Aave USDT APY Jumps 91% as Binance Hack Freezes Markets
6,112 pools | Median APY 3.18% | Avg 4.1%
$28.3B
LOW-RISK TVL
3.9%
LOW-RISK AVG APY
4.1%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $28.3B (119 pools, 3.9%)Med: $29.8B (2666 pools, 4.1%)High: $1.5B (3327 pools, 6.9%)
WEEK OVER WEEK
Total TVL
$194.7B+$26.4M
prev: $194.7B
Median APY
1.33%-0.08pp
prev: 1.41%
Pool Count
8,377+1
prev: 8,376
Low-Risk APY
3.23%+0.05pp
prev: 3.18%
5 THINGS TO KNOW
Binance incident puts issuer controls inside the yield risk model
$6.36B stolen; about $2.7B frozen; approximately $60M USDT supplied to Aave
Aave V3 Ethereum USDT: APY rises 90.7938%
APY 3.37250% to 6.43452%; TVL $95,293,861; risk score 36
Aave V3 Ethereum USDC: APY falls 57.8672%
APY 12.89581% to 5.43336%; TVL $92,428,612; risk score 45
Dolomite Ethereum USDC: APY rises 50.9798%
APY 6.48062% to 9.78443%; TVL $16,101,764; risk score 25
Morpho V1 Ethereum PYUSD: APY rises 29.9945%
APY 5.44984% to 7.08449%; TVL $338,703,010; risk score 16
CHAIN BREAKDOWN
This screened view uses APY above 0% and at or below 50% with at least $10,000 TVL, and omits unnamed chain IDs from reader-facing rows. Ethereum holds $35,189,373,088 of screened TVL; Arbitrum and Solana carry higher weighted APYs at 5.919898% and 4.279703%.
POOLS
AVG APY
TVL
Ethereum
2394
4.1%
$35.2B
Base
603
3.0%
$7.2B
Arbitrum
368
5.9%
$3.3B
Solana
1049
4.3%
$3.0B
Aptos
66
3.7%
$1.3B
Avalanche
136
4.8%
$819.2M
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
119 pools | $28.3B TVL | 3.9% avg APY
Ethena Usde SUSDE
Ethereum | The $1.172B SUSD pool offers a low-risk screen score and 5.05806% APY, with synthetic-stablecoin strategy exposure as the key qualifier.
5.1%
Maple USDG
Ethereum | USDG combines 4.73980% APY with $718.538M TVL and a low score, while its new-row status keeps underlying coverage and credit context in focus.
4.7%
Morpho V1 SPARKUSDC
Base | SPARKUSDC is a high-rate low-band pool at 8.07708% APY and $450.261M TVL, with Base deployment and isolated-market risk.
8.1%
Morpho V1 SENPYUSDMAIN
Ethereum | PYUSD rose 29.9945% to 7.08449% APY at $338.703M TVL, giving the low-risk sleeve a rate catalyst with meaningful liquidity. The trade-off is dependence on PYUSD demand and Morpho market parameters.
7.1%
THIS WEEK IN STABLECOINS
TRM Labs
North Korea-linked attacker moves $6.36B from Binance walletsTRM Labs reports that an attacker moved approximately $6.36B from Binance wallets across ten blockchains on October 29, 2026. About $2.7B in stablecoins and other assets was frozen, while the attacker used USDT as collateral to borrow ETH on Aave before the affected markets were frozen.
The incident makes issuer controls, lending-market pauses, and chain-specific operating risk part of the week's stablecoin-yield analysis.
The Paypers
HSBC rolls out HKD stablecoin RedCoin to PayMe usersHSBC began a phased rollout of its HKMA-licensed Hong Kong dollar stablecoin, RedCoin, through PayMe. The bank says more than 3.3 million users and over 100,000 merchants will be able to use it, with plans to extend the token to wholesale and tokenised-investment services.
A regulated bank-issued stablecoin adds another institutional channel for tokenised-asset liquidity, raising the importance of issuer and regulatory structure in yield comparisons.
Cryptonews.net
DeFi stablecoin deposits reach $24B despite recent lending outflowsToken Terminal data cited by Cryptonews.net puts DeFi stablecoin deposits at $24B, up 560.8% in three years, with USDC representing 38.2% of deposits. Separate lending-pool data showed approximately $99.8M of net withdrawals over the past month after interest.
The long-run deposit base remains large, but short-run flows can move lending rates quickly, which helps frame this week's divergent Aave USDT and USDC repricing.
OUTLOOK
Stablecoin yield is entering a two-speed phase. The near-term path is less about a broad APY trend than about liquidity moving between issuers, lending markets, and risk sleeves after the Binance incident. Aave Ethereum USDT now prints 6.43452% while its USDC market is 5.43336%; Morpho V1 PYUSD is 7.08449% after a 29.9945% rise. Across the screened universe, medium risk averages 4.142650% versus 3.942948% low risk, a 19.9702-basis-point premium, while high risk averages 6.919727% on only $1.512B. Expect rate dispersion to stay elevated as frozen markets, repayment flows, and issuer monitoring settle. The next one to two weeks should show whether Aave USDT normalizes toward the screened market or keeps a premium as capital seeks deep liquidity and higher borrow demand. Cross-chain opportunities remain available, but coverage and incident response belong in the return comparison.
HIGHAave V3 post-incident repricing
HIGHStablecoin issuer controls and regulated rails
MEDIUMMorpho V1 PYUSD and Base USDC rate persistence
MEDIUMPendle maturity markets