Yield-bearing stablecoins are one of the most important markets in crypto rn.

I researched the sector, and it's somewhere between $15B and $20B depending on how different platforms define it.
– $1.6B cumulative yield paid out.
– avg APY ~3.7%.
While the whole stablecoin market is around $315B, it's still small by share, but it already drove ~$4.3B of the ~$8B net stablecoin supply growth in Q1.
It's becoming the new onchain savings layer, treasury layer, collateral layer, and eventually maybe the financial pipe every chain and app wants to plug into.
After USDe supply flushed, the market got reminded that basis yield is real, but cyclical. Useful, but not the same risk bucket as T-bills or MMFs.
It might surprise you that the market already has ~100 brands, so I tried mapping out the leaders.
@SkyEcosystem - $USDS 3.6% APY: biggest YBS with $5.9B supply. Products include stUSDS at 6.3% APY, Savings, SparkLend, and Spark Liquidity Layer.
@ethena - $sUSDe 3.86%: $1.7B TVL, real yield from perp funding rates + ETH staking.
@maplefinance - $syrupUSDC/$syrupUSDT 4.12%-4.78%: $1.8B combined TVL, real yield from overcollateralized institutional loans, composable across DeFi for leveraged looping.
@USDai_Official - $sUSDai 7.15%: $300M TVL, stake USDai to earn yield from GPU-collateralized loans powering AI infra.
@falconfinance - $sUSDf 5.18%: $71M TVL, universal collateral engine that mints USDf against BTC, ETH, and RWAs, then stacks market-neutral yield via sUSDf.
@solsticefi - $eUSX 3.79%: $99M supply, delta-neutral strategies using rate arb + hedged staking.
T-bills and MMFs are becoming onchain stablecoin reserves.
@circle - $USYC 3.3% APY: largest tokenized MMF backed by T-bills + reverse repos, now over $3B AUM.
@BlackRock - $BUIDL 3.49%: the blueprint for institutional RWAs, tokenized US Treasuries onchain, ~$2.5B+ AUM, daily dividends paid as new tokens.
@OndoFinance - $USDY/$OUSG 3.55%-3.68%: $3.6B combined, permissionless T-bill yield for non-US retail + BUIDL-backed institutional exposure for accredited and QP investors.
@SuperstateInc - $USTB/$USCC 3.16%: $1.2B combined AUM, tokenized T-bills + institutional cash-and-carry yield (basis + staking), same-day USDC subscriptions/redemptions, PM'd by Invesco.
@Theo_Network - $thBILL/$thUSD 5.4%: $228M TVL, institutional T-bill yield backed by the ULTRA fund + gold carry-trade yield, KYC-gated mint/redeem, fully DeFi composable.
@fraxfinance - $sfrxUSD 3.95%: $33M TVL, backed by BUIDL, Superstate USTB, and WisdomTree WTGXX.
The bigger point is that yield-bearing stablecoins are becoming the new DeFi deposit layer.
Aave, Pendle, Morpho, Spark... now use these assets as collateral, fixed-rate legs, looping fuel, treasury parking, and liquidity base.
For a long time, some of my dry powder isn't USDT/USDC based.