Stablecoin Yields
As of 10 September 2026, the core stablecoin venues show Compound V3 USDC leading at 5.61% APY on Ethereum, up 82 basis points over seven days. That TVL sits at just $35 million with 1,428 days of history. Sky Lending’s sUSDS offers 3.6% across Ethereum and Arbitrum on $5.021 billion TVL, up 8 basis points, with 566 days of operational history.
Spark Savings delivers 3.6% on USDS (Arbitrum and Base, $375 million TVL, up 8 basis points) and USDC (Ethereum, $315 million TVL, up 8 basis points). Spark’s USDT venue on Ethereum holds at 3.25% with no change, $361 million locked. Aave V3 shows 3.72% on USDC across Ethereum, Arbitrum, Base, and Polygon ($261 million TVL, up 19 basis points) and 3.85% on USDT (Ethereum, $246 million TVL, up 32 basis points). Aave’s sGHO pool pays 4.5% on $163 million with no change this week.
Compound V3’s USDT venue runs 3.11% on $24 million TVL, up just 1 basis point. Sparklend USDT on Ethereum jumped 78 basis points to 3.39% on $19 million TVL.
The mechanism-dependent venues require closer inspection. Ethena’s sUSDe offers 4.81% on $1.326 billion TVL as of 10 September, up 17 basis points. That yield is funding-rate dependent and can go negative in a bear market. Sparklend’s USDS pool on Ethereum shows 3.79% on $904 million, down 72 basis points, but 100% of that APY comes from reward emissions rather than base yield.
Morpho Blue vaults steakUSDC and gtUSDcp both sit around 4.14-4.15% with TVLs of $745 million and $682 million respectively, down 11 basis points each. Risk parameters are set by the curator, not protocol governance. Aave V3’s USDe pool dropped 240 basis points to 1.04% on $519 million.
Jupiter Lend offers 4.35% on USDC on Solana ($466 million TVL, down 11 basis points), composed of 3.96% base and 0.39% rewards. That carries a different chain risk profile to Ethereum. Fluid Lending’s USDC venue pays 4.54% across Ethereum and Arbitrum on $214 million, down 56 basis points. Fluid is a newer lending design with a shorter track record than Aave. Sky’s sDAI holds 1.25% unchanged on $203 million.
Tokenised Treasuries And Credit
Maple’s USDC pool on Ethereum yields 4.97% on $2.644 billion TVL as of 10 September, down 7 basis points. This is institutional credit and carries real borrower default risk, not just smart-contract exposure. Maple’s USDT pool offers 4.66% on $928 million, down 6 basis points, with the same default caveat.
BlackRock’s BUIDL tokenised treasury product sits at 3.56% across Solana and Ethereum with $1.878 billion TVL, effectively unchanged. Ondo’s USDY offers 3.57% on $1.361 billion, up 1 basis point. Invesco’s USTB pays 3.54% on $602 million, up 2 basis points. All three represent tokenised US Treasuries with institutional counterparty structures.
Centrifuge Protocol’s USDS pool jumped 152 basis points to 4.0% on $750 million TVL. This is tokenised real-world credit, meaning exposure to underlying loan performance. Usual’s bUSD0 on Ethereum shows 3.62% on $507 million, up 7 basis points, but that entire APY derives from reward emissions. It is treasury-backed with a token incentive layer. Midas RWA offers 3.05% on USDC with $170 million TVL, down 26 basis points, representing tokenised yield-bearing real-world assets.
The distinction matters: treasury products carry regulatory and custodial risk but minimal credit risk. Credit protocols carry borrower default probability. Both are categorically different from DeFi smart-contract risk.
