Rates as of 26 October 2026. DeFi and tokenized cash from DefiLlama Yields; CeFi from each provider's own page.
A higher number is not a better product.
Key Takeaways
- A wallet balance of USDC or USDT earns 0%; every rate below is paid by an exchange, a lending market or a tokenized fund.
- Tokenized T-bill products pay about 3.2% to 3.7% (USYC 3.17%, USTB 3.36%, USDY 3.73%; BUIDL 3.37% 30-day average; DefiLlama, 26 Oct 2026).
- Sky's sUSDS pays 3.80% on $4.85B, the largest pool in the table, and Coinbase shows 3.60% USDC rewards (DefiLlama and Coinbase, 26 Oct 2026).
- Large blue-chip DeFi markets sit mostly between 3.4% and 5.1%, led by Maple Syrup USDC at 5.08% on $2.62B (DefiLlama, 26 Oct 2026).
- Read the 30-day average: Jupiter Lend USDC prints 4.96% today but averaged 6.00% over 30 days, and Fluid USDC prints 6.04% on only $138M (DefiLlama, 26 Oct 2026).
The short answer
A USDC or USDT balance in a wallet earns 0%. Under the GENIUS Act, permitted issuers cannot pay you interest.
The tables below are third-party rates. On large, liquid products that is roughly 3.2% to 5.1% right now (DefiLlama, 26 October 2026).
The legal split is in Do Stablecoins Pay Interest? and the rules on stablecoin interest and yields. This page is the rate card.
Benchmark
Read every other APY against these tokenized cash products. If a DeFi or CeFi row is only a point or two higher, you are mostly being paid for operational hassle.
| Product | APY now | 30-day avg | TVL | Engine | Notes |
|---|---|---|---|---|---|
| Circle USYC | 3.17% | 3.32% | $2.33B | T-bill coupon | On-chain cash benchmark. Live print below its 30-day. |
| BlackRock BUIDL | 3.37% (30-day) | 3.37% | $248M | T-bill coupon | DefiLlama's live APY field reads 0.00% today, so the 30-day figure is shown. $248M is one Ethereum pool; all-chain BUIDL is $2.17B (DefiLlama stablecoins, 26 Oct 2026). Eligibility gated. |
| Ondo USDY | 3.73% | 3.66% | $1.27B | T-bill coupon | Not available to US persons. |
| Invesco USTB | 3.36% | 3.57% | $524M | T-bill coupon | Short-duration government paper. Live print below its 30-day. |
Source: DefiLlama, 26 October 2026. More fund detail in top tokenized treasury funds.
CeFi rewards
Rates change by region and membership. Check the app before you size a deposit.
| Product | Coin | APY | Lockup | Engine | Risk |
|---|---|---|---|---|---|
| Coinbase USDC Rewards | USDC | 3.60% | None | Platform rewards | Custodial. Availability varies by location. |
| Coinbase Business USDC | USDC | 3.60% | None | Platform rewards | Custodial. Auto-enrolled. |
| Coinbase USDC lending (Morpho) | USDC | Variable | Flexible; withdrawals can queue | On-chain lending via Morpho | Rate set by Morpho borrowing demand. Check the Coinbase app. Smart-contract risk. |
| Kraken USDC Rewards | USDC | up to 4% with Kraken+ | None | Platform rewards | Custodial. Non-subscribers earn less. Varies by country. |
| Kraken USDG Rewards | USDG | up to 4.5% with Kraken+ | None | Platform rewards | Custodial. Varies by country. |
| PayPal PYUSD Rewards | PYUSD | 4% (variable) | None in-app | Platform rewards | Custodial. Confirm in PayPal. |
Checked on each provider page on 26 October 2026: Coinbase USDC, Coinbase Business, Kraken+ and PayPal PYUSD.
Blue-chip DeFi
Filtered from DefiLlama: single-asset stablecoin pools, TVL roughly $130M or more, no impermanent-loss farms. Underwrite the 30-day average, not the snapshot.
