Cash vs DeFi Intelligence

USDC lending clears cash overall, but without Aave V3 the extra base rate falls to +0.03 points.

This page asks a simple question: after taking more risk, is USDC lending paying enough extra over cash—and does the answer survive without the largest protocol?

Rates through 2026-09-03

Share of supplied USDC by return above cash

At or below cash24.6%

Up to 1 point above17.4%

1 to 2 points above2.6%

2 to 3 points above1.9%

More than 3 points above53.5%

Treasury rate3.89%Three-month benchmark

USDC base rate8.47%Across the market

Extra over cash+4.58 pointsBefore reward tokens

Quoted with rewards8.76%Base rate plus reported rewards

Supply above cash75.4%Base rate alone

Supply >2 points above55.4%A tougher hurdle

USDC supplied$4.1BVisible market supply

Money borrowed$3.8B91.8% in use

Largest protocolAave V367.6% of supply

Without largest protocol3.92%+0.03 points over cash

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How much money really clears cash?

75.4% of supplied USDC earns a base rate above the Treasury benchmark. Only 55.4% clears it by at least two points.

At or below cash24.6%

Up to 1 point above17.4%

1 to 2 points above2.6%

2 to 3 points above1.9%

More than 3 points above53.5%

Reward tokens can disappear or lose value. That is why the main comparison uses the base lending rate first.

Where does the extra rate come from?

Borrowers pay the base rate. Extra token rewards are shown separately. A high rate can also mean money is scarce or a pool is crowded.

Pool	Supplied	Borrowed	In use	Base rate	Above cash
Aave V3 · Ethereum	$2.2B	$2.2B	100.0%	12.81%	+8.92 points
Compound V3 · Ethereum	$371.5M	$335.5M	90.3%	4.21%	+0.32 points
Aave V3 · Base	$182.2M	$164.4M	90.2%	3.89%	+0.00 points
Aave V3 · Arbitrum	$169.8M	$141.3M	83.2%	2.77%	-1.12 points
Aave V3 · Monad	$163.8M	$150.7M	92.0%	3.56%	-0.33 points
Dolomite · Ethereum	$139.2M	$108.4M	77.9%	3.25%	-0.64 points
Kamino Lend · Solana	$122.7M	$100.1M	81.6%	3.53%	-0.36 points
Hyperlend Pooled · Hyperliquid L1	$109.1M	$96.1M	88.1%	5.83%	+1.94 points
Tectonic · Cronos	$93.6M	$39.9M	42.6%	0.12%	-3.77 points
Kamino Lend · Solana	$77.4M	$68.7M	88.8%	5.93%	+2.04 points
Kamino Lend · Solana	$63.0M	$56.3M	89.4%	4.25%	+0.36 points
Aave V3 · Avalanche	$61.4M	$53.5M	87.3%	3.27%	-0.62 points
Blend Pools V2 · Stellar	$54.0M	$43.6M	80.8%	7.29%	+3.40 points
Venus Core Pool · BSC	$44.9M	$29.0M	64.6%	2.48%	-1.41 points

Remove Aave V3, the largest protocol, and the remaining weighted base rate is 3.92%. This tests whether one venue is carrying the result.