Welcome to the April 2025 edition of our monthly stablecoin yield analysis. Following the launch of this series in March, we’re continuing our deep dive into the evolving landscape of on-chain stablecoin yields, highlighting standout pools, unpacking the mechanics behind them, and helping you assess what’s truly worth your digital dollars.
Stablecoins are a foundational layer of DeFi. By tracking the value of fiat currencies like the US dollar, they provide users with price stability while unlocking access to yield opportunities in DeFi. Whether you're looking to earn passive returns or actively manage capital, stablecoins are the primary gateway to doing so with lower volatility.
But while yields on stablecoins can look attractive, headline APYs don’t tell the full story. Many of the top-performing pools in DeFi today are buoyed by protocol incentives—native tokens that can be volatile, thinly traded, or overexposed to market downturns. These “incentivized yields” might appear high, but they often come with added layers of risk.
Other pools bundle stablecoins with synthetic or rebasing assets, adding complexity that can confuse even experienced users. That’s why this report goes beyond just listing APYs—we break down the structure of each pool and the trade-offs involved.
The Top 15 on-chain stablecoin yields as of April 2025
1. Pendle – USR on Base (17.04% APY)
Pendle lets users trade yield by separating future yield from the principal. This USR pool on Base stands out with a 17% APY, mostly driven by PENDLE token rewards. USR is a rebasing stablecoin, which adds complexity. The yield is attractive, but understand that it's heavily reliant on volatile incentives and smart contract interactions.
2. Convex Finance – MIM-3CRV on Ethereum (14.06% APY)
Convex aggregates liquidity on Curve and boosts rewards with CVX tokens. The MIM-3CRV pool blends a synthetic stablecoin (MIM) with a traditional stablecoin basket (3CRV). It offers solid yields but relies heavily on CVX emissions, meaning rewards can fluctuate with market sentiment.
3. Tokemak – USDC on Ethereum (11.91% APY)
Tokemak facilitates liquidity deployment across DeFi protocols. This USDC pool earns yield through a combination of liquidity provisioning and TOKE rewards.
4. Pendle – CUSDO on Ethereum (11.48% APY)
CUSDO represents a yield-bearing stablecoin, and this pool tokenizes its future returns. Pendle’s platform supports this type of financial engineering, but it introduces derivative-like behavior. For advanced users, this can unlock strategic yield plays. For others, the complexity may be a barrier.
5. Pendle – SUSDA on Ethereum (11.14% APY)
This pool uses SUSDA, likely a synthetic stablecoin backed by interest-generating collateral. As with other Pendle pools, the high yield is partly attributable to PENDLE rewards. While appealing on the surface, consider the layers of abstraction and smart contract risk involved.
6. Echelon Market – SUSDE