Market Contradiction Lab
Large stablecoin pools pay a value-weighted 4.09% in base interest, +0.04 points versus the three-month Treasury reading. Rewards add 0.42 points, but 55 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% |
| circle-usyc · USYC | BSC | $2.4bn | 3.33% | Not available | 3.33% | 0% |
| ondo-yield-assets · USDY | Ethereum | $1.2bn | 3.65% | Not available | 3.65% | 0% |
| ethena-usde · SUSDE | Ethereum | $1.2bn | 4.84% | Not available | 4.84% | 0% |
| blackrock-buidl · BUIDL | Aptos | $967.6mn | 3.47% | Not available | 3.47% | 0% |
| blackrock-buidl · BUIDL | Solana | $924.6mn | 3.78% | Not available | 3.78% | 0% |
| maple · USDT | Ethereum | $685.2mn | 5.46% | 0.00% | 5.46% | 0% |
| spark-savings · USDT | Ethereum | $609.3mn | 3.75% | Not available | 3.75% | 0% |
| invesco-ustb · USTB | Ethereum | $593.9mn | 3.93% | Not available | 3.93% | 0% |
| usd-ai · SUSDAI | Arbitrum | $544.9mn | 6.91% | Not available | 6.91% | 0% |
| aave-v3 · USDE | Plasma | $544.6mn | 0.27% | Not available | 0.27% | 0% |
| ondo-yield-assets · USDY | Stellar | $537.2mn | 3.65% | Not available | 3.65% | 0% |
| morpho-blue · STEAKUSDG | Robinhood Chain | $533.0mn | 4.88% | 2.64% | 7.52% | 35% |
| jupiter-lend · USDC | Solana | $512.3mn | 4.13% | 0.35% | 4.48% | 8% |
Large stablecoin pools pay a value-weighted 4.09% in base interest, +0.04 points versus the three-month Treasury reading. Rewards add 0.42 points, but 55 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.