Liquid Staking
Lido’s stETH dominates Ethereum liquid staking at 2.25% on $23.43 billion TVL as of 10 September, up 6 basis points over the week. Binance’s wBETH offers 2.27% on $8.552 billion, up 4 basis points, but this is exchange-operated with custodial counterparty risk. Ether.fi’s weETH pays 2.32% on $5.249 billion across Ethereum and Base, up 2 basis points, with restaking exposure layered on top of staking. Rocket Pool’s rETH yields 2.17% on $1.273 billion, flat week-on-week. Coinbase’s cbETH sits at 2.35% on $463 million, down 1 basis point. Stakewise V3’s osETH offers 2.24% on $386 million unchanged, a smaller pool but with a longer track record.
Solana liquid staking rates run structurally higher due to higher network staking rewards. Jito’s jitoSOL pays 4.65% on $1.022 billion, down 29 basis points, including MEV rewards. Jupiter’s jupSOL offers 5.51% on $514 million, up 34 basis points. Drift’s dSOL shows 5.2% on $280 million, up 40 basis points. Marinade’s mSOL leads at 6.0% on $229 million, up 72 basis points.
All Ethereum staking derivatives cluster in the 2.17% to 2.35% range. Solana equivalents sit between 4.65% and 6.0%, reflecting both higher network inflation and validator economics.
What Changed
This is the first issue of the Weekly Yield Report. There is no prior week baseline. Future editions will detail rate movements, TVL migrations, and new venue launches against this 10 September 2026 snapshot.
The most significant movements in this dataset are Compound V3 USDC rising 82 basis points to 5.61%, Sparklend USDT climbing 78 basis points to 3.39%, and Centrifuge USDS jumping 152 basis points to 4.0%. Aave V3 USDe dropped 240 basis points to 1.04%. The Curve crvUSD-cbBTC pool surged 1,035 basis points to 10.44%, flagged for impermanent loss risk.
Most core stablecoin rates moved between flat and plus 32 basis points. Liquid staking showed minimal volatility, with Ethereum venues moving between minus 1 and plus 6 basis points. Solana staking ranged from minus 29 to plus 72 basis points.
Where The Yield Is Not Real
A pool advertising high APY paid entirely in reward tokens is not comparable to base yield from lending or staking. The emissions-dependent category exists to separate observable economic yield from token incentive programs.
Sparklend USDS on Ethereum shows 3.79% APY, but 100% comes from reward emissions, not lending revenue. TVL stands at $1.486 billion as of 10 September. Usual’s bUSD0 offers 3.62%, again 100% emissions-funded, on $507 million. Curve’s USDC-rLUSD pool advertises 6.25% on $126 million, entirely from rewards with no base yield. The FRAX-USDe pool shows 2.89% APY: 0.01% base, 2.88% emissions, on $68 million. Curve’s OETH-WETH pays 1.49%, all rewards, on $56 million.
Convex Finance’s cvxCRV pool offers 10.79% on $49 million, 100% from emissions, with impermanent loss risk. Its CVX pool shows 3.35% on $12 million, also entirely reward-based. Curve’s PYUSD-USDC pool advertises 5.4%: only 0.05% is base, 5.35% is emissions (99% of headline APY), on $78 million TVL.
If the reward token depreciates faster than the APY accumulates, real returns turn negative. A 20% APY in a token down 40% year-to-date is a loss, not yield. These pools can make sense for liquidity providers with specific token exposure strategies, but comparing a 6% emissions pool to a 3.5% Aave base rate is category error.
How To Verify Any Of This
Every figure in this report is derived from observable on-chain data as of 10 September 2026. You can verify each pool independently on DefiLlama. Search the protocol name, locate the specific vault or lending market, and check the current APY, base versus reward split, TVL, and rate history. The numbers will have moved since publication. That is the point: yields are snapshots, not promises.
Cross-referencing prevents both data error and misrepresentation. If a pool’s APY looks unusually high, check whether it is base yield or emissions. If TVL is thin, consider liquidity risk. If operational history is short, weight that against your own risk tolerance. This report names the variables. You verify them and decide what they mean for your own situation.
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