Summary
The first week of December opened with meaningful progress across stablecoin yield, money markets, and institutional infrastructure. Stablecoin issuers expanded distribution, money markets scaled their offerings across new networks, and Monad continued its growth following its mainnet launch. Demand for transparent, yield-bearing USD products remained strong, and protocols across the stack focused on enabling deeper liquidity and more competitive yields.
Altogether, early December showed an ecosystem leaning toward higher-quality collateral, more institutional access, and growing competition around stablecoin yield. Let’s dive into the developments below.
Stablecoin Developments
Tether expanded its multichain payment footprint through new integrations with Fizen and AliX Pay. Fizen, a Solana-based neobank, added Tether assets to support consumer-facing payment rails, while AliX Pay integrated USDT on Plasma to enable business payments in digital assets.
Circle continued strengthening its institutional access layer as Aave integrated USYC via Horizon, making it one of the first decentralized markets to support compliant money-market fund collateral. However, USYC remains limited to eligible non-US institutions and requires permissioned access.
Ethena advanced institutional access to USDtb and USDe through an expanded partnership with Anchorage Digital. Anchorage, the only federally chartered crypto bank, now offers institutions compliant infrastructure to earn on both assets without staking or lockups. Anchorage’s institutional wallet, Porto, recently integrated with Yield.xyz, gives clients direct access to curated onchain yield opportunities within their existing custody workflows.
Sky Ecosystem reached a major milestone as sUSDS surpassed Ethena’s sUSDe in circulating supply, becoming the market’s largest yield-bearing stablecoin. sUSDS now holds more than $4.2B in TVL, with sUSDe close behind at $3.8B, signaling sustained demand for transparent and sustainable USD-denominated yield.
Upshift increased earnAUSD incentives from $50k to $125k per week following fast adoption on Monad. The original $25M cap for earnAUSD was quickly reached and has now been lifted to align with new inflows. Incentives are live across Morpho, Euler, and other money markets. Yield.xyz supports earnAUSD directly within the API for developers seeking to integrate Monad-native yield products.
Protocol Developments
Monad continued its mainnet expansion, surpassing $190M in TVL within its first two weeks. Upshift leads the network with approximately $85M in deposits, followed by growing activity across Morpho, Euler, Uniswap, and Gearbox. Users can access Upshift’s earnAUSD and other Monad-based yield opportunities through the Yield.xyz API, simplifying entry into the chain’s fastest-growing markets.
Spark Savings reached new highs driven by growing demand from users holding Sky’s USDS. Its 4.5% APY savings rate remains an attractive option for allocators seeking predictable, risk-adjusted stablecoin returns without introducing complexity or exposure to more speculative markets.
Euler deployed 600K MONAD in incentives across USDC and AUSD markets on Monad, increasing lending and borrowing yields. The rollout accelerates liquidity formation on the new network, and Yield.xyz supports Euler on Monad today, giving builders a unified route to these incentivized credit markets.
Lido supported a new institutional pathway into Ethereum staking as WisdomTree launched the first fully staked ETH ETP backed entirely by stETH. This regulated vehicle offers institutions a straightforward method to access ETH staking rewards without managing onchain positions directly.
Build With Yield.xyz Today
This week demonstrated how quickly the yield landscape is expanding across both new and established networks. Stablecoin issuers deepened distribution, institutional access widened, and Monad showed meaningful traction only two weeks into mainnet.
Yield.xyz provides the infrastructure layer that unifies these developments. With a single integration, developers gain access to yield across 75+ networks, standardized ready-to-sign transactions, automated reward compounding, and cross-chain delivery of yield products. Whether you’re building a wallet, neobank, stablecoin interface, or institutional platforms, Yield.xyz reduces engineering effort and shortens time-to-market.
Start building with Yield: https://docs.yield.xyz