Morpho V1 PYUSD Yield Rises 19.9% to 5.99%

7,271 pools | Median APY 1.28% | Avg 3.5%

$26.1B

LOW-RISK TVL

3.4%

LOW-RISK AVG APY

3.5%

MED-RISK AVG APY

TVL BY RISK TIER

Low: $26.1B (123 pools, 3.4%)Med: $31.8B (2608 pools, 3.5%)High: $1.3B (2687 pools, 5.7%)

WEEK OVER WEEK

Total TVL

$177.5B-$261.7M

prev: $177.8B

Median APY

1.28%+0.02pp

prev: 1.27%

Pool Count

7,271+2

prev: 7,269

Low-Risk APY

2.80%+0.02pp

prev: 2.77%

5 THINGS TO KNOW

Morpho V1 PYUSD APY rises 19.92% on $303.45M

APY 4.99383% -> 5.98863%; change +19.92058%; TVL $303,450,916; risk score 25

Medium-risk premium compresses to 7.445 bps

Low risk 3.448874% on $26,073,304,743; medium risk 3.523323% on $31,761,809,991; high risk 5.745517% on $1,272,816,697

USYC rate retreats 31.24 bps from its July peak

USYC sparkline 3.3646% -> 3.05216%; clean aggregate TVL $3,005,690,514; named Ethereum row TVL $90,265,717

RWA coverage adds billions in established rows

Ethena SUSDE $1,567,834,279 at 3.9239%; Ondo USDY $1,110,002,711 at 3.55%; BUIDL Ethereum $963,751,534 at 3.58684%; Centrifuge USDS $870,784,554 at 4.49599%

Pendle keeps the clearest structured-yield premium

Pendle: 275 pools, $1,265,152,779 TVL, 12.0983935% weighted APY; REUSDE 44.11766%, APXUSD 37.97249%, SUSDAI 35.2447%

CHAIN BREAKDOWN

These figures use positive-yield pools with APY below 50% and exclude unmapped chain IDs. The filter removes stale zero-yield Bex TVL and extreme small-pool rates so chain averages describe comparable yield-bearing activity.

POOLS

AVG APY

TVL

Ethereum

2164

3.6%

$36.4B

Base

581

1.7%

$7.0B

Arbitrum

330

5.5%

$2.7B

Solana

765

3.1%

$2.1B

Aptos

3.2%

$1.1B

Avalanche

131

4.5%

$1.1B

STABLECOIN YIELDS (AVG APY)

USDC

2.9%

$18.5B

USDS

3.8%

$7.7B

USDT

2.5%

$5.9B

BUIDL

3.5%

$3.5B

SUSD

4.2%

$3.5B

PYUSD

2.6%

$3.1B

USYC

3.1%

$3.0B

USDY

3.5%

$2.2B

Avg APY can be skewed by outliers. TVL on right.

TOP RISK-ADJUSTED PICKS

123 pools | $26.1B TVL | 3.4% avg APY

Maple USDC

Ethereum | The $2.54B TVL and 5.10972% rate make Maple the large liquid low-risk reference, while private-credit and withdrawal-liquidity risks remain.

5.1%

R:20

Morpho V1 STEAKUSDC

Base | The Base row offers 4.32206% on $579.82M with a low modeled score, balanced by curator, bridge, and smart-contract exposure.

4.3%

R:22

Ethena Usde SUSDE

Ethereum | Ethena supplies a large $1.568B synthetic-yield reference at 3.9239%, but basis and funding risks sit outside the score.

3.9%

R:12

Yuzu Money SYZUSD

Berachain | The 8.15877% rate is unusually high for the low-risk bucket and is backed by $22.57M rather than a tiny dust balance. Berachain, issuer, and incentive durability risks warrant a smaller role than the score suggests.

8.2%

R:14 | $22.6M

THIS WEEK IN STABLECOINS

Circle Internet Financial

Circle receives New York limited-purpose trust charter

Circle announced that Circle Internet Trust Company LLC received a limited-purpose trust charter from the New York Department of Financial Services. Circle said the charter strengthens the regulatory foundation for USDC and its safety, transparency, and compliance framework.

A stronger state-regulatory wrapper raises the institutional reference point for USDC while tracked DeFi rates remain market-specific.

Forbes Digital Assets

Stablecoin supply falls as transaction volume reaches a record

Forbes reported that stablecoin market capitalization fell about $10B from its May peak to roughly $300B, while June adjusted transaction volume reached a record $1.79T. The report framed the split as a shift from idle balances toward faster payment use and tokenized Treasury funds.

Allocators should distinguish payment liquidity from yield-bearing wrappers as stablecoin usage and parked balances move in different directions.

Business Daily Africa

Kenya bans interest payments on stablecoins to protect bank deposits

Business Daily reported that Kenya’s National Treasury barred stablecoin issuers from offering interest or yield, citing protection of bank deposits. The report placed the rule in Kenya’s new virtual-asset regulatory framework.

The policy illustrates the widening compliance distinction between payment stablecoins and separate DeFi or tokenized-fund products that pass yield through to holders.

OUTLOOK

Stablecoin yields are entering a compression-with-pockets-of-premium phase. Large low-risk rows remain clustered near 3% to 5%, while Morpho V1 PYUSD and Pendle structured markets offer higher rates tied to utilization, maturity, collateral, or incentives. The clean medium-versus-low spread is only 7.445 basis points, so broad risk-taking is not being paid much outside specialized markets. Over the next one to two weeks, the key test is whether SENPYUSDMAIN can hold 5.98863% without losing its $303.45M TVL and whether USYC stabilizes after its fall to 3.05216%. Expect tokenized-cash coverage to keep expanding, but treat synchronized new rows as data additions until independent history accumulates.

MEDIUMMorpho V1 SENPYUSDMAIN rate durability

HIGHLow-versus-medium risk compression

MEDIUMUSYC after its rate reversal

MEDIUMPendle structured-yield concentration

HIGHRWA data coverage versus actual launches