gUSDT0 on @GammaSwapLabs is currently the highest performing synthetic stable asset at 23% APY. Data for all of these protocols is according to DeFi Llama ⚡ gUSDT0 (GammaSwap) - 23% APY ⚡ xUSD (Stream) - 18% APY ⚡ Syrup USDTO (Maple) - 8.66% APY ⚡ sUSDe (Ethena) - 4.66% ⚡ USDT0 (Aave) - 2.02% Of course all of these come with different risk profiles and scalability concerns. Generally, a higher APY in DeFi means there is some additional risk. You have to make the decision on whether that risk makes sense for your portfolio. Here are the advantages of USDT0: ✅ Earns yield directly from DEX fees on WETH/USDT and builds onchain liquidity ✅ Yields from DEXs are the highest across DeFi ✅ Fully onchain - no custodian risk, default risk, and trust minimized ✅ Fully composable and passive Here are the potential risks: ⚠️ There is potential of drawdown if the strategy goes out of range and has to rebalance ⚠️ It is less liquid than the others mentioned here. However, the pool it is depositing into is 8M so there is room for growth and the yield is high. Note: GammaSwap will be making a capital efficiency upgrade as well soon which is expected to increase both the fee APY and performance.