Yield-bearing stablecoins saw a slight dip in returns across the board, but slvlUSD continues to outperform the rest
• slvlUSD: 7.01% 🥇
• sfrxUSD: 4.60%
• sUSDS: 4.50%
• USDY: 4.29%
• sUSDe: 3.51%.
• stUSR: 1.78%.
Stablecoin yields historical performance
A few comments:
• Stablecoin lending rates declined overall due to a sharp increase in USDC/USDT lending TVL on Aave, which has impacted the yield of lending-based stablecoins
Aave USDC TVL (Ethereum V3)
• Overall, funding rates also declined during the period, even turning negative at times, which compressed yields related to basis trade strategies
ETH funding rates in June 2025
This trend reflects last week’s bearish sentiment, which seemed to ease slightly over the weekend, as we see funding rates and lending yields recovering already.
Level 🆙
Sources
slvlUSD: update of June 26th 2025 from
sUSDe: update of June 25th 2025 from
sUSDS: Sky Savings Rate's 7D average
sfrxUSD: @DefiLlama's last 7D average of SFRXUSD (Frax - Ethereum)
USDY:
stUSR: 7D Staking APR from
Disclaimer: This post is not financial advice. Do your own research.
Weekly APY Update 🚨
1️⃣ slvlUSD delivered a weekly APY of 7.01% this week.
2️⃣ Reserve Composition
Current allocation across lending strategies:
→ $91.9M in aUSDC
→ $61k in aUSDT
→ $33.18M in steakUSDC (Morpho)
Total Reserves: $125.12M
Diversified, onchain and fully auditable on our website.
3️⃣ Total Yield Distributed: $102.55k
4️⃣ XP Yield Highlights
→ Curve LP: 60x XP
→ Pendle (Sep expiry):
• lvlUSD PTs: 40x XP
• slvlUSD PTs: 20x XP
→ Morpho M11 Credit Vault (lvlUSD): 40x XP
5️⃣ Bits of the Week
→ We've reduced unstaking cooldown period from 7 to 3 days.
→ @MorphoLabs introduced Morpho Loans in collaboration with @gelatonetwork
→ @turtleclubhouse released their @KaitoAI Leaderboard
→ The GENIUS Act was passed by the Senate on June 17 and is now en route to the House of Representatives.
→ Hong Kong has unveiled an expanded digital asset policy framework
6️⃣ Transparency Note
APY is calculated as protocol revenue distributed to slvlUSD holders, divided by daily average slvlUSD supply since last distribution, annualized with compounding.
Past performance does not guarantee future results.
How to earn:
🔹 Mint lvlUSD →
🔹 Stake for yield → Convert to slvlUSD + track rewards
🔹 Unstake anytime → Redeem after 3-day cooldown
Not available in the U.S.
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