Summary
DeFi markets faced turbulence last week as broader crypto volatility drove over $19B in liquidations across exchanges. While centralized venues experienced disruptions, DeFi protocols demonstrated their resilience. Money markets operated as expected, collateral ratios held strong, and stablecoin pegs largely held consistent — underscoring the strength of DeFi in high-stress environments.
Despite the volatility, development across the yield landscape didn’t slow down. Major integrations went live, institutional-grade stablecoin infrastructure advanced, and capital efficiency continued to improve across multiple ecosystems.
Let’s take a closer look at this week’s developments.
Stablecoin Developments
Ethena’s USDe experienced temporary dislocation on Binance on October 10th. While Binance’s limited oracle setup and lack of mint-and-redeem access caused a localized depeg, onchain markets told a different story — USDe held a near-perfect peg on Curve and other DeFi venues throughout the event.
Circle USDC expanded its presence on Sei through the launch of Circle Gateway, enabling chain-abstracted USDC liquidity on the settlement layer built for global scale. Once deposited into Gateway, USDC balances from multiple chains are consolidated into a unified account, offering developers frictionless access to capital and a simpler way to manage liquidity across networks.
In the Sky ecosystem, USDS surpassed $4.5B in total supply, fueled by growing adoption of the Sky Savings Rate, which offers 4.75% APY on more than $3B of deposits. The milestone reinforces Sky’s position as one of the fastest-scaling stablecoin protocols in DeFi.
Protocol Updates
Stackup.fi, an enterprise-grade smart wallet, integrated with Yield.xyz this week to enable native stablecoin yield for users. Through the integration, businesses can now earn yield on USDC via curated Morpho Steakhouse vaults on Ethereum and Base — all from within the Stackup interface.
Tron TRX staking is live on Ledger Live, powered by Yield.xyz. Millions of Ledger users can now delegate and earn TRX staking rewards directly within the Earn tab, with validator selection, reward flow, and restaking handled seamlessly by the Yield API.
Meanwhile, Maple Finance provided a live stress test of DeFi’s institutional lending infrastructure during the October 10th market drawdown. Despite widespread liquidations across the market, Maple recorded zero losses and uninterrupted loan performance. All margin calls were cured within hours, $67M in lender redemptions were processed smoothly, and deposits quickly rebounded to all-time highs.
Finally, Agora announced the upcoming launch of AUSD and earnAUSD on Monad. AUSD serves as an institutional-grade, USD-backed stablecoin, while earnAUSD, developed by Upshift, allocates AUSD into basis trade and delta-neutral strategies to deliver optimized risk-adjusted yield. The launch introduces core stablecoin and yield infrastructure to Monad, with support from Yield.xyz coming soon.
Build With Yield.xyz Today
That wraps up this week’s review. Even amid volatile markets, DeFi protocols proved their strength — maintaining uptime, liquidity, and performance across chains. With integrations from Stackup and Ledger, stablecoin innovation from Circle, Sky, and Agora, and Maple’s exceptional risk management, onchain yield continues to evolve with both resilience and reliability.
Yield.xyz powers this momentum by providing developers, wallets, and fintechs with a unified API to deliver best-in-class onchain yield.
Start building with Yield.xyz today.