category.stablecoin_yield.label
category.stablecoin_yield.promise
Audit
Infrastructure
Methodology
2026.04.0
published 2026-04-27
Providers tracked
280+
across 24 categories
Last verified
2026-08-03
editorial freshness
Editorial board
4
audit-log live
Decision guide
What matters most before choosing in this category
The best stablecoin-yield path depends on whether you need transfers, payments, savings-like dollar exposure, or onchain utility. The important decision is not only which stablecoin-yield you use, but where and how you plan to use it.
Key question
Do you care most about issuer trust, liquidity, or how you will pay and transfer with it?
Key question
Do you want a claim on real Treasuries, a protocol-set rate, or a custodial rewards programme?
Key question
Do you need the clearest dollar exposure or the broadest ecosystem support?
Current editor lead
PayPal PYUSD Rewards
4% on PYUSD in PayPal and Venmo — variable, and facing the same OCC rule
Data checked Aug 2026
PayPal pays a 4% annual rewards rate on PYUSD held in PayPal and Venmo wallets, accrued on the average daily balance and paid monthly in PYUSD, opt-in, $1 minimum, no fee \u2014 the most accessible rate in this pool for a mainstream user. The terms are explicit that it is a variable rate that can change at any time, US customers need a W-9, and payouts can take up to 30 days to land. It carries the same structural exposure as Coinbase: the OCC's February 2026 proposal presumptively prohibits coordinated issuer-affiliate rewards, and the balance is a custodial claim on PayPal \u2014 not FDIC-insured deposits.
Best for
Mainstream access with no crypto knowledge required4% verified on the official page, $1 minimum, no fee
Main tradeoff
Explicitly a variable rate PayPal can change at any time
Verify before signup
Re-check the rate before relying on it \u2014 the terms permit change at any time \u2014 and confirm availability in your market.
Weighted criteria
What actually pays the yield30%
Redemption & claim quality26%
Access reality24%
Conditions on the headline rate20%
Leading options
Shared shortlist for this category
These providers are pulled from the same category comparison catalog used in validation, so the category page, comparison page, and provider reviews stay aligned.
Sky Savings Rate (sUSDS)
Governance-set savings rate on USDS — a policy lever, not a market rate
Editor lead
Sky Savings Rate is the largest onchain stablecoin yield by deposits: 3.52% APY on roughly $4.6B of sUSDS, with no fees, no lockup and no minimum, exiting via an onchain swap subject to PSM liquidity. The point a buyer must understand is that the rate is a GOVERNANCE-SET POLICY VARIABLE, not a market rate \u2014 Sky governance can cut it at any time. The backing blends crypto-collateralised loans with RWA and T-bill allocations, so the holder's claim is on protocol solvency: no legal issuer, no redemption promise, no recourse. Do not conflate it with the newer, higher-yield stUSDS tranche, which carries different risk.
Best for: Largest onchain stablecoin yield pool
Ethena (sUSDe)
Basis-trade yield — a variable trading spread, not interest
sUSDe pays yield from a delta-hedged basis trade, currently around 4% against an inception average of 10.8% \u2014 the double-digit era is over at current funding, and rewards CAN BE ZERO in negative-funding periods. This is not interest: it is a trading spread, and the principal sits behind a CEX-hedged custody chain (Copper/Ceffu) rather than in a protocol you can audit end to end. The regulatory position is decisive for European readers \u2014 BaFin ordered the wind-up of Ethena GmbH in April 2025 and sUSDe is explicitly not offered to EU/EEA residents.
Best for: Basis-trade yield exposure for non-EU, non-US holders
Ondo USDY
Tokenised T-bill note for non-US holders — a note, not the Treasuries
USDY is a tokenised note backed by short-term US Treasuries (98.95% T-bills, ~176-day WAM) issued for a bankruptcy-remote BVI entity with a first-priority security interest and daily third-party attestations \u2014 roughly $2.1B outstanding across 10+ chains at 3.55% APY. Two things the marketing softens: the holder owns a NOTE on a BVI issuer, not the Treasuries themselves; and although it looks like a yield-bearing stablecoin, it is restricted to qualified/professional investors in the EEA, UK and Switzerland and barred entirely to US persons and Canada \u2014 an EU retail buyer cannot legally subscribe.
Best for: Tokenised Treasury exposure for eligible non-US holders
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Methodology
How this category is reviewed
Reviewed on issuer trust, liquidity fit, payment and transfer utility, and chain fit — who backs it, where it trades, and how you move it on-chain.
Reviewed on: What actually pays the yield, Redemption & claim quality, Access reality, Conditions on the headline rate.
This page is a maintained category surface, not a static marketing block. Review freshness, provider positioning, and recommendation logic should stay consistent with quiz and provider pages.
Frequently asked
Questions people ask before choosing stablecoin yield
REVIEWEDApr 2026METHOD4 criteriaCATEGORYstablecoin_yield
Not financial advice · For informational purposes only · Always do your own research
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