Onchain Insights (August 3, 2026)
Stablecoin yields were roughly flat over the last 30 days. Observed USD vault TVL declined -2.0% during the period.
Data as of August 3, 2026. All data sourced from vaults.fyi API.
Summary
The USD benchmark rate was roughly flat over the last 30 days, currently at 3.53% 7d avg APY versus 3.61% 30d ago. Observed USD vault TVL declined >$500M (-2.0%) over the last 30 days.
Key Takeaways
- USD benchmark 7d avg APY declined, ending at 3.53% versus 3.61% 30 days earlier.
- ETH benchmark 7d avg APY declined, ending at 2.15% versus 2.18% 30 days earlier.
- Across observed USD vaults with 30d history, TVL declined $529.5M (2.00%) over the period.
- Aave v3 USDT had the largest observed 30d TVL increase at $361.5M (13.66%). Savings USDS had the largest decline at -$1.01B (-18.82%).
Benchmarks
The USD and ETH benchmarks are vaults.fyi reference rates for onchain yield, shown as 7d average APY. Methodology: benchmark rates.
USD Stablecoin Yield Map
USD Vault Net Flows
Aave v3 USDT had the largest observed 30d TVL increase at $361.5M (13.66%). Savings USDS had the largest decline at -$1.01B (-18.82%).
Note: Morpho v1 to v2 migrations may affect observed vault flows.
Material Vault Flows
Larger 30d TVL moves that were also meaningful relative to starting vault size:
| Vault | Network | Protocol | July 4 TVL | Aug. 3 TVL | 30d TVL change | Change |
|---|---|---|---|---|---|---|
| Savings USDS | Ethereum | Sky | $5.34B | $4.34B | -$1.01B | -18.82% |
| Spark Savings USDT | Ethereum | Spark | $859.4M | $399.8M | -$459.6M | -53.48% |
| Aave v3 USDT | Ethereum | Aave | $2.65B | $3.01B | $361.5M | 13.66% |
| Aave v3 USDe | Ethereum | Aave | $468.8M | $784.0M | $315.3M | 67.26% |
| Syrup USDC | Ethereum | Syrup | $1.34B | $1.07B | -$268.4M | -20.09% |
| Steakhouse Prime Instant | Base | Morpho | $330.1M | $579.9M | $249.7M | 75.65% |
| Steakhouse USDG | Robinhood | Morpho | $14.3M | $250.4M | $236.1M | 1653.44% |
| Savings USDS | Base | Sky | $223.4M | $12.0M | -$211.4M | -94.64% |
| Steakhouse Prime USDC | Base | Morpho | $228.1M | $30.8M | -$197.3M | -86.51% |
| Spark USDT | Ethereum | Spark | $571.6M | $407.1M | -$164.5M | -28.78% |
| Steakhouse High Yield USDC Edition | Base | Morpho | $110.3M | $271.0M | $160.6M | 145.58% |
| Aave Monad USDT0 | Monad | Aave | $22.5M | $120.0M | $97.5M | 432.33% |
| Aave Monad USDC | Monad | Aave | $12.2M | $106.6M | $94.4M | 775.64% |
| Grove x Steakhouse USDC High Yield | Base | Morpho | $6.0M | $75.0M | $69.0M | 1144.02% |
| Sentora PRIME Main | Ethereum | Morpho | $108.9M | $161.6M | $52.7M | 48.39% |
| USDC Savings Vault | Ethereum | Spark | $141.8M | $192.0M | $50.1M | 35.34% |
| Steakhouse USDC | Base | Morpho | $219.6M | $172.4M | -$47.2M | -21.48% |
| USDC Savings Vault | Arbitrum | Spark | $135.4M | $177.7M | $42.3M | 31.21% |
USD Stablecoin Yield By Vault Size
| Segment | TVL | Vaults | 7d total APY | 7d base APY | 7d reward APY | Definition |
|---|---|---|---|---|---|---|
| >$1B TVL | $12.38B | 5 | 3.53% | 3.53% | -- | Large balance-sheet markets |
| $100M to $1B TVL | $9.72B | 34 | 3.47% | 3.07% | 0.40% | Institutional-scale vaults below $1B |
| $25M to $100M TVL | $3.19B | 67 | 4.25% | 3.98% | 0.27% | Mid-sized observed vaults |
| $5M to $25M TVL | $1.04B | 86 | 4.78% | 4.34% | 0.44% | Smaller observed vaults |
USD Stablecoin Dispersion By Asset
Highest USD Yields
Highest 30d trailing total APY vaults, minimum $5.0M TVL:
| Vault | Asset | Protocol | Network | Curator | TVL | 30d total | 30d base | 30d reward |
|---|---|---|---|---|---|---|---|---|
| Morini StockMarketTRBasisTrade Vault | USDC | Midas | mainnet | Morini Capital | $5.4M | 14.90% | 14.90% | -- |
| Ember Pharos Alpha | USDC | Ember | mainnet | R25 | $7.2M | 11.60% | 11.60% | -- |
| Midas Fasanara Global | USDC | Midas | mainnet | Fasanara Capital | $56.3M | 11.57% | 11.57% | -- |
| Steakhouse Ethena USDtb | USDtb | Morpho | mainnet | Steakhouse Financial | $18.8M | 11.13% | 4.27% | 6.86% |
| Midas Hyperithm | USDC | Midas | mainnet | Hyperithm | $37.4M | 10.48% | 10.48% | -- |
| Tulipa USDC | USDC | Lagoon | mainnet | Tulipa | $9.1M | 10.36% | 10.36% | -- |
| Midas Fasanara ONE | USDC | Midas | mainnet | Fasanara Capital | $71.6M | 9.59% | 9.59% | -- |
| Midas Apollo Crypto | USDC | Midas | mainnet | Apollo Crypto | $8.0M | 9.59% | 9.59% | -- |
Vault leader universe: observed USD 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.
Highest 30d trailing reward APY vaults:
| Vault | Asset | Protocol | Network | Curator | TVL | 30d total | 30d base | 30d reward |
|---|---|---|---|---|---|---|---|---|
| Steakhouse Ethena USDtb | USDtb | Morpho | mainnet | Steakhouse Financial | $18.8M | 11.13% | 4.27% | 6.86% |
| Re7 USDC | USDC | Morpho | worldchain | Re7 Capital | $8.8M | 5.80% | 0.98% | 4.82% |
| Umbrella Stake Wrapped Aave Ethereum USDT v1 | waEthUSDT | Aave | mainnet | none | $75.6M | 3.63% | -- | 3.63% |
| Fluid Gho Token | GHO | Fluid | plasma | none | $8.7M | 7.94% | 4.33% | 3.61% |
| Sky USDS Farm | USDS | Sky | mainnet | none | $543.3M | 3.49% | -- | 3.49% |
Methodology
Source: vaults.fyi API, /v2/networks, /v2/detailed-vaults, /v2/historical, and /v2/historical-benchmarks, pulled on 2026-08-03. The observed USD universe includes 192 vaults and $26.34B in current TVL after applying the filters below.
Observed USD universe: apxUSD, AUSD, bbqUSDC, BOLD, crvUSD, cUSD, DAI, DAI.e, deUSD, DOLA, eUSD, FDUSD, FRAX, frxUSD, GHO, GUSD, iUSD, LUSD, msUSD, PYUSD, reUSD, RLUSD, rUSD, savUSD, sBOLD, sDAI, sUSDai, USDe, sUSDe, sUSDS, TUSD, U, USD₮, USD₮0, USD0, USD0++, USD1, USDai, USDbC, USDC, USDC.e, USDG, USDH, USDHL, USDL, USDM, USDm, USDP, USYC, USDY, USDa, USDB, USDD, USDX, USDS, USDT, USDt, USDT0, USDtb, USR, vbUSDC, vbUSDT, waEthUSDC, waEthUSDT, WXDAI 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. Yield map, yield-by-size, dispersion, and vault-level tables use this universe.
Flow analysis uses observed USD vaults with 30d historical TVL available.
Benchmarks are mainnet 7d avg benchmark APY series.
