Market Contradiction Lab
Large stablecoin pools pay a value-weighted 3.57% in base interest, -0.41 points versus the three-month Treasury reading. Rewards add 0.41 points, but 48 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 | $4.4bn | 3.60% | Not available | 3.60% | 0% |
| maple · USDC | Ethereum | $2.7bn | 4.97% | 0.00% | 4.97% | 0% |
| circle-usyc · USYC | BSC | $2.5bn | 3.20% | Not available | 3.20% | 0% |
| ethena-usde · SUSDE | Ethereum | $1.3bn | 4.68% | Not available | 4.68% | 0% |
| ondo-yield-assets · USDY | Ethereum | $1.2bn | 3.58% | Not available | 3.58% | 0% |
| blackrock-buidl · BUIDL | Solana | $993.2mn | 3.75% | Not available | 3.75% | 0% |
| blackrock-buidl · BUIDL | Aptos | $967.3mn | 3.44% | Not available | 3.44% | 0% |
| maple · USDT | Ethereum | $693.1mn | 4.75% | 0.00% | 4.75% | 0% |
| ondo-yield-assets · USDY | Stellar | $536.1mn | 3.58% | Not available | 3.58% | 0% |
| aave-v3 · USDE | Ethereum | $518.9mn | 0.70% | Not available | 0.70% | 0% |
| invesco-ustb · USTB | Ethereum | $516.2mn | 3.54% | Not available | 3.54% | 0% |
| aave-v3 · USDE | Plasma | $503.3mn | 0.40% | Not available | 0.40% | 0% |
| usd-ai · SUSDAI | Arbitrum | $493.7mn | 6.93% | Not available | 6.93% | 0% |
| blackrock-buidl · BUIDL | Avalanche | $493.5mn | 3.75% | Not available | 3.75% | 0% |
| sparklend · USDS | Ethereum | $471.0mn | 2.32% | Not available | 2.32% | 0% |
Large stablecoin pools pay a value-weighted 3.57% in base interest, -0.41 points versus the three-month Treasury reading. Rewards add 0.41 points, but 48 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.