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# Weekly Yield Report: 12 November 2026
- URL: https://altcoininvestor.com/weekly-yield-report-12-november-2026/
- Published: 2026-11-12T16:01:33.000Z
- Updated: 2026-11-12T16:01:33.000Z
- Description: Sky's staked USDS vault jumped to 11.56% while a Uniswap ETH/USDC pool is paying 11.31%, but both require different risk assessments than core lending rates.
- Author: Richard Knight
- Tags: Passive Income, DeFi Yield Strategies, Weekly Yield Report

The highest base stablecoin rate on Ethereum this week is 5.78% on Fluid, a newer lending design with less track record than Aave. Sky's staked USDS vault jumped from 6.58% to 11.56%, now the highest single-venue rate in the dataset. Every figure below is as of 12 November 2026 and will change.

## Stablecoin Yields

![Stacked bar chart splitting each venue's APY into protocol revenue and reward token emissions](https://cdn.getmidnight.com/13448471d89a9cd8d7f71026a0334ec8/2026/11/yield-after-h2-1-2026-11-12.png)

Core venues with multi-year track records: [Compound USDC](https://defillama.com/yields/pool/7da72d09-56ca-4ec5-a45f-59114353e487) is paying 5.27% on Ethereum, up from 3.22% last week. [Aave USDC](https://defillama.com/yields/pool/aa70268e-4b52-42bf-a116-608b370f9501) (Ethereum, Arbitrum, Base) is at 4.41%. Aave USDT on Ethereum dropped from 5.87% to 3.24%. Aave SGHO is at 4.5% with 180 days of history. Sky SUSDS (Ethereum and Arbitrum) sits at 3.8% with 629 days of history and $4.25 billion TVL. Spark USDS (Arbitrum and Base) matches that at 3.8%. Spark USDT on Ethereum is at 4%, and Spark USDC at 3.8%. Sparklend DAI is 3.58%.

[Sky's staked USDS vault](https://defillama.com/yields/pool/9f71f0fd-cfac-54b1-865e-37338f481708) (STUSDS) is now paying 11.56%, up 4.98 percentage points in a week. That is a leveraged position on top of the Sky base rate, not a simple deposit. It has 123 days of history and $162 million TVL.

[Ethena sUSDE](https://defillama.com/yields/pool/66985a81-9c51-46ca-9977-42b4fe7bc6df) is at 5.02% with $1.2 billion TVL. That yield is funding-rate dependent and can go negative in a bear market. Sparklend USDS on Ethereum is at 5.06%, but 100% of that APY is emissions, not base yield. Sky USDS on Ethereum is the same: 6.06%, all emissions.

Morpho vaults: GTUSDCP at 4.5% and STEAKUSDC at 4.5%. Risk parameters in these vaults are set by the curator, not by a DAO-approved market like Aave. Fluid USDC (Ethereum and Arbitrum) is at 5.78%, the highest base rate for USDC on Ethereum. Fluid is a newer lending design with 895 days of history. Jupiter USDC on Solana is at 4.86%. Solana lending carries a different chain risk profile to Ethereum. Sky sDAI is at 1.25%.

## Tokenised Treasuries And Credit

![Bar chart comparing median APY across stablecoin, tokenised treasury, staking and lending categories](https://cdn.getmidnight.com/13448471d89a9cd8d7f71026a0334ec8/2026/11/yield-after-h2-2-2026-11-12.png)

Tokenised US Treasuries are grouped separately because they carry counterparty and regulatory risk rather than smart-contract risk. [Ondo USDY](https://defillama.com/yields/pool/ac61ee82-2fe4-4f9b-a9cd-7fb33f598859) is at 3.75% with $1.29 billion TVL. BlackRock BUIDL (Solana, Ethereum, Arbitrum, Polygon) is at 3.84% with $821 million TVL. Invesco USTB is at 3.85% with $445 million TVL and 223 days of history.

[Maple USDC](https://defillama.com/yields/pool/43641cf5-a92e-416b-bce9-27113d3c0db6) is at 5.15% with $2.33 billion TVL. Maple is institutional credit, which carries real borrower default risk. Maple USDG is at 4.83% and Maple USDT at 4.96%. Both carry the same borrower default risk. Usual USD0 (bUSD0) is at 5.32%, but 100% of that APY is emissions. It is treasury-backed with a token incentive layer. Midas USDC is at 2.41%, described as tokenised yield-bearing RWA.

