Table of Contents
Compound USDC jumped from 3.23% to 6.2% in seven days, the largest single-venue move this week. Core stablecoin rates elsewhere remain clustered between 3.5% and 3.72%, with six new venues entering the dataset and six removed for falling below threshold. The range between the safest and riskiest stablecoin yields is now 4.6 percentage points.
Stablecoin Yields
The core lending venues are tightly packed. Sky Lending SUSDS pays 3.6% across Ethereum and Arbitrum with $5,007 million in TVL and 587 days of history. Spark Savings offers 3.5% on USDT, 3.6% on USDS across Arbitrum and Base, and 3.6% on USDC, all on Ethereum. Aave v3 yields 3.72% on USDC across four chains with $257 million TVL and 1,330 days of track record, and 3.69% on USDT with $247 million TVL. Aave v3 SGHO pays 4.5% on Ethereum with $169 million TVL but only 138 days of history. Sparklend DAI sits at 2.71% with $86 million TVL.
Compound v3 USDC now pays 6.2% on Ethereum with $35 million TVL, up 2.97 percentage points from last week. Compound v3 USDT yields 3.18% with $19 million TVL.
Venues requiring mechanism explanation start with Ethena sUSDe at 5.28% on Ethereum with $1,260 million TVL. This yield depends on perpetual futures funding rates and can turn negative in a bear market. Sparklend USDS pays 4.87% on Ethereum with $991 million TVL, but 100% of the yield is emissions. Morpho Blue vaults STEAKUSDC and GTUSDCP both pay 4.42% on Base and Ethereum with roughly $700 million TVL each; risk parameters are set by the curator rather than a DAO or protocol algorithm. Sky Lending sDAI yields 1.25% on Ethereum with $202 million TVL.
Fluid Lending pays 4.67% on USDC across Ethereum, Arbitrum and Base with $201 million TVL, and 4.29% on USDT on Ethereum with $130 million TVL. Fluid is a newer lending design with 853 days of history, shorter than Aave's 1,320 to 1,330 days. Pendle v2 USDAI on Arbitrum yields 2.33% with $101 million TVL, but the rate is not perpetual due to fixed-yield maturity mechanics.
Tokenised Treasuries And Credit
Institutional credit and treasury products carry counterparty and regulatory risk rather than pure smart-contract risk. Maple USDC pays 5.18% on Ethereum with $2,872 million TVL and 430 days of history. This is institutional credit and carries real borrower default risk. Maple USDT yields 5.28% with $634 million TVL under the same structure. Maple USDG pays 4.97% with $447 million TVL and only 111 days of history.
Tokenised US Treasuries include BlackRock BUIDL at 3.78% across Solana and Ethereum with $1,408 million TVL and 188 days of history. Ondo USDY yields 3.6% across Ethereum and Solana with $1,383 million TVL. Invesco USTB pays 3.55% on Ethereum with $554 million TVL and 181 days of history.
Usual USD0 (BUSD0) pays 6.06% on Ethereum with $504 million TVL, but 100% of the yield comes from token emissions layered on top of a treasury-backed structure. Centrifuge Protocol USDS yields 4.0% on Ethereum with $326 million TVL, backed by tokenised real-world credit.
Liquid Staking
Lido stETH yields 2.2% on Ethereum with $26,407 million TVL and 1,580 days of history. Binance Staked ETH (wBETH) pays 2.21% with $9,477 million TVL but carries exchange-operated custodial counterparty risk. Ether.fi weETH yields 2.36% across Ethereum and Base with $6,023 million TVL and includes restaking exposure on top of staking. Rocket Pool rETH pays 2.17% with $1,405 million TVL. Coinbase cbETH yields 2.36% with $513 million TVL. Stakewise v3 osETH pays 2.4% with $425 million TVL and 1,009 days of history.
Solana liquid staking rates are structurally higher due to higher base staking rewards and MEV capture. Marinade mSOL yields 5.77% with $266 million TVL. Jupiter jupSOL pays 5.54% with $607 million TVL. Drift dSOL yields 5.1% with $332 million TVL. Jito jitoSOL pays 4.85% with $1,226 million TVL and includes MEV rewards.
What Changed
Six new venues entered the dataset this week. Fluid Lending ETH appeared at 2.43% with $131 million TVL. Fluid Lending USDT launched at 4.29%. Pendle v2 USDAI entered at 2.33%. Curve CRVUSD-CBBTC appeared at 10.58% with $81 million TVL. Fluid Lending USDC on Base entered at 8.8%, though 66% of the yield is emissions. Curve CRV-CVXCRV returned at 9.14%, with 99% of yield from emissions.
Six venues were removed for no longer meeting inclusion thresholds: Aave v3 USDE (was 0.54%), Jupiter Lend USDC (was 4.91%), Jupiter Lend wSOL (was 3.86%), Fluid Lending ETH (was 1.94%), Curve USDC-RLUSD (was 4.63%), and Curve PYUSD-USDC (was 4.78%).
Uniswap v3 USDC-WETH dropped from 10.13% to 7.15%, a decline of 2.98 percentage points. Compound v3 USDC rose from 3.23% to 6.2%, up 2.97 percentage points. Curve reUSD-scrvUSD increased from 8.1% to 9.23%. Convex Finance cvxCRV rose from 9.76% to 10.8%.
Where The Yield Is Not Real
A pool paying 14% in a governance token down 60% year-to-date is not a 14% pool. This section exists because headline APY and sustainable yield are different products.
Convex Finance cvxCRV advertises 10.8% on Ethereum with $58 million TVL, but 100% of the yield is emissions. The pool also carries impermanent loss risk. Curve reUSD-scrvUSD pays 9.23%, but 89% (8.22 percentage points) is emissions; base yield is 1.01%. Curve CRV-CVXCRV shows 9.14%, with 99% from emissions and only 0.06% base. Fluid Lending USDC on Base pays 8.8%, but 66% is emissions (5.85 percentage points) and base yield is 2.95%.
Usual USD0 (BUSD0) pays 6.06% with $504 million TVL, but 100% is emissions on a treasury-backed structure. Aave v3 rLUSD yields 4.99% with $140 million TVL, but 67% is emissions (3.34 percentage points) against a 1.65% base. Aave v3 WETH on a specific deployment pays 4.97%, with 70% from emissions (3.5 percentage points) and a 1.47% base. Sparklend USDS shows 4.87% with $1,547 million TVL, but the entire yield is emissions with zero base rate.
When the token being emitted declines in value, the realised APY declines with it. The base rate is what remains when the emissions end or the token price falls.
How To Verify Any Of This
Every figure in this report is a snapshot as of 01 October 2026. Yields change daily. Each pool in the dataset includes a direct verification link to DefiLlama.
Check Sky Lending SUSDS at 3.6%. Check Compound v3 USDC at 6.2%. Check Maple USDC at 5.18%. Check BlackRock BUIDL at 3.78%. Check Lido stETH at 2.2%. Check Marinade mSOL at 5.77%. Check Convex Finance cvxCRV at 10.8% with 100% emissions.
The verification links allow you to see current rates, TVL changes, historical performance, and the breakdown between base yield and reward emissions. This is not marketing. It is a weekly record of observable figures with the risk named next to the number.
