Best stablecoin yields on Katana
USDC, USDT, DAI, USDS, USDe and other dollar-pegged coins: every liquid pool with live APY, the base/reward split and a 30-day average. Sorted by liquidity so the biggest, most reliable markets come first.
| Pool | APY | 30d avg | TVL ▾ | 30d | Risk | |
|---|---|---|---|---|---|---|
| VBUSDC Yearn Finance | 6.84% base 3.85% + reward 2.99% | 5.28% | $7.4M | — | Stable Single Down | Deposit ↗ |
| STEAKUSDC Morpho Blue | 6.72% base 6.72% | 3.37% | $7.2M | — | Stable Single Stable/Up | Deposit ↗ |
| STEAKUSDC Morpho Blue | 7.15% base 6.80% + reward 0.36% | 3.76% | $1.6M | — | Stable Single Down | Deposit ↗ |
| BBQUSDC Morpho Blue | 7.24% base 6.48% + reward 0.77% | 6.86% | $1.5M | — | Stable Single Down | Deposit ↗ |
| VBUSDT Yearn Finance | 2.72% base 2.22% + reward 0.50% | 3.01% | $1.5M | — | Stable Single Down | Deposit ↗ |
| CSVBUSDT Morpho Blue | 6.97% base 6.44% + reward 0.53% | 6.68% | $1.1M | — | Stable Single Down | Deposit ↗ |
Where stablecoin yield comes from
Three sources. Lending markets (Aave, Morpho, Spark, Compound) pay you the interest that borrowers pay, minus a protocol fee; rates rise when leverage demand rises. Savings tokens (sUSDS, sUSDe, USDY, BUIDL) pass through treasury-bill income or funding-rate income. Liquidity pools (Curve, Uniswap) pay trading fees, sometimes topped up with reward tokens. The base/reward split under each APY tells you which part is durable.
Compare the base rate with the median above: a stablecoin pool paying three times the median is either tiny, new, or paying in a token you may not want. Custodial alternatives are on the CeFi rates page.