Table of Contents
Stablecoin yields held steady across core venues this week. Sky Lending's STUSDS leads the majors at 5.64%, while most established protocols remain between 3.3% and 4.5%. The bigger moves happened in liquidity pools, where Uniswap V3's USDC-WETH pair dropped 9.27 percentage points to 7.52% as trading volumes cooled.
Stablecoin Yields
Core venues remain compressed. As of 22 October 2026, Sky Lending's STUSDS offers 5.64% on Ethereum, the highest among established protocols with deep liquidity. SGHO on Aave V3 pays 4.5%, while the majority cluster between 3.3% and 3.8%. USDT on Aave V3 sits at 3.3%, USDC at 3.8%, and Spark's USDC and USDS both hit 3.8%. The SUSDS product on Sky Lending pays 3.8% across Ethereum and Arbitrum with $5.19 billion in TVL and a 608-day history.
Outside that core, several venues need their mechanisms explained. Ethena's SUSDE pays 4.87% as of this week, but that yield is funding-rate dependent and can go negative in a bear market. It has $1.18 billion deposited and a 977-day track record. Sparklend's USDS on Ethereum shows 3.75%, but 100% of that is reward emissions rather than base yield. Morpho Blue vaults for GTUSDCP and STEAKUSDC both pay 4.73%, with risk parameters set by the curator rather than a DAO or committee. Jupiter Lend's USDC on Solana offers 5.17%, the highest non-Ethena stablecoin rate in this dataset, but carries a different chain risk profile to Ethereum.
Fluid Lending continues to offer elevated rates relative to Aave: 5.41% on USDC across Ethereum and Arbitrum, and 4.5% on USDT on Ethereum. Both come with the caveat that Fluid uses a newer lending design and has a shorter track record than Aave. Sky Lending's SDAI has dropped to 1.25%, and Sparklend DAI sits at 2.85%. Compound V3's USDC on Ethereum pays 3.24%, down 2.5 percentage points from last week.
Tokenised Treasuries And Credit
Tokenised US Treasuries and institutional credit products carry counterparty and regulatory risk rather than smart-contract risk. That distinction matters. Maple's USDC pool on Ethereum pays 5.14% with $2.77 billion in TVL, but that yield comes from institutional credit and carries real borrower default risk. Maple's USDT and USDG pools pay 5.14% and 4.96% respectively, with the same credit risk.
BlackRock's BUIDL product offers 3.8% across Solana, Ethereum, Arbitrum, and Polygon, with $1.33 billion deposited. Ondo's USDY pays 3.71% on Ethereum and Solana with $1.45 billion in TVL. Invesco's USTB sits at 3.61%. All three are tokenised US Treasuries and carry the counterparty and regulatory risk of the issuing entity.
Usual's USD0 product pays 4.95%, but 100% of that APY comes from reward emissions. It is treasury-backed with a token incentive layer. Centrifuge Protocol's USDS offers 3.36% from tokenised real-world credit, with $324 million in TVL and a 155-day history.
Liquid Staking
Ethereum staking rates remain between 1.83% and 2.32%. Lido's stETH pays 2.26% with $23.2 billion in TVL. Coinbase's cbETH offers 2.32%, Binance's wbETH pays 2.23%, and Ether.fi's weETH sits at 2.27%. The Ether.fi product includes restaking exposure on top of staking. Rocket Pool's rETH pays 1.83%, and StakeWise V3's osETH offers 2.22% with a smaller pool but a 1,030-day track record.
Solana staking rates are structurally higher because the network has a higher nominal inflation rate and includes MEV rewards in validator returns. Jupiter's JupSOL leads at 5.08%, followed by Jito's jitoSOL at 4.87%, Drift's dSOL at 4.84%, and Marinade's mSOL at 4.57%. All four are liquid staking tokens on Solana with track records above 575 days.
What Changed
Comparing against 15 October 2026, five new pools entered the dataset: Fluid Lending's USDT at 4.5%, Curve's DOLA-SUSDE at 4.14%, Uniswap V3's WBTC-WETH at 6.1%, Curve's crvUSD-cbBTC at 3%, and Curve's CRV-cvxCRV at 8.45%. Four pools dropped out: a previous Uniswap V3 WBTC-WETH instance that was paying 2.41%, Aave V3's WETH at 6.33%, Spark's ETH at 1.4%, and Aave V3's USDC at 8.84%.
The biggest move was Uniswap V3's USDC-WETH pair, which fell from 16.79% to 7.52%, a drop of 9.27 percentage points. That yield comes from trading fees and carries impermanent loss risk. Compound V3's USDC dropped 2.5 percentage points to 3.24%. Curve's crvUSD-WBTC rose 2.14 percentage points to 4.39%. Sky Lending's SKY token pool fell 2.02 percentage points to 4.62%, Fluid Lending's USDC dropped 1.25 percentage points to 5.41%, Sky Lending's USDS fell 1.14 percentage points to 4.64%, and Jupiter Lend's USDC declined 1.01 percentage points to 5.17%.
Overall, a quiet week in the core stablecoin venues. The volatility remains in LP pools and emissions-dependent products.
Where The Yield Is Not Real
Several pools in the dataset pay headline APYs that are mostly or entirely reward tokens. A pool paying 4% in fees and 18% in a token down 60% is not an 18% pool. This is the most useful section in the report.
Convex Finance's cvxCRV pays 10.53% with 100% from emissions. Curve's CRV-cvxCRV pool shows 8.45%, with 96% from rewards. Curve's reUSD-scrvUSD pays 7.99%, with 89% from emissions. Aave V3's rLUSD offers 4.98%, but 62% of that is reward tokens. Usual's USD0 pays 4.95%, entirely from rewards. Sky Lending's USDS pool pays 4.64%, 100% from emissions, and the SKY token pool offers 4.62%, also 100% from rewards. Curve's DOLA-SUSDE shows 4.14%, with 72% from emissions.
None of these yields are sustainable without the continuation of the reward program. If the token being distributed loses value or the program ends, the APY collapses to the base rate. For Convex and the two Sky Lending products, that base rate is zero.
How To Verify Any Of This
Every row in the dataset above carries a verification URL to DefiLlama. Yields change daily, so these figures are a snapshot as of 22 October 2026. You can check any of them in one click: Sky Lending STUSDS, Ethena SUSDE, Maple USDC, BlackRock BUIDL, Lido stETH, Jupiter JupSOL, Uniswap V3 USDC-WETH, and Convex cvxCRV.
The figures will be different tomorrow. This is a record of where yield was available on 22 October 2026, what it cost in risk, and what changed since the previous week.
