Stablecoin yield is the return you earn by putting dollar-pegged tokens such as USDC, USDT, or USDS to work. The principal stays at one dollar, so the yield comes from Treasury interest, lending, or fees, not from price moves. For a treasury team, it is the on-chain equivalent of a money-market sweep, available 24/7.
Guide
Stablecoin Yield
How to earn interest on digital dollars, and what the rates actually are. Live APYs from the largest stablecoin yield venues, with the risks made plain.
| # | Asset | Venue | Chain | APY | TVL |
|---|---|---|---|---|---|
| 1 | SUSDS | Sky Lending | Ethereum | 3.80% | $3.94B |
| 2 | USDC | Maple | Ethereum | 5.07% | $2.44B |
| 3 | SUSDE | Ethena Usde | Ethereum | 5.02% | $1.21B |
| 4 | BUIDL | Blackrock BUIDL | Aptos | 3.84% | $968M |
| 5 | USDG | Maple | Ethereum | 4.82% | $715M |
| 6 | USDT | Maple | Ethereum | 4.95% | $638M |
| 7 | USDE | Aave v3 | Plasma | 0.27% | $557M |
| 8 | STEAKUSDG | Morpho Blue | Robinhood Chain | 6.95% | $533M |
| 9 | SXSRLUSD | Morpho Blue | Ethereum | 0.11% | $500M |
| 10 | BUSD0 | Usual Usd0 | Ethereum | 5.00% | $490M |
| 11 | USDC | Jupiter Lend | Solana | 4.89% | $479M |
| 12 | USDS | Spark Savings | Arbitrum | 3.80% | $476M |
| 13 | SIRLOINUSDC | Morpho Blue | Base | 7.18% | $463M |
| 14 | SUSDAI | USD Ai | Arbitrum | 6.78% | $440M |
| 15 | USTB | Invesco USTB | Ethereum | 3.59% | $439M |
| 16 | SENRLUSDV2 | Morpho Blue | Ethereum | 5.86% | $407M |
| 17 | USDD | Justlend v1 | Tron | 3.92% | $406M |
| 18 | GTUSDCP | Morpho Blue | Base | 7.97% | $403M |
| 19 | USDC | Aave v3 | Ethereum | 3.23% | $399M |
| 20 | USDE | Morpho Blue | Robinhood Chain | 5.25% | $370M |
Live APY and TVL data from DeFiLlama, refreshed on each deploy. APYs are variable and not guaranteed. This is not investment advice.
Where it comes from
Sources of stablecoin yield
Tokenized Treasuries
Funds like BUIDL, USDY, and USTB pass through the yield of short-dated U.S. government debt. The lowest-risk source, backed by real Treasuries.
On-chain lending
Protocols such as Aave, Maple, and Spark lend your stablecoins to over-collateralized borrowers, paying the interest back to depositors.
Savings tokens
Issuer savings products like sUSDS and sUSDe accrue yield automatically while you hold a single token.
Liquidity provision
Supplying stablecoin pairs to exchanges earns trading fees, with added smart-contract and depeg risk.
Understand the risks
A higher APY is a price for higher risk. Before allocating treasury funds, weigh each of these:
- Smart-contract risk: bugs or exploits in the protocol holding your funds.
- Counterparty and credit risk: borrowers or issuers failing to pay.
- Depeg risk: the underlying stablecoin trading away from $1.
- Liquidity risk: withdrawal queues or lockups during stress.
- Regulatory and tax treatment that varies by jurisdiction.
Match the venue to your risk mandate. For most corporate treasuries that means tokenized Treasury funds first, with any DeFi exposure ring-fenced and sized deliberately.
What the rules say about stablecoin yield
Under the GENIUS Act, stablecoin issuers cannot pay interest to holders. Yield instead comes from platforms and protocols: PayPal pays 4% rewards on PYUSD held in its app (October 2026), and DeFi venues pay lending interest. The stalled CLARITY Act would go further, banning platform rewards paid solely for holding a stablecoin or that work like bank deposit interest, while allowing rewards tied to genuine activity. Full breakdown: stablecoin rewards vs yield.
To hold and deploy balances at company scale, see stablecoin business accounts. New to the asset class? Start with stablecoins 101 or browse the list of stablecoins.
FAQ
Stablecoin yield, answered
What is stablecoin yield?
Stablecoin yield is the interest or return you earn by deploying dollar-pegged stablecoins such as USDC, USDT, or USDS into yield-generating venues like tokenized Treasury funds, on-chain lending protocols, or issuer savings products. Because the principal stays pegged to one dollar, the return comes from lending, Treasury interest, or fees rather than price appreciation.
How much yield can stablecoins earn?
Yields move with interest rates and demand. As of November 7, 2026, credible, sizeable stablecoin venues tracked here pay roughly 4.61% on average, with the highest around 7.97%. Tokenized Treasury products tend to track the risk-free rate, while lending and DeFi strategies can pay more in exchange for additional risk.
Are yield-bearing stablecoins safe?
No yield is risk-free. The safest sources are tokenized Treasury funds backed by real government debt, but every on-chain venue carries smart-contract, counterparty, depeg, and liquidity risk. Higher advertised APYs almost always mean higher risk.
Will stablecoin yield be banned?
Issuers are already barred from paying interest under the GENIUS Act, which takes effect January 18, 2027. The pending CLARITY Act would also stop exchanges and other platforms from paying rewards solely for holding a stablecoin or in a way that resembles deposit interest, while allowing activity-based rewards. As of October 2026 that bill is stalled in the Senate, and DeFi lending yields are not directly affected.
What are tokenized treasuries?
Tokenized treasuries are blockchain tokens that represent shares in a fund holding short-dated U.S. Treasury bills, such as BlackRock's BUIDL or Ondo's USDY. They pass the Treasury yield through to holders, combining a familiar low-risk asset with 24/7 on-chain settlement.
Earn on your balance, spend it anytime.
Some stablecoin apps pay variable yield on your balance until the moment you spend it with a card. Compare them in our stablecoin card review.
