUIDL rows on Aptos and Solana total $1,853,372,013.
Medium-risk yield returns to a narrow premium over low risk
Low-risk pools average 3.74848830% on $30,867,932,376; medium-risk pools average 3.79459160% on $29,108,405,547; high-risk pools average 6.09044090% on $1,373,142,186.
Aave V3 Ethereum USDC reprices lower
APY fell from 12.83007% to 11.77960%, an 8.18756250% relative decline, at $17,658,600 TVL and risk score 36.
Pendle keeps structured yield far above the screened market
Pendle totals $1,291,463,458 across 284 screened pools at 13.31052813% weighted APY; Arbitrum SUSDAI is 35.24470% on $68,677,075 with risk score 59.
CHAIN BREAKDOWN
Named chains account for the largest reader-facing portion of the screened book. Ethereum remains the deepest venue, while Arbitrum leads the major chains on weighted APY and Base has the clearest new distribution catalyst; unmapped chain IDs are omitted from this table.
POOLS
AVG APY
TVL
Ethereum
2385
3.9%
$37.0B
Base
605
2.0%
$7.3B
Solana
979
4.3%
$3.2B
Arbitrum
355
6.0%
$3.0B
Aptos
66
3.4%
$1.3B
Avalanche
135
4.2%
$911.0M
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
142 pools | $30.9B TVL | 3.7% avg APY
Maple USDC
Ethereum | The $2.78B row offers a substantial low-risk liquidity base and a 5.23393% rate, with credit and redemption mechanics still requiring review.
5.2%
Morpho Blue SIRLOINUSDC
Base | This $464.59M Base market combines a 5.82164% rate with low tracker risk, while isolated-market and bridge exposure remain distinct risks.
5.8%
Usd Ai SUSDAI
Arbitrum | SUSDAI’s 6.24% rate on $552.76M is strong within the low-risk set, but the USD AI structure is part of the exposure.
6.2%
Sky Lending STUSDS
Ethereum | STUSDS offers the highest rate among the selected low-risk anchors at 5.64% on $178.31M. The yield is tied to Sky’s savings design, so rate governance and stablecoin mechanics remain relevant risks.
5.6%
THIS WEEK IN STABLECOINS
The Defiant
Base Introduces Earn & Borrow With Aave and MorphoBase launched Earn & Borrow on October 14, giving apps an integration layer for variable-rate stablecoin lending and crypto-backed loans built on Aave and Morpho. The underlying protocols still determine rates and liquidation rules.
A new distribution path can redirect stablecoin deposits toward Aave and Morpho on Base, a chain where the tracker already sees $2.38B across 69 screened Aave/Morpho pools.
Crypto Briefing
CoinShares Partners With Safe and Railnet for Stablecoin YieldCoinShares announced an OnChain Strategies business with Safe Labs and Railnet, letting enterprise Safe users access managed stablecoin yield while retaining self-custody. The offering blends DeFi and tokenized-RWA returns, is fee-free for six months, and excludes US investors.
The launch links institutional stablecoin distribution to the same RWA and DeFi mix visible in the tracker’s new USYC, BUIDL and USDY rows.
Stellar Development Foundation
Chainlink Data Feeds Go Live on Stellar’s RWA EcosystemChainlink Data Feeds and Data Streams went live on Stellar on October 14. The Stellar Development Foundation said the infrastructure is intended to support lending, collateral, stablecoin reference rates and other DeFi use cases across a network supporting more than $4B in RWAs.
Stellar currently contributes $573.56M across 10 screened pools at 4.01110133% weighted APY; oracle availability could make that RWA base more usable, but the tracker has not yet established a yield impact.
OUTLOOK
Stablecoin yield is becoming a distribution and collateral story rather than a broad repricing. Screened positive-yield TVL expanded to $61.35B from $60.03B in the last issue, while weighted APY edged from 3.76820565% to 3.82278114%. The meaningful new signal is venue: Base has $2.377B across 69 screened Aave and Morpho pools at 4.81284984%, providing an established lending base just as Base launches Earn & Borrow. Institutional rails are also widening: CoinShares, Safe and Railnet have launched a managed route, while Stellar has added Chainlink data infrastructure. Expect dispersion to persist: low-risk pools average 3.74848830%, medium risk 3.79459160% and high risk 6.09044090% on only $1.37B. Over the next one to two weeks, watch whether Base integration attracts durable deposits and whether RWA rows remain stable after coverage expansion; high Pendle rates may compress with maturity and incentive changes.
MEDIUMBase Earn & Borrow adoption
MEDIUMUSYC, BUIDL and USDY coverage persistence
MEDIUMPendle maturity-market persistence
HIGHMedium-versus-low risk spread
LOWStellar lending and tokenized collateral