> ## Content Index
> Fetch the complete content index at: https://blog.vaults.fyi/llms.txt
> Use this file to discover other available public pages before exploring further.

# Onchain Insights (June 4, 2026)
- URL: https://blog.vaults.fyi/may-2026-onchain-yield-report/
- Published: 2026-06-04T19:56:08.000Z
- Updated: 2026-08-06T17:39:30.000Z
- Description: Onchain yield moved slightly lower over the last month. The USD benchmark ended the period at 3.52%, versus 3.80% 30 days earlier. The ETH benchmark ended at 2.28%, versus 2.57% 30 days earlier.
- Author: vaults.fyi
- Tags: Research, Onchain Yield

Onchain yield moved slightly lower over the last month. The USD benchmark ended the period at 3.52%, versus 3.80% 30 days earlier. The ETH benchmark ended at 2.28%, versus 2.57% 30 days earlier.

## Key Takeaways

- USD and ETH benchmark rates both declined over the month.  
  - USD benchmark 7d APY ended at 3.52%, versus 3.80% 30 days earlier.
  - ETH benchmark 7d APY ended at 2.28%, versus 2.57% 30 days earlier.
- Across the 50 largest observed stablecoin vaults, TVL declined $823.8M (3.23%) for the period.
- Aave v3 USDT had the largest 30d TVL net increase at $455.5M, rebounding from April's [rsETH incident](https://x.com/aave/article/2060901386611499378?ref=blog.vaults.fyi). Spark Savings USDC had the largest net outflow at -$642.5M.

## Benchmarks

The [USD and ETH benchmarks](https://app.vaults.fyi/analytics?ref=blog.vaults.fyi#benchmark-rates) are composite reference rates for onchain yield. For our methodology, read [here](https://docs.vaults.fyi/general/methodology?ref=blog.vaults.fyi).

![USD onchain yield benchmark](https://storage.ghost.io/c/80/1e/801e59ba-aea3-41d2-aff6-47dda0ee853e/content/images/2026/06/usd_benchmark_180d.png)

![ETH onchain yield benchmark](https://storage.ghost.io/c/80/1e/801e59ba-aea3-41d2-aff6-47dda0ee853e/content/images/2026/06/eth_benchmark_180d.png)

## Top Stablecoin vaults, by 30d realized APY

![Highest observed stablecoin vault yields](https://storage.ghost.io/c/80/1e/801e59ba-aea3-41d2-aff6-47dda0ee853e/content/images/2026/06/stablecoin_yield_leaders.png)

Highest 30d trailing APY vaults (by total yield):

| Vault               | Asset | Protocol | Network | Curator          | TVL    | 30d total | 30d base | 30d reward |
| ------------------- | ----- | -------- | ------- | ---------------- | ------ | --------- | -------- | ---------- |
| Ember Pharos Alpha  | USDC  | Ember    | mainnet | R25              | $37.6M | 13.33%    | 13.33%   | \--        |
| Midas Fasanara ONE  | USDC  | Midas    | mainnet | Fasanara Capital | $66.7M | 10.51%    | 10.51%   | \--        |
| Alpha USDC Delta V2 | USDC  | Morpho   | mainnet | AlphaPing        | $32.2M | 9.69%     | 9.69%    | \--        |
| Alpha USDC Asia V2  | USDC  | Morpho   | mainnet | AlphaPing        | $8.4M  | 9.35%     | 9.34%    | 0.01%      |
| Midas Apollo Crypto | USDC  | Midas    | mainnet | Apollo Crypto    | $9.4M  | 9.17%     | 9.17%    | \--        |
| Midas Hyperithm     | USDC  | Midas    | mainnet | Hyperithm        | $26.2M | 8.80%     | 8.80%    | \--        |
| Api3 dCOMP USDC     | USDC  | Morpho   | mainnet | Api3             | $8.9M  | 8.28%     | 8.28%    | \--        |
| Alpha Core V2       | USDC  | Morpho   | mainnet | AlphaPing        | $11.5M | 8.20%     | 8.20%    | \--        |

