Summary
Onchain yield markets extended their momentum this month as capital continued rotating toward scalable, predictable return profiles. Stablecoins remain the dominant form of productive collateral, with lending, fixed-income, and looping strategies attracting sustained inflows across both established and emerging networks.
USDC, USDe, and USDS continue to anchor yield activity, supported by deep liquidity on platforms such as Morpho, Aave, Pendle, and Sky Money. Increasing capacity on Aave and Morpho, alongside new markets on Base, Plasma, Monad, and Solana, point to a maturing yield stack that prioritizes capital efficiency and composability.
For builders, the direction is clear. Yield primitives are standardizing across chains, fixed-rate instruments are gaining distribution, and network-native stablecoins are becoming first-class financial assets. As these components converge, teams are increasingly shipping end-to-end yield products through unified infrastructure rather than bespoke integrations.
Stablecoin Developments
Circle (USDC): Circle announced that Circle Gateway is now live on Solana, enabling chain-abstracted USDC that becomes instantly available wherever it is needed. The system supports frictionless cross-chain usage for DeFi, payments, and treasury flows, improving capital efficiency while removing traditional bridging delays. Circle Gateway currently supports 12 leading chains, with broader coverage expected over time.
Ethena (USDe): Demand continues to accelerate for sUSDe principal tokens on Aave, reflecting strong appetite for fixed-rate exposure. The sUSDe PT deposit cap on Ethereum was increased by $240 million, while Plasma’s cap was raised by $400 million, bringing total capacity on Plasma to $1.2 billion. These expansions reinforce sUSDe’s role as a core fixed-income primitive within onchain lending markets.
Sky Ecosystem (USDS): A new stUSDS/USDS market is now live on Morpho, enabling leveraged stUSDS strategies through looping. Users can supply stUSDS, borrow USDS, and re-enter stUSDS to increase exposure, with incentives supporting early liquidity. An initial allocation of 30,000 USDS has been distributed to USDS suppliers during the launch phase.
Maple Finance (syrupUSDC / syrupUSDT): Maple launched on Base, extending its institutional asset management infrastructure to a broader user base. The deployment brings Maple’s credit products to millions of Base users, with upcoming Aave support expected to further expand liquidity and distribution across lending venues.
Protocol Developments
Morpho: Morpho’s integration with Coinbase continues to gain traction, reinforcing its “DeFi mullet” thesis that pairs compliant frontends with onchain execution. Nearly $2 billion in collateral has now been deployed through Coinbase’s crypto-backed loans via Morpho, highlighting growing institutional participation in onchain credit markets.
Lido: Lido continues to capture staking inflows as Ethereum Beacon Chain deposit queues reach all-time highs. Direct deposits now face an estimated 53-day wait before earning rewards, while Lido users begin accruing staking yield within roughly 24 hours. The widening gap reinforces liquid staking as the preferred access point for ETH yield under constrained network conditions.
Fluid: Messari published a report highlighting Fluid’s strong growth throughout 2025, positioning it as a durable player in a highly competitive landscape. Fluid’s lending protocol ranks third in active loans with over $5 billion in market size, while its Ethereum DEX processed more than $150 billion in volume during 2025, cementing its status as a core DeFi venue.
Drift: Drift lending markets continue to offer competitive yields across stablecoins and Solana LSTs. USDC earns approximately 5.8% APY through the Drift Main Market, which is integrated with Yield.xyz. Additional opportunities include dSOL and mSOL above 6% APY, alongside syrupUSDC offering roughly 7.8% APY.
Upshift: Upshift expanded its product suite with the launch of earnMON on Monad, complementing its existing earnAUSD offering. The new yield-bearing MON product allows users to earn rewards on MON directly, with further incentive programs expected to follow.
Build With Yield.xyz Today
This week’s activity underscores how rapidly onchain yield markets are converging around standardized primitives. Lending, fixed-income, and network-native stablecoins are scaling in parallel across Ethereum, Base, Plasma, Monad, and Solana, with capital increasingly concentrating in venues that offer predictable execution and transparent risk profiles.
Yield.xyz provides builders with 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 advanced strategies such as fixed-rate products and dual-sided liquidity provisioning across venues like Curve and PancakeSwap.
Teams building wallets, fintech applications, trading platforms, neobanks, and institutional tooling can launch production-grade yield experiences faster by building on Yield.xyz, without managing fragmented integrations or protocol-specific complexity.