Summary
The second week of January continued the momentum across onchain yield markets, with stablecoins consolidating their role as the core layer of productive capital. Institutional-grade lending venues, fixed-income products, and vault strategies are attracting growing volumes as capital rotates toward predictable, sustainable yield.
USDC, USDe, USDS, and AUSD remain the dominant forms of yield-bearing collateral, supported by deep liquidity on Morpho, Aave, Pendle, and Sky Money. Integrations across Plasma, Monad, Katana, and Solana highlight how quickly structured yield is expanding across both EVM and non-EVM ecosystems.
For builders, the yield stack is becoming more standardized and composable. With lending, fixed-income, and vault strategies now live across emerging networks and established DeFi venues, teams can ship full-featured yield products through a single integration with Yield.xyz.
Stablecoin Developments
Circle (USDC): USDC continues to gain traction across Morpho markets, with strong lender demand on Base and other EVM networks. The cbBTC/USDC market on Base has surpassed $2 billion in TVL while offering over 5% APY for USDC lenders, and the Gauntlet USDC vault on Katana is currently yielding 6.5% APY, reinforcing USDC’s position as the dominant form of institutional onchain collateral.
Ethena (USDe): Ethena partnered with Safe to accelerate stablecoin adoption across multisig wallets, bringing gas-free USDe transactions and 10x Ethena Sats points to Safe users. With more than $6 billion in stablecoins already held in Safe wallets, the partnership expands USDe’s distribution into treasury management, DAOs, and institutional custody flows.
Upshift (earnAUSD): Upshift’s earnAUSD product has grown to $80 million in deposits on Monad, reflecting strong demand for network-native stablecoin yield. This week, Upshift announced its expansion with earnMON, a new Monad-based earn product, with deposits to the MON Vault opening soon.
Sky Ecosystem (USDS): Sky Money continues to dominate the yield-bearing stablecoin category, with USDS now exceeding $6.2 billion in deposits across Ethereum, Solana, and various layer 2 networks. SUSDS remains the largest savings vault in the Sky ecosystem, holding $4.2 billion in deposits and delivering a steady 4% APY through Sky’s savings infrastructure.
Maple Finance (syrupUSDC / syrupUSDT): Maple Finance surpassed $17 billion in total loan originations, driven by its overcollateralized institutional lending model. syrupUSDC and syrupUSDT continue to deliver sustainable yield backed by real borrower demand, and Maple announced that final Drip claims will go live on January 18th, unlocking additional incentives for qualifying depositors.
Protocol Developments
Morpho: Vault curators are emerging as a new DeFi business category on Morpho, with firms like Steakhouse Financial now managing roughly $1.8 billion in deposits. Curators allocate capital across multiple lending markets, design strategies, and perform ongoing risk monitoring on behalf of depositors. Steakhouse’s deposits alone now exceed the total TVL of major ecosystems like Aptos, with Gauntlet, Yearn, and Re7 also operating large, risk-managed vaults.
Lido: Ethereum staking reached a new all-time high this week as Lido announced Northstake, an institutional staking provider built on Lido V3. Northstake simplifies native ETH staking for institutional clients through a Staking Vault Manager that supports multiple vaults and node operators while preserving stETH liquidity, improving security, liquidity access, and DeFi composability.
Drift: Yield.xyz has integrated 52 new Drift Earn vaults, unlocking Solana-native yield across stablecoins, blue-chip assets, and long-tail tokens. The USDC Main market currently offers 5.7% APY, with over 6% APY available on SOL liquid staking tokens and 5.8% on syrupUSDC, expanding the Solana yield stack available through the Yield API.
Plasma: Plasma has sustained over $3 billion in TVL, driven primarily by stablecoin lending and structured yield strategies. Aave, Fluid, and Pendle now account for the majority of network liquidity, and Yield.xyz supports Plasma yield opportunities directly through its API, giving builders access to the network’s full yield stack.
Build With Yield.xyz Today
This week’s developments show how quickly onchain yield markets are maturing across lending, fixed-income, and network-native stablecoins. Capital continues to concentrate in high-quality venues, while Plasma, Monad, Katana, and Solana are establishing themselves as early hubs for structured, productive yield.
Yield.xyz gives builders a single API to access these opportunities across more than 75 networks. The platform standardizes yield transactions, automates reward compounding, supports cross-chain delivery, and enables dual-sided LP strategies across venues like Curve and PancakeSwap.
Teams building wallets, fintech applications, trading platforms, neobanks, and institutional tooling can ship full-featured yield products faster by building on Yield.xyz.