Vaults with highest 30d trailing reward APY:

| Vault                             | Asset | Protocol | Network    | Curator     | TVL     | 30d total | 30d base | 30d reward |
| --------------------------------- | ----- | -------- | ---------- | ----------- | ------- | --------- | -------- | ---------- |
| Umbrella Stake Gho Token v1       | GHO   | Aave     | mainnet    | none        | $15.2M  | 4.31%     | \--      | 4.31%      |
| Sky USDS Farm                     | USDS  | Sky      | mainnet    | none        | $812.4M | 2.19%     | \--      | 2.19%      |
| Sentora Ondo Global Markets PYUSD | PYUSD | Euler    | mainnet    | Sentora     | $7.1M   | 2.12%     | \--      | 2.12%      |
| Re7 USDC                          | USDC  | Morpho   | worldchain | Re7 Capital | $11.8M  | 4.30%     | 2.50%    | 1.80%      |
| Sentora RLUSD Main                | RLUSD | Morpho   | mainnet    | Sentora     | $206.4M | 3.22%     | 1.78%    | 1.44%      |

Visit [https://app.vaults.fyi/](https://app.vaults.fyi/?ref=blog.vaults.fyi) to find detailed metrics for >900 vaults and filter by asset, TVL, and more.

## Net Inflows/Outflows by vault

![30d TVL change by vault](https://storage.ghost.io/c/80/1e/801e59ba-aea3-41d2-aff6-47dda0ee853e/content/images/2026/06/stablecoin_tvl_change_by_vault.png)

Within the 50 largest observed stablecoin vaults, Aave v3 USDT had the largest 30d TVL increase at $455.5M. Spark Savings USDC had the largest decline at -$642.5M.

## Yield By Vault Size

![Stablecoin yield by vault size](https://storage.ghost.io/c/80/1e/801e59ba-aea3-41d2-aff6-47dda0ee853e/content/images/2026/06/stablecoin_yield_by_size.png)

| Segment          | TVL     | Vaults | 7d total APY | 7d base APY | 7d reward APY | Definition                           |
| ---------------- | ------- | ------ | ------------ | ----------- | ------------- | ------------------------------------ |
| \>$1B TVL        | $14.97B | 6      | 3.44%        | 3.44%       | \--           | Large balance-sheet markets          |
| $100M to $1B TVL | $9.32B  | 34     | 3.38%        | 2.90%       | 0.47%         | Institutional-scale vaults below $1B |
| $5M to $100M TVL | $3.18B  | 129    | 4.68%        | 4.46%       | 0.22%         | Smaller observed vaults              |

## Dispersion By Asset

![Stablecoin APY dispersion by asset](https://storage.ghost.io/c/80/1e/801e59ba-aea3-41d2-aff6-47dda0ee853e/content/images/2026/06/stablecoin_apy_by_asset.png)

Find vaults for each asset at [app.vaults.fyi](https://app.vaults.fyi/?ref=blog.vaults.fyi).

#### Methodology

Source: [vaults.fyi API](https://docs.vaults.fyi/?ref=blog.vaults.fyi)

Data as of Jun 4 2026, from [/v2/networks](https://docs.vaults.fyi/api-reference/networks?ref=blog.vaults.fyi), [/v2/detailed-vaults](https://docs.vaults.fyi/api-reference/detailed-vaults?ref=blog.vaults.fyi), and [/v2/historical-benchmarks](https://docs.vaults.fyi/api-reference/historical-benchmarks?ref=blog.vaults.fyi).

The observed stablecoin universe includes 169 vaults and $27.47B in current TVL after applying the filters below.

Observed stablecoin universe: USDC, USDT, USDT0, USDt, USDS, DAI, USDe, sUSDe, USDG, USD0, USD0++, PYUSD, FRAX, crvUSD, GHO, LUSD, USR, deUSD, USDX, USDD, USDL, RLUSD, USDP, USYC, USDM, USDY, USDa, USDB vaults with at least $5.0M TVL, [reputation score](https://docs.vaults.fyi/methodology/reputation-score.md?ref=blog.vaults.fyi) of 40 or higher, 7d avg total APY of at least 0.25%, and no active warnings. Anomalous high APY observations are excluded. Stablecoin yield map, yield-by-size, dispersion, and vault-level tables use this universe.

Net Inflow/Outflow chart reflects changes among the 50 largest observed stablecoin vaults with 30d historical TVL available from the [API](https://docs.vaults.fyi/?ref=blog.vaults.fyi).

This document and the information contained herein are for educational and informational purposes only and do not constitute, and should not be construed as, an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments.