May 2026 Onchain Yield Report
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.
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. Spark Savings USDC had the largest net outflow at -$642.5M.
Benchmarks
The USD and ETH benchmarks are composite reference rates for onchain yield. For our methodology, read here.
Top Stablecoin vaults, by 30d realized APY
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/ to find detailed metrics for >900 vaults and filter by asset, TVL, and more.
Net Inflows/Outflows by vault
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
| 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
Find vaults for each asset at app.vaults.fyi.
Methodology
Source: vaults.fyi API
Data as of Jun 4 2026, from /v2/networks, /v2/detailed-vaults, and /v2/historical-benchmarks.
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 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.
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.
