Table of Contents
Four stablecoin pools rose sharply this week, with Fluid USDC climbing 1.44 percentage points to 6.85% and Sky USDS adding 2.66 points to reach 7.3%. Both Morpho vaults crossed 6.2%, and Aave USDT jumped from 3.3% to 4.67%. All figures as of 29 October 2026.
Stablecoin Yields
The core lending venues remain tightly clustered. Aave v3 USDC across Ethereum, Arbitrum and Base pays 4.29%. Aave v3 USDT on Ethereum offers 4.67%, while Aave v3 SGHO returns 4.5% on $245M TVL. Compound v3 USDC sits at 4.06% on Ethereum with a 1,477-day history.
Sky Lending products span a wide range. SUSDS pays 3.8% across Ethereum and Arbitrum with $4,940M locked. The staked version, STUSDS, yields 5.84% on $181M TVL. Both rates are base yield with no token emissions.
Spark Savings offers 3.75% on USDT, 3.8% on both USDS and USDC. All three carry multi-chain deployment and track records between 169 and 299 days. Sparklend DAI lags at 2.84% on $84M.
Ethena sUSDe pays 5.06% on $1,194M TVL. That yield derives from perpetual funding rates and can turn negative in a sustained bear market. The 984-day history includes multiple market cycles.
Morpho Blue GTUSDCP returns 6.23% across Base and Ethereum on $623M. Morpho Blue STEAKUSDC offers 6.24% on $447M. Both are vault products where a curator sets the risk parameters, a different model from Aave or Compound governance.
Jupiter Lend USDC on Solana pays 6.13% on $476M TVL. That rate reflects Solana's different chain risk profile and higher native staking yield, which filters through to lending markets.
Fluid Lending USDC across Ethereum and Arbitrum now yields 6.85% on $200M. Fluid uses a newer lending architecture with an 881-day track record, shorter than Aave's 1,358 days but sufficient to span multiple volatility events.
Sky Lending USDS on Ethereum returns 7.3% on $156M, but the entire yield comes from reward tokens. Sky Lending SDAI pays 1.25% base on $197M with no emissions.
Tokenised Treasuries And Credit
Tokenised US Treasury products cluster between 3.6% and 3.84%. Ondo USDY pays 3.75% across Ethereum and Solana on $1,461M TVL. BlackRock BUIDL offers 3.84% on $1,345M across four chains. Invesco USTB yields 3.6% on Ethereum with $473M locked and a 209-day history.
Maple institutional credit pools pay between 4.81% and 5.11%. Maple USDC on Ethereum returns 5.11% on $2,539M. Maple USDT offers 4.96% on $739M, and Maple USDG pays 4.81% on $771M. All three carry real borrower default risk, not smart-contract risk. The borrowers are institutions, and the credit analysis sits with Maple's underwriting.
Usual USD0 staked as bUSD0 yields 5.04% on $500M, but the entire APY derives from token rewards. The product wraps treasury backing with an emissions layer. Centrifuge USDS returns 3.83% on $232M from tokenised real-world credit exposures.
Liquid Staking
Ethereum staking rates sit between 1.83% and 2.32%. Lido stETH pays 2.24% on $22,480M TVL with a 1,608-day track record. Binance wBETH offers 2.19% on $8,447M but introduces exchange custodial risk. Coinbase cbETH yields 2.27% on $463M.
Ether.fi weETH returns 2.32% on $5,175M across Ethereum and Base. That rate includes restaking exposure layered on top of standard staking. Rocket Pool rETH pays 1.83% on $1,132M. Stakewise osETH offers 2.21% on $368M with a longer 1,037-day history despite its smaller pool size.
Solana liquid staking yields run structurally higher, from 4.87% to 5.42%, because Solana's base staking rate exceeds Ethereum's. Marinade mSOL pays 5.42% on $226M. Jupiter jupSOL offers 5.09% on $523M. Jito jitoSOL returns 4.93% on $1,044M and includes MEV rewards in the rate. Drift dSOL yields 4.87% on $280M.
What Changed
Two new pools entered the dataset this week. Spark Savings ETH launched at 1.45% on $57M TVL. Curve USDT-crvUSD appeared at 3.72%, though 83% of that yield comes from token emissions rather than trading fees.
Four pools dropped out. Fluid USDT, previously at 4.5%, no longer meets inclusion criteria. Three Curve pools also exited: crvUSD-WBTC at 4.39%, reUSD-scrvUSD at 7.99%, and CRV-cvxCRV at 8.45%.
The largest move was Convex cvxCRV, jumping from 10.53% to 15.58%, a 5.05 percentage point increase entirely in reward tokens. Sky USDS climbed 2.66 points to 7.3%, also fully emission-driven. Both Morpho vaults rose roughly 1.5 points: STEAKUSDC from 4.73% to 6.24%, and GTUSDCP from 4.73% to 6.23%.
Fluid USDC added 1.44 points to reach 6.85%. Aave USDT increased 1.37 points from 3.3% to 4.67%. Uniswap v3 USDC-WETH rose 1.11 points to 8.63%, reflecting higher trading volume or wider spreads. One pool fell: Curve crvUSD-cbBTC dropped 1.42 points from 3% to 1.58%.
Where The Yield Is Not Real
Nine pools in this dataset pay most or all of their headline APY in reward tokens rather than base yield. Those tokens fluctuate, often sharply. A 15% APY built entirely from a token down 60% this year is not a 15% return.
Convex cvxCRV shows 15.58% APY on $48M TVL, 100% from emissions. Sky USDS at 7.3% is entirely rewards. Usual bUSD0 pays 5.04%, all from tokens despite its $500M TVL and treasury backing. Sparklend USDS offers 3.78% fully from incentives on $1,518M.
Aave v3 RLUSD returns 4.99% total, but 3.59 percentage points come from rewards while only 1.4% is base lending yield. That is 72% emissions. Sky SKY lending pays 4.63% on $567M, all token incentives.
Curve DOLA-sUSDe shows 3.9%, of which 2.6 points are emissions and 1.3 points are trading fees. That is 67% reward-dependent. Curve USDT-crvUSD posts 3.72%, with 3.09 points from tokens and 0.63% base, or 83% emissions.
None of these pools are scams. Many serve important functions for their protocols. But the advertised APY is not what you earn if the reward token declines. Base yield is what remains when the incentive programme ends or the token falls. In the emissions-heavy pools above, base yield is zero or low single digits.
How To Verify Any Of This
Every yield in this report links to its DefiLlama pool page. Click through to see current rates, TVL, the breakdown between base and reward APY, and historical charts. Rates change daily. The figures here are a snapshot from 29 October 2026.
Lido stETH, Aave v3 USDC, Aave v3 USDT, Morpho GTUSDCP, Fluid USDC, Jupiter USDC, Ondo USDY, and Aave RLUSD all show live data. Compare the figures. Check the emission percentages. Look at the TVL trend and pool age. That is how you distinguish sustainable yield from temporary incentive noise.
