Summary
The second week of November marked a recovery phase for DeFi yields following early-month turbulence. Institutional platforms and stablecoin issuers posted strong growth metrics, reinforcing the market’s long-term health. Circle’s Q3 results underscored the sector’s expansion, while Sky’s USDS and Maple’s syrupUSDC growth reflected renewed appetite for onchain yield products.
Meanwhile, integrations across Spark, Utila, and Morpho point toward a maturing infrastructure layer: one that enables seamless access to institutional-grade yields across networks.
Stablecoin Developments
Circle: Circle reported $73.7 billion USDC in circulation at the end of Q3, representing 108% year-over-year growth. Onchain transaction volume hit $9.6 trillion, a 680% increase YoY, highlighting USDC’s deepening role in global onchain payments and liquidity infrastructure.
Sky USDS: Over $4 billion in stablecoins are now supplied to the Sky Savings Rate, up 63% month-over-month from $2.49 billion. The Sky Savings Rate is available through the Yield.xyz API, allowing builders to connect to top stablecoin yields with one API call.
Maple Finance: Maple continues to scale its presence on Solana through its money market integration with Jupiter. After hitting its initial $100 million limit, Maple raised the borrow cap on syrupUSDC to $120 million, underscoring demand for institutional credit markets on Solana.
Protocol Updates
Spark: Spark Savings is now integrated with Yield.xyz, allowing clients to access yields up to 4.5% APY across USDC, USDT, and USDS. The integration brings one of DeFi’s largest stablecoin yield platforms directly into Yield.xyz’s API suite.
Morpho: Utila launched the first institutional stablecoin yield solution on Optimism, powered by the Yield.xyz API. Utila users can now earn on Morpho stablecoin vaults, accessing onchain yields with additional incentives on Optimism.
Aerodrome: Dromos Labs announced plans to merge Aerodrome and Velodrome into a unified Aero protocol across Base and Optimism, while also expanding to Ethereum mainnet and Circle’s Arc network. The merger is expected in Q2 2026, signaling alignment around unified liquidity hubs.
Build With Yield.xyz Today
The week showcased a clear trend: DeFi’s yield infrastructure is becoming more interoperable, institutional, and data-driven. Circle and Sky demonstrated strong growth at the stablecoin layer, while Maple, Spark, and Utila expanded institutional yield access across Ethereum, Solana, and Optimism.
Yield.xyz continues to enable this evolution, providing developers, wallets, and fintechs with a unified API for onchain yield discovery and delivery across stablecoins, staking, and institutional lending markets.
Start building with Yield: docs.yield.xyz