Total stablecoin supply in DeFi just hit a record high of $16.8B. Where is this capital allocated, and which pools currently offer the best risk-adjusted rates?
TLDR:
• For USDT and USDC, @aave is the most popular alternative, accounting for 64.5% of total stablecoin deposits ($10.83B).
• @MorphoLabs' WBTC/USDC 86% market currently provides the highest 7d avg APY (4.83%) with the lowest market risk score. USDS on @aave (4.82%) and USDC on @0xfluid (4.74%) offer the most attractive yields with the lowest liquidity risk scores.
• @SkyEcosystem Savings remains competitive at 4.5% APY, with over $2.36B supplied.
Where are users supplying stablecoins?
• Aave Core dominates USDT and USDC deposits. Their supply rates sit close to the Sphere Supply Benchmark (supply-weighted average rate across all stablecoin lending markets on Sphere), while its deep liquidity makes it the preferred venue for larger users.
• Sky Savings Rate (SSR+DSR) is third in line, with $2.36B in deposits. Because SSR is set by Sky Governance rather than pool utilization, the yield is stable regardless of size, another benefit for large suppliers.
• A significant share of liquidity also sits in @sparkdotfi's SparkLend USDS and DAI markets, made possible by the Sky Allocation System, whereby assets are allocated to SparkLend via the Spark Liquidity Layer.
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