Summary
The second week of December showed accelerating expansion across stablecoin infrastructure, liquidity venues, and yield-bearing collateral. Circle advanced the distribution of USDC and EURC, Ethena pushed margin collateral into a more productive category, and AUSD strengthened its cross-chain mobility. On the protocol side, Curve delivered some of the highest real yields in the market, Spark expanded its fixed-yield product line to Avalanche, and Lido’s stRATEGY vault crossed a major milestone in ETH deposits.
For Yield.xyz, this momentum coincides with a major expansion of API coverage. With dual-sided LP positions now fully supported, the API exposes over 2,600 yield opportunities across networks, giving builders access to the broadest yield coverage available in the market.
Stablecoin Developments
Circle advanced global access to USDC through a new partnership with Bybit, the second-largest exchange by trading volume. At the same time, EURC expanded to World Chain as its sixth supported network, expanding beyond Solana, Avalanche, Base, and others. Circle’s push underscores the continued movement toward regulated, attestation-backed assets that can move across networks with minimal friction.
Ethena announced hyENA, a USDe-margined perpetuals exchange built on Hyperliquid’s HIP-3 standard by Based. hyENA allows traders to earn yield on their USDe margin while they trade, turning idle collateral into productive assets. HLPe vaults combine trading returns and basis into a single token, tying together the core primitives of Hyperliquid and Ethena. After years of unproductive margin collateral on DEXs, this represents a shift toward higher capital efficiency in derivatives markets.
Sky Ecosystem continued its scale, with sUSDS doubling its TVL over the past 90 days and now exceeding $5 billion in deposits. Growth was reinforced by Keel announcing a plan to deploy $500 million into Solana RWAs — an allocation that positions Sky assets as key beneficiaries given their quality and alignment with onchain RWA flows.
Agora strengthened the mobility of AUSD by adopting LayerZero’s OFT standard. Users can now move AUSD seamlessly across Base, Avalanche, Ethereum, and Monad through Stargate. This upgrade pairs well with Yield.xyz’s integration of Upshift’s earnAUSD on Monad, enabling builders and platforms like Portal to provide optimized AUSD yield through Yield’s API interface.
Protocol Developments
Curve delivered strong returns for liquidity providers as CRV incentives and trading activity pushed yields higher across several pools. crvUSD pairs reached 8.3% APY, USDC pairs exceeded 30% APY on a trailing 7-day basis, and the WBTC/LBTC pool provided 9.7% APY, one of the more attractive Bitcoin-denominated opportunities today. With dual-sided LP support now live, Yield.xyz enables users and partners to access Curve’s broad pool set directly from a single integration.
Spark announced its expansion to Avalanche, bringing its fixed-yield savings product to a new network. The launch introduces a combination of SUSR yield, AVAX rewards, and Spark Points, creating a multi-incentive environment that strengthens stablecoin liquidity and appeals to both retail and institutional users seeking predictable yield.
Euler continued its growth on Monad as borrowing incentives pushed the protocol into the top ten by TVL on the network. Yield.xyz now supports supplying collateral and accessing lending yields on Monad through the API, with WMON posting over 9% APY. In addition to WMON, AUSD, USDC, and MON-native derivatives are all available to integrators through Yield’s standardized API.
Lido’s stRATEGY vault surpassed 30,000 ETH in deposits, crossing the $100 million threshold. The vault currently allocates most capital toward levered Ethena strategies on Aave and levered wstETH/ETH strategies on Spark, generating approximately 6% APY. The vault’s growth signals continued institutional appetite for diversified LST and delta-neutral ETH yield.
Build With Yield.xyz Today
The developments this week highlight how quickly the yield landscape is evolving. Stablecoins are becoming more portable, derivatives collateral is becoming more productive, and protocols across the stack are optimizing for deeper liquidity and stronger returns. With new strategies launching every week across emerging and established networks, the surface area for yield is expanding faster than ever.
Yield.xyz serves as the unifying infrastructure for this environment, giving builders a single integration point to access yield across 75+ networks. The API standardizes transactions, automates reward compounding, supports cross-chain delivery of yield products, and now includes dual-sided LP strategies across Curve and PancakeSwap. Teams building wallets, fintech apps, trading platforms, neobanks, or institutional tooling can go live with broad yield functionality by leveraging Yield.xyz.