The same dollar, lent on 5 venues. What does each one pay?
Stablecoin lending yields differ by venue, and this page compares them side by side. As of Sep 2026 the average across 5 tracked pools is 3.21%, ranging from 2.70% on Aave V3 · Arbitrum · USDC to 3.64% on Compound V3 · Ethereum · USDC.
This page tracks base APY — the interest borrowers pay lenders, excluding token incentives — across 5 institutional stablecoin lending pools spanning two protocols, two networks and three stablecoins. Comparing across venues shows when one is offering a genuine premium rather than a transient one: a premium that holds across several pools is a rate signal, while one isolated to a single pool is usually a liquidity event resolving itself.
Four levels, placed by boundaries that are Stablecoin Beat’s own. A label states where the current reading falls in a range we have divided; it does not say whether the level is good for anyone.
Base yields elevated by the standards of this series. Whether that beats risk-free government paper depends on the live T-bill rate, which the DeFi yield spread page carries.
Mid-range yields. Cross-pool dispersion is typically narrow here, with most pools within a point or two of the average, so the venue matters less than the level.
The range the average occupies most often. On-chain lending pays little over holding the stablecoin itself, and the venue comparison above matters more than the headline number.
Effectively no on-chain yield premium: deep quiet in borrow demand, or a rate environment that has drained it. Across the 21 days the average has sat this low, total stablecoin supply was lower 30 days later on 100% of them, by -2.67% on average.
The pools. 5 institutional stablecoin lending pools, each with its own start date:
The average, and why its basket changes. An unweighted mean across whichever pools reported on a given day — a small pool moves it as much as a large one. Because the pools begin on different dates, the average is computed over a changing basket. It opens on one pool, first carries all 5 on Jun 2023, and runs 269 of its days below the full set — including 4 after the basket was first complete, so the full set is not continuous either. Restricting the series to the days when all 5 report would restate a published series, so the composition is disclosed rather than truncated.
Base APY. The interest borrowers pay lenders, excluding protocol-token reward incentives. Reward APY is tracked in the data but excluded here: emissions can signal a subsidy competing for mercenary capital rather than an organic economic rate.
Smoothing. Per-pool rates spike when sudden borrow demand pushes utilization past 90%. A 7-day trailing average is applied by default to every line and to the average; Raw shows the spike days themselves and the 30-day view the structural trend.
The cross-pool spread. Highest pool minus lowest on the latest observation. It is a snapshot, not a window, and it is undefined in any period where only one pool reported.
The co-movement figures. Computed on each build from this page’s own average and the deep stablecoin supply compilation, over a 30-day forward window, and reported with their sample sizes. They are keyed to the same level constants as the labels above, so if a boundary changes the measurement changes with it.
What this page does not adjust for. Pool-specific risk. The tracked pools differ in collateral mix, utilization profile, oracle dependencies and liquidation design. A premium of half a percentage point may simply price higher implicit smart-contract or collateral risk rather than an arbitrage. Treat yield spreads as a screen for further work, not an allocation signal.
Updated daily. See the methodology for data sources and coverage.
The mean base APY across the stablecoin lending pools tracked on this page, computed for each day from whichever pools reported that day. It is a simple average, not weighted by pool size, so a small pool moves it as much as a large one.
The 5 pools did not all begin reporting at once. The series opens with a single pool and reaches its full 5 on Jun 2023, so readings from the earliest part of the chart average fewer venues than recent ones and are not directly comparable with them.
Base APY is the interest borrowers pay lenders. Reward APY — protocol tokens emitted to attract deposits — is tracked in the data but excluded here, because emissions can signal a subsidy competing for mercenary capital rather than an organic economic rate. Excluding them understates what a yield-seeker would actually earn and isolates what the lending market itself is paying.
The gap between the highest and lowest pool on the latest observation. A gap that persists suggests one venue is offering a real premium, usually from chain-specific borrow demand or a protocol-specific capital constraint. A gap that appears for a day or two is usually a liquidity event resolving itself.
Measured over this page’s own history, yes, in both directions: across the 398 days the cross-pool average sat above 5%, total supply 30 days later was higher on 96% of them, by +3.84% on average; across the 488 days below 3%, higher on only 31%, by -0.50%. That is co-movement between two variables, not evidence that one moves the other.
No. The tracked pools differ in collateral mix, utilization, oracle dependencies and liquidation design. A premium of half a percentage point may simply price higher implicit smart-contract or collateral risk. Treat cross-pool spreads as a screen for further protocol-by-protocol work, not an allocation signal.
As of Sep 2026 the cross-pool average is 3.21%. Where that sits against risk-free government paper is the question the DeFi yield spread page answers, since it depends on the live T-bill rate rather than on the yield alone.