Investment Choices Amid Market Turbulence: Analysis of Stablecoin Yield Products

In April 2025, the global financial markets experienced significant volatility due to new tariff policies. This policy led to a loss of $5.8 trillion in market value for the S&P 500 in just four days, marking the largest single-week loss in over 70 years. Bitcoin’s price fluctuated between $80,000 and $90,000. The Federal Reserve Chairman stated that there would be no intervention in the market through interest rate cuts, but rather the focus would be on long-term data.

In this uncertain market environment, investors may need to seek relatively stable investment options. This article will introduce four low-risk yield products based on stablecoins for reference.

Spark Saving USDC ( Ethereum )

Users can deposit USDC through the Spark platform to participate in savings. The earnings mainly come from the Sky Savings Rate (SSR), generated by cryptocurrency collateral loan fees, U.S. Treasury investments, and providing liquidity to other platforms. USDC is converted to USDS at a 1:1 ratio through the Sky PSM and deposited into the SSR treasury to earn returns, with the value of the sUSDC token increasing as earnings accumulate.

Risk Assessment: Low. USDC has high stability, and multiple audits reduce the risk of smart contracts. However, attention should be paid to the potential impact of market fluctuations on liquidity.

Berachain BYUSD|HONEY (Berachain)

Users can provide liquidity for the BYUSD/HONEY pool on Berachain’s BeraHub platform. The yield mainly comes from BGT rewards (3.41% APR) and trading fees within the pool (0.01% APR). BGT is Berachain’s non-transferable governance token, which can be burned 1:1 for BERA and share the fee income of core dApps.

Risk assessment: Low to moderate. BYUSD and HONEY are stablecoins with relatively stable prices. However, BGT rewards may fluctuate due to emission adjustments.

Uniswap V4 USDC-USDT0 Liquidity Pool (Uniswap V4)

Through the Merkl platform, users can provide liquidity for the USDC/USDT pool on Uniswap V4. The earnings primarily come from UNI token incentives. Uniswap V4 introduces a “hook” mechanism that allows developers to customize pool features, such as dynamic fee adjustments and automatic rebalancing, which is expected to enhance capital efficiency and yield potential.

Risk assessment: Low to medium. The USDC/USDT pool is a stablecoin pair, with lower price volatility risk, but attention should be paid to smart contract risks and the potential decline in returns after the incentive period ends.

Echelon Market USDC (Aptos)

Users can participate in the USDC pool on the Echelon Market platform. The earnings include USDC supply interest (5.35%) and Thala’s thAPT rewards (3.66%). thAPT is Thala’s deposit certificate, which can be exchanged for APT at a 1:1 ratio, with a redemption fee of 0.15%.

Risk assessment: Low to moderate. USDC has high stability, but attention should be paid to the smart contract risks in the Aptos ecosystem and the impact of thAPT redemption fees on returns. Instant withdrawal provides high liquidity, but market volatility may affect the value of thAPT rewards.

Summary

The following table is arranged in descending order by TVL, for reference only and not as investment advice:

During market turbulence, these low-risk stablecoin yield products may provide investors with a relatively safe option. However, investors still need to carefully assess their own risk tolerance and conduct thorough research before making investment decisions.