Market Contradiction Lab
Large stablecoin pools pay a value-weighted 3.32% in base interest, -0.75 points versus the three-month Treasury reading. Rewards add 0.47 points, but 49 pools get more than half their displayed yield from rewards.
This page looks for the useful disagreement: high yield with little size, a rate driven by rewards, cash-like returns during a risk sell-off, or a market headline carried by one pool or chain.
FIVE
CONTRADICTIONSyield, money, price, activity and concentration
CONTRADICTIONSyield, money, price, activity and concentration
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A high yield can tell two stories
Borrower-paid interest and reward tokens are shown separately. Pool size sits beside both.
| Pool | Chain | Reported value | Base interest | Rewards | Displayed total | Reward share |
|---|---|---|---|---|---|---|
| sky-lending · SUSDS | Ethereum | $4.9bn | 3.80% | Not available | 3.80% | 0% |
| maple · USDC | Ethereum | $2.8bn | 5.21% | 0.00% | 5.21% | 0% |
| ethena-usde · SUSDE | Ethereum | $1.2bn | 4.71% | Not available | 4.71% | 0% |
| blackrock-buidl · BUIDL | Aptos | $967.8mn | 0.00% | Not available | 0.00% | Not available |
| blackrock-buidl · BUIDL | Solana | $885.6mn | 0.00% | Not available | 0.00% | Not available |
| maple · USDT | Ethereum | $729.0mn | 5.33% | 0.00% | 5.33% | 0% |
| spark-savings · USDT | Ethereum | $687.9mn | 3.75% | Not available | 3.75% | 0% |
| invesco-ustb · USTB | Ethereum | $604.4mn | 3.35% | Not available | 3.35% | 0% |
| aave-v3 · USDE | Plasma | $570.4mn | 0.26% | Not available | 0.26% | 0% |
| usd-ai · SUSDAI | Arbitrum | $553.3mn | 6.24% | Not available | 6.24% | 0% |
| maple · USDG | Ethereum | $536.0mn | 4.98% | 0.00% | 4.98% | 0% |
| morpho-blue · STEAKUSDG | Robinhood Chain | $530.8mn | 3.70% | 3.32% | 7.02% | 47% |
| blackrock-buidl · BUIDL | Avalanche | $481.6mn | 0.00% | Not available | 0.00% | Not available |
| jupiter-lend · USDC | Solana | $480.8mn | 6.32% | Not available | 6.32% | 0% |
| morpho-blue · SIRLOINUSDC | Base | $470.4mn | 3.16% | 2.63% | 5.78% | 45% |
Large stablecoin pools pay a value-weighted 3.32% in base interest, -0.75 points versus the three-month Treasury reading. Rewards add 0.47 points, but 49 pools get more than half their displayed yield from rewards.
Does the comparison survive the largest pool?
The value-weighted base rate is rebuilt without its biggest pool.