Summary
The third week of November came with continued softness across majors, but yield markets remained active and builders kept shipping. Stablecoins and institutional credit products saw steady inflows, and several core infrastructure teams announced meaningful expansions ahead of Monad’s mainnet launch.
Circle’s USYC growth on BNB Chain, Sky’s surge in sUSDS TVL, and Maple’s syrup vaults all reinforced a trend that has persisted through Q4: even with price volatility, demand for reliable, transparent onchain yield products continues to rise. On the protocol side, Euler, Morpho, Upshift, and Agora geared up for Monad deployments, Spark advanced its institutional integrations with Coinbase, and Lido’s stRATEGY product hit new highs in ETH-based TVL.
Market sentiment may have cooled, but yield infrastructure kept moving forward.
Stablecoin Developments
Circle: Circle’s tokenized money market fund, USYC, crossed the $1B supply milestone, with more than $900M deployed on BNB Chain. The velocity of adoption on BNB Chain continues to increase as builders lean into permissioned flows, fast settlement finality, and deep liquidity.
USYC functions as a yield-bearing collateral that settles near-instantly into USDC with full BEP-20 compatibility. Lending markets, perp venues, and automated strategies are incorporating it as a foundational asset because the operational experience is simple: it clears, it’s predictable, and it slots directly into existing BNB Chain infrastructure.
Sky Ecosystem: Sky’s sUSDS continued its steep trajectory, growing 99.2% in TVL over the past 90 days. This surge has pushed USDS to the #3 stablecoin globally, behind USDT and USDC, with TVL now at $3.9B. The expansion of the Sky ecosystem signals rising demand for yield-enhanced stable assets that remain conservative in design.
Maple Finance: Maple launched deposits for its new syrupUSDT Plasma vault, offering an expected ~16% APY over the next 30 days. The return profile is sourced from syrupUSDT on Aave and Fluid, with exclusive XPL rewards layered on top. The vault is managed by Edge Capital, making it one of the most attractive near-term opportunities in the institutional lending segment.
Protocol Developments
Euler Finance x Monad: Euler confirmed it will go live on Monad mainnet at launch, expected on Monday November 24th. Euler will serve as one of the first major lending markets on Monad, alongside Morpho. Yield.xyz will support both Euler and Morpho from day one, enabling seamless access to lending and stablecoin yield flows on the new high-performance L1.
Spark x Morpho x Coinbase: Spark is collaborating with Morpho and Coinbase to deliver ETH-backed USDC loans directly to Coinbase users. With four Spark-curated vaults totaling $430M in TVL on Morpho, Spark is now the third-largest curator on the protocol, reinforcing its role in bringing institutional lending to mainstream user bases.
Upshift x Agora x Monad: Upshift announced that Liquid Earn will be available on Monad from day one with a $25M deposit cap. This launch includes a major partnership with Agora to debut earnAUSD, the primary yield token of the ecosystem. AUSD is Agora’s institutional-grade digital dollar, backed 1:1 with USD and positioned to become a base stablecoin on Monad. earnAUSD is Upshift’s liquid yield token that routes AUSD through lending markets to optimize risk-adjusted returns. Over time, it will expand into basis trades and broader structured yield strategies.
Yield.xyz will integrate earnAUSD at launch, enabling unified access to stablecoin yields across Monad.
Lido Finance: Lido’s stRATEGY product surpassed 20,000 ETH in TVL added over two weeks, marking a new high for its stETH-based strategy vault. The product continues to attract capital as a low-risk, curated DeFi approach centered on stETH and built for users seeking simple, passive exposure to staked ETH rewards.
Build With Yield.xyz Today
This week made one trend clear: onchain yield infrastructure is scaling across chains and becoming structurally more institutional. Circle and Sky delivered strong adoption at the stablecoin layer, while Maple, Spark, Euler, and Upshift broadened access to optimized yields across BNB Chain, Ethereum, and the upcoming Monad ecosystem.
Yield.xyz continues to support this evolution by providing a single, unified API for yield discovery, standardized transactions, and cross-chain delivery. Whether integrating stablecoins, staking, or lending markets, developers, wallets, and fintechs can now offer institutional-grade yields with minimal engineering overhead.
Start building with Yield: docs.yield.xyz