## Liquid Staking

[Lido stETH](https://defillama.com/yields/pool/747c1d2a-c668-4682-b9f9-296708a3dd90) is at 2.25% with $19.67 billion TVL and 1,622 days of history. Binance wbETH is at 2.21% with $7.41 billion TVL. That is exchange-operated, which means custodial counterparty risk. Ether.fi weETH is at 2.73% with restaking exposure on top of staking. Rocket Pool rETH is at 1.8%. Stakewise osETH is at 2.23% with 1,051 days of history. Coinbase cbETH jumped from 2.28% to 4.56% this week.

Solana liquid staking rates are structurally higher because Solana validator economics differ from Ethereum. [Jupiter jupSOL](https://defillama.com/yields/pool/52bd72a7-9e81-4112-abb4-71673e8de9bf) is at 5.03%. Jito jitoSOL is at 4.96% and includes MEV rewards. Drift dSOL is at 4.95%. Marinade mSOL is at 4.67%. All four have over 590 days of history.

## What Changed

Four new venues entered the dataset this week. Uniswap WBTC/WETH is at 0.88%. Uniswap USDC/WETH is at 11.31%. Convex cvxCRV is at 10.85%, 100% emissions. Curve msETH/WETH is at 4.85%, 99% emissions. Five venues were removed because they no longer meet the reporting thresholds. One of those was Uniswap USDC/WETH at 12.55%, which re-entered at 11.31%.

The biggest move was Curve crvUSD/cbBTC, which dropped from 9.9% to 0.58%, a fall of 9.32 percentage points. Sky staked USDS rose 4.98 points. Aave USDT fell 2.63 points. Coinbase cbETH rose 2.28 points. Compound USDC rose 2.05 points. Sparklend USDS rose 1.56 points, Jupiter USDC fell 1.30 points, and Fluid USDC rose 1.21 points.

Two Uniswap pools re-entered after being removed: WBTC/WETH was at 21.46% last week and is now 0.88%. USDC/WETH was at 12.55% and is now 11.31%. That volatility is the norm for LP positions, not an anomaly.

## Where The Yield Is Not Real

A pool paying 3% in fees and 15% in a token down 70% is not an 18% pool. This section exists because most yield aggregators do not separate base yield from emissions. Convex cvxCRV is at 10.85%, 100% emissions. Sky USDS on Ethereum is at 6.06%, 100% emissions. Aave RLUSD is at 5.58%, but 65% of that (3.62 percentage points) is emissions, leaving 1.96% base. Usual bUSD0 is at 5.32%, 100% emissions. Sparklend USDS is at 5.06%, 100% emissions. Sky SKY is at 4.7%, 100% emissions.

Curve msETH/WETH is at 4.85%, with 99% of that coming from emissions. The base yield is 0.04%. Aave WETH on Ethereum is at 4.92%, but 71% of that is emissions. That leaves 1.41% base.

Emissions are not inherently bad. They are a cost the protocol is paying to attract liquidity. But a 12% headline with 1% base and 11% in a governance token is a different risk profile to 12% base. The token may appreciate. It may also not. The base yield is the floor.

## How To Verify Any Of This

Every venue above links to its DefiLlama pool page. [Compound USDC](https://defillama.com/yields/pool/7da72d09-56ca-4ec5-a45f-59114353e487) shows 5.27% today. [Sky staked USDS](https://defillama.com/yields/pool/9f71f0fd-cfac-54b1-865e-37338f481708) shows 11.56%. [Ethena sUSDE](https://defillama.com/yields/pool/66985a81-9c51-46ca-9977-42b4fe7bc6df) shows 5.02%. [Maple USDC](https://defillama.com/yields/pool/43641cf5-a92e-416b-bce9-27113d3c0db6) shows 5.15%. [Ondo USDY](https://defillama.com/yields/pool/ac61ee82-2fe4-4f9b-a9cd-7fb33f598859) shows 3.75%. [Lido stETH](https://defillama.com/yields/pool/747c1d2a-c668-4682-b9f9-296708a3dd90) shows 2.25%. [Jupiter jupSOL](https://defillama.com/yields/pool/52bd72a7-9e81-4112-abb4-71673e8de9bf) shows 5.03%.

Yields change daily. These figures are a snapshot as of 12 November 2026\. The pool page shows the current rate, TVL, and history. That is the verification.