Summary
Onchain yields were stress tested this week. The Resolv USR exploit rippled across DeFi lending markets, and the response from protocols was instructive: transparent exposure disclosures, active compensation plans, and new insurance tooling already in motion. Meanwhile, the rest of the stack kept building. Maple crossed a billion in deposits on syrupUSDT. Tether moved toward its first Big Four audit. The Sky Agent Network brought eight new allocators onboard with up to $1B in USDS capacity.
The protocols with durable infrastructure didn't slow down. Yield.xyz covers 2,900+ yield opportunities across 80+ networks, built for allocators who need to move with the market regardless of what's happening around it.
Stablecoin Developments
Circle (USDC): USDC transactions hit a daily all-time high at $39M in volume per day, alongside an all-time high in circulating supply at $79B. USDC deposited on Aave currently earns 2.19% APY on $880M in deposits. Jupiter Lend on Solana offers 3.3% APY on USDC. Gauntlet and Steakhouse USDC Morpho Vaults are among the higher-yielding options, generating around 4.5% APY.
Tether (USDT): Tether announced this week that it has engaged a Big Four accounting firm to complete its first full audit of USDT. USDT currently earns 1.9% APY on Aave with over $1.5B deposited. Spark Savings offers 3.3% on USDT, while top Morpho USDT vaults earn between 2.5% and 4.4%.
Sky Ecosystem (USDS): The Sky Agent Network continues to scale. Eight new capital allocators, including Maple Finance, joined the Sky Ecosystem via Obex, with up to $1B in USDS borrowed from Sky Protocol, making it the largest coordinated capital deployment from a decentralized protocol into a cohort of allocators to date. USDS now holds over $8.3B in TVL, ranking it among the top three stablecoins by supply.
Ethena (USDe): Ethena-powered savings are now available across Privy. With Privy's latest integration, apps can enable sUSDe rewards that accrue automatically over time, directly within Privy wallets. USDe TVL is approaching $6B, with sUSDe currently offering 3.75% APY.
Maple Finance (syrupUSDC / syrupUSDT): syrupUSDT crossed $1B in deposits this week, giving Maple two overcollateralized billion-dollar yield assets. syrupUSDT currently offers 3.8% APY, while syrupUSDC earns 4.2% APY.
Protocol Developments
Morpho: The Resolv USR exploit had downstream effects on Morpho's curator ecosystem. Curators Gauntlet, Re7 Labs, kpk, and 9summits operated vaults with exposure to USR, and in some cases, automated liquidity systems continued supplying those markets for hours after the exploit, compounding losses. Morpho co-founder Paul Frambot confirmed that roughly 15 of the protocol's 500-plus vaults had material exposure, noting that affected vaults were specifically designed for higher-risk strategies using longer-tail collateral assets, while every other vault, including lower-risk prime vaults, remained completely unaffected.
The incident is accelerating risk tooling development on the protocol. OpenCover announced it is building Morpho Vault risk transfer, enabling depositors to insure their positions against future losses. Meanwhile, Morpho's active loan market share reached another all-time high this week, driven by organic, stablecoin-denominated demand.
Lido: Lido issued an upgrade notice for DVV, GGV, and stRATEGY holders, encouraging migration to the new EarnETH vault for enhanced rewards. Over $100M has already migrated. EarnETH deploys capital across Aave, Pendle, and Morpho, with all strategies ETH-correlated to minimize exposure to price volatility.
Drift: Drift continues to be a leading venue for both trading and onchain yield, with over $500M in TVL driven primarily by SOL and JLP deposits. Drift Earn currently offers 13.8% APY on SOL, 10.9% on jitoSOL, and over 10% APY on USDC Vaults.
Fluid: Fluid provided a full update on its exposure to the Resolv incident. Approximately $70M of USR-related debt on BNB and Plasma chains has already been repaid, with the remainder to be settled in the coming days. A governance proposal to transfer remaining USR debt positions to the team multisig for settlement with the Resolv team has been published onchain. A compensation plan for all affected users is forthcoming. All Fluid markets are operating as intended and all user funds remain secure.
Euler: Euler updated on its Resolv-related exposure. The Euler Yield market on Arbitrum is currently paused, with approximately $500K in USDC loans collateralized by RLP. Resolv-related Frontier markets on Plasma are also paused, with approximately $50K in loans issued against USR collateral. Based on Resolv's confirmation that pre-exploit USR redemptions will be honored at $1, those positions are expected to settle without further losses.
Upshift: Upshift disclosed limited exposure across three vaults. The earnAUSD vault had a small allocation affected; Gamma Research will fully cover impacted users, with withdrawals and deposits reopening shortly. upUSDC and coreUSDC withdrawals remain paused while accounting is settled with counterparties.
Build With Yield.xyz
This week added new surfaces, new integrations, and new scale to onchain yield infrastructure. Morpho's active loan market share hit a new all-time high even as curators managed Resolv fallout. Lido opened new DeFi surfaces for stVault operators. Fluid extended stablecoin yield infrastructure cross-chain. Maple crossed a billion in deposits on a second asset. Each development is a new integration point, and for any wallet, custodian, or application trying to surface yield to users, it is also new maintenance overhead.
Yield.xyz provides a single API covering 2,900+ yield opportunities across 80+ networks. Staking, lending, and DeFi yield, standardized, auto-compounded, and delivered cross-chain without managing individual integrations. When the yield stack grows, the API grows with it.
One integration, unlimited scale. Get started at Yield.xyz