Onchain Insights (July 2, 2026)
Stablecoin yields were relatively flat over recent weeks. The 7d APY USD benchmark is currently at 3.57%, vs. 3.54% 30d ago. TVL across large USD vaults declined ~5% ($1B) during the period.
Data as of July 2, 2026. All data sourced from vaults.fyi API.
Summary
Stablecoin yields were relatively flat over recent weeks. The 7d APY USD benchmark is currently at 3.57%, vs. 3.54% 30d ago. TVL across large USD vaults declined ~5% ($1B) during the period.
Key Takeaways
- USD benchmark yield increased over the month. USD benchmark 7d avg APY ended at 3.57%, versus 3.54% 30 days earlier. ETH benchmark yield declined.
- ETH benchmark 7d avg APY ended at 2.22%, versus 2.25% 30 days earlier.
- TVL across observed USD stablecoin vaults declined by roughly $1B, or about 5%, over the period.
- Aave v3 USDT had the largest 30d TVL increase at $205.7M (+8.5% TVL). Spark Savings USDT had the largest decline, down $409.9M (-32.3% TVL).
Benchmarks
The USD and ETH benchmarks are vaults.fyi reference rates for onchain yield, shown as 7d average APY. For methodology, read the docs.
USD Stablecoin Yield Map
Highest 7d APY, large vaults (>$100M TVL)
Higher 30d APY, all vaults >$5M TVL
USD Vault Net Flows
Aave v3 USDT had the largest 30d TVL increase at $205.7M (+8.46% TVL). Spark Savings USDT had the largest decline, down $409.9M (-32.27% TVL).
Aave v3 USDT daily flows
View Aave v3 USDT on vaults.fyi app.
To get daily flow data, use our API or MCP via https://portal.vaults.fyi/.
Material Vault Flows
Notable outflows occurred in Spark Savings USDT, Sky USDS Farm, Steakhouse Prime USDC, and Aave Ethereum USDtb. Vaults with notable inflows included Steakhouse Prime Instant, Aave v3 USDe, and Gauntlet USDC Prime.
Note that Morpho v1->v2 migrations may affect flows some of these vault flows.
| Vault | Network | Protocol | June 2 TVL | July 2 TVL | 30d TVL change | Change |
|---|---|---|---|---|---|---|
| Spark Savings USDT | mainnet | Spark | $1.27B | $860.5M | -$409.9M | -32.27% |
| Sky USDS Farm | mainnet | Sky | $825.1M | $568.1M | -$257.1M | -31.16% |
| Steakhouse Prime USDC | base | Morpho | $453.7M | $227.8M | -$225.9M | -49.79% |
| Aave Ethereum USDtb | mainnet | Aave | $234.2M | $42.7M | -$191.4M | -81.75% |
| Steakhouse Prime Instant | base | Morpho | $190.1M | $315.6M | $125.5M | 66.04% |
| Aave v3 USDe | mainnet | Aave | $338.7M | $457.4M | $118.7M | 35.06% |
| Gauntlet USDC Prime | base | Morpho | $328.6M | $433.2M | $104.6M | 31.84% |
| Aave Horizon RWA RLUSD | mainnet | Aave | $263.7M | $180.8M | -$82.9M | -31.43% |
| Steakhouse USDC | base | Morpho | $305.2M | $222.4M | -$82.8M | -27.12% |
| Syrup USDT | mainnet | Syrup | $416.1M | $495.9M | $79.8M | 19.18% |
| Aave Plasma USDT0 | plasma | Aave | $734.3M | $813.4M | $79.0M | 10.76% |
| Steakhouse Ethena USDtb | mainnet | Morpho | $120.2M | $48.5M | -$71.7M | -59.65% |
| Ondo OUSG | mainnet | Ondo | $245.2M | $179.1M | -$66.1M | -26.97% |
| Aave Plasma USDe | plasma | Aave | $351.5M | $294.2M | -$57.4M | -16.32% |
| Sentora PYUSD PYUSD | mainnet | Euler | $133.1M | $85.8M | -$47.3M | -35.52% |
| Sentora PYUSD USDC | mainnet | Euler | $126.0M | $79.0M | -$47.0M | -37.29% |
| Tydro USD₮0 | ink | Tydro | $69.9M | $29.6M | -$40.2M | -57.59% |
| Sentora PRIME Main | mainnet | Morpho | $79.4M | $112.2M | $32.9M | 41.44% |
| Aave v3 DAI | mainnet | Aave | $149.9M | $119.3M | -$30.5M | -20.37% |
| Sentora RLUSD USDC | mainnet | Euler | $45.2M | $74.2M | $29.0M | 64.10% |
| Ember Pharos Alpha | mainnet | Ember | $37.6M | $10.5M | -$27.1M | -72.03% |
| Lido EarnUSD | mainnet | Mellow | $6.6M | $33.0M | $26.3M | 396.22% |
| Aave Horizon RWA GHO | mainnet | Aave | $34.7M | $59.7M | $25.0M | 72.10% |
USD Stablecoin Yield By Vault Size
Below are aggregate metrics by vault size:
| Segment | TVL | Vaults | 7d total APY | 7d base APY | 7d reward APY | Definition |
|---|---|---|---|---|---|---|
| >$1B TVL | $12.88B | 5 | 3.60% | 3.60% | -- | Large balance-sheet markets |
| $100M to $1B TVL | $9.52B | 32 | 3.41% | 2.98% | 0.43% | Institutional-scale vaults below $1B |
| $25M to $100M TVL | $2.99B | 62 | 4.48% | 4.10% | 0.38% | Mid-sized observed vaults |
| $5M to $25M TVL | $1.01B | 90 | 4.73% | 4.27% | 0.46% | Smaller observed vaults |
In the $100M to $1B USD vault segment, reward farming was concentrated heavily in three vaults:
- Sentora RLUSD Main: 6.05% total 7d APY (incl. 3.92% from rewards)
- Sentora PYUSD Main: 5.46% total 7d APY (incl. 3.20% from rewards)
- Sky USDS (SPK) Farm: 3.47% total 7d APY (incl. 3.47% from rewards)
USD Stablecoin Dispersion By Asset
Highest USD Yields
Highest Total Yields
30d trailing total APY for observed USD stablecoin vaults with at least $5.0M TVL.
| Vault | Asset | Protocol | Network | Curator | TVL | 30d total | 30d base | 30d reward |
|---|---|---|---|---|---|---|---|---|
| Api3 dCOMP USDC | USDC | Morpho | mainnet | Api3 | $9.2M | 17.80% | 17.80% | -- |
| Midas Fasanara ONE | USDC | Midas | mainnet | Fasanara Capital | $70.6M | 14.66% | 14.66% | -- |
| Ember Pharos Alpha | USDC | Ember | mainnet | R25 | $10.5M | 13.64% | 13.64% | -- |
| Midas Hyperithm | USDC | Midas | mainnet | Hyperithm | $45.6M | 11.12% | 11.12% | -- |
| Flowdesk AUSD RWA Strategy | AUSD | Morpho | mainnet | Flowdesk | $8.8M | 9.70% | 9.70% | -- |
| Apyx USDC | USDC | Morpho | mainnet | Hyperithm | $5.1M | 9.26% | 9.26% | -- |
| Fluid Lite USD Vault | USDC | Fluid | mainnet | none | $35.4M | 8.92% | 8.92% | -- |
| Midas Apollo Crypto | USDC | Midas | mainnet | Apollo Crypto | $8.1M | 8.70% | 8.70% | -- |
Highest Reward Token Yields
30d trailing reward APY for the same observed USD stablecoin universe.
| Vault | Asset | Protocol | Network | Curator | TVL | 30d total | 30d base | 30d reward |
|---|---|---|---|---|---|---|---|---|
| Yearn OG USDT | vbUSDT | Morpho | katana | Yearn | $5.7M | 8.14% | 1.01% | 7.13% |
| Umbrella Stake Gho Token v1 | GHO | Aave | mainnet | none | $14.4M | 6.00% | -- | 6.00% |
| Re7 USDC | USDC | Morpho | worldchain | Re7 Capital | $10.6M | 6.50% | 1.33% | 5.17% |
| Sentora Ondo Global Markets PYUSD | PYUSD | Euler | mainnet | Sentora | $7.1M | 4.95% | 0.01% | 4.94% |
| Umbrella Stake Wrapped Aave Ethereum USDT v1 | waEthUSDT | Aave | mainnet | none | $78.8M | 4.08% | -- | 4.08% |
Methodology (open for details)
Source: vaults.fyi API, `/v2/networks`, `/v2/detailed-vaults`, and `/v2/historical-benchmarks`, pulled on 2026-07-02. The observed USD stablecoin universe includes 189 vaults and $26.40B in current TVL after applying the filters below.
Observed USD stablecoin 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. Stablecoin yield map, yield-by-size, dispersion, and vault-level tables use this universe.
Flow analysis uses observed USD stablecoin vaults with 30d historical TVL available.
Material Vault Flows includes larger 30d TVL moves that were also meaningful relative to starting vault size. Smaller dollar moves and smaller percentage changes are omitted for readability.
APY values are displayed as percentages. API values are raw decimals. `apy.7day.total` equals base APY plus reward APY. Reward APY from `rewards[]` is not added again. Benchmarks are mainnet 7d avg benchmark APY series.
Appendix files: `data/onchain_yield_snapshot.csv`, `data/onchain_yield_indicators.csv`, `data/onchain_yield_flows.csv`, `data/usd_benchmark_180d.csv`, `data/eth_benchmark_180d.csv`.