| Product | Coin | Chain | APY now | 30-day avg | TVL | Engine | Notes |
|---|---|---|---|---|---|---|---|
| Sky sUSDS | USDS | Ethereum | 3.80% | 3.72% | $4.85B | Governance-set savings rate | Largest pool in this table. |
| Maple Syrup USDC | USDC | Ethereum | 5.08% | 5.18% | $2.62B | Institutional credit | Top large blue-chip print, no reward component. Credit risk, not Aave. |
| Maple Syrup USDT | USDT | Ethereum | 4.95% | 5.33% | $743M | Institutional credit | Same stack, USDT sleeve. |
| Maple Syrup USDG | USDG | Ethereum | 4.81% | 4.97% | $678M | Institutional credit | Same stack, USDG sleeve. |
| Aave V3 USDC (core) | USDC | Ethereum | 3.81% | 4.36% | $143M | Borrow demand | New row this month. |
| Morpho Steakhouse USDC | USDC | Base | 4.66% | 4.57% | $146M | Curated Morpho vault | Curator risk. TVL down from $427M on 21 Sep. |
| Jupiter Lend | USDC | Solana | 4.96% | 6.00% | $494M | Borrow demand | Volatile. 30-day lifted by a mid-October spike. |
| Aave V3 | USDT | Ethereum | 3.42% | 3.74% | $332M | Borrow demand | Still just above USYC (3.17%). |
| Spark Savings | USDT | Ethereum | 3.75% | 3.68% | $648M | Sky/Spark savings | Governance-set. |
| Spark Savings | USDC | Ethereum | 3.80% | 3.72% | $295M | Sky/Spark savings | Matches sUSDS. |
| Fluid Lending | USDC | Ethereum | 6.04% | 5.65% | $138M | Borrow demand | Small pool. Volatile. |
| Fluid Lending | USDT | Ethereum | 4.25% | 4.32% | $128M | Borrow demand | Small pool. Volatile. |
Source: DefiLlama, 26 October 2026.
Higher risk
Use these only if you can name the extra risk. If more than half the APY is a reward token, the rate is a promotion.
| Product | Coin | Chain | APY now | 30-day avg | TVL | Engine | Extra risk |
|---|---|---|---|---|---|---|---|
| Ethena sUSDe | USDe | Ethereum | 5.10% | 4.98% | $1.19B | Perp funding / basis | Unstaking goes through a cooldown before USDe is released (Ethena docs). Exchange and funding-rate tail risk. |
| Morpho senRLUSD v2 | RLUSD | Ethereum | 5.59% | 6.02% | $481M | Lending + rewards | 2.49 points of the APY is rewards. That slice can vanish. |
| Morpho senPYUSD | PYUSD | Ethereum | 5.28% | 5.78% | $368M | Lending + rewards | 3.06 points of the APY is rewards. Same risk. |
| USD AI sUSDAI | USDAI | Arbitrum | 6.25% | 6.78% | $554M | Structured yield | Unlock period applies. Treat as a term deposit. |
Source: DefiLlama, 26 October 2026.
How to read the table
Start with the benchmark row. If you cannot beat USYC by enough to care, stay in cash-like products.
Prefer the 30-day average over today's APY. Name the engine: T-bill, borrow demand, funding rate, or emissions. The method is in comparing stablecoin yields.
None of this is FDIC-insured. See Are Stablecoins FDIC Insured?. Yield is taxable; see stablecoin taxes.
What Changed Since 21 September
- Fluid USDC rose 193 bps to 6.04%, the biggest move in the table (DefiLlama, 26 Oct 2026).
- Ethena sUSDe rose 43 bps to 5.10% and Sky sUSDS rose 20 bps to 3.80% (DefiLlama, 26 Oct 2026).
- Fluid USDT fell 86 bps to 4.25%, USD AI sUSDAI fell 69 bps to 6.25% and Aave V3 USDT fell 51 bps to 3.42% (DefiLlama, 26 Oct 2026).
- Coinbase USDC rewards now show 3.60%, up from 3.50%, and Coinbase Business moved from 3.35% to 3.60% (Coinbase, 26 Oct 2026).
- The Coinbase Morpho lending row no longer prints a headline rate; check the app for the live figure.
Related
- Best stablecoin yield strategies in 2026: the strategy explainer. Use this page for current rates.
- Yield-bearing stablecoins in 2026
- How to invest in stablecoins
- Corporate treasury yield
FAQ
Do stablecoins pay interest?
No. The token pays 0%. These rates come from exchanges, lending protocols or tokenized funds.
What is a realistic stablecoin APY in October 2026?
About 3.2% to 3.7% on tokenized T-bills, 3.60% on Coinbase USDC rewards and 3.80% on sUSDS. Large DeFi lending markets sit roughly between 3.4% and 5.1% (DefiLlama and Coinbase, 26 Oct 2026).
Is Aave USDT still above the T-bill token?
Narrowly. Aave V3 USDT is 3.42% vs Circle USYC at 3.17%; 30-day averages are 3.74% vs 3.32% (DefiLlama, 26 Oct 2026).
Why is Fluid USDC above 6%?
Borrowing demand in a small pool ($138M). Its 30-day average is 5.65% (DefiLlama, 26 Oct 2026).
Is Maple the same as Aave?
No. Maple Syrup lends to institutional borrowers; the failure mode is credit risk, not only smart-contract risk.
Can I use this as a savings account?
No. There is no deposit insurance, rates are variable, and some products have unstake queues.
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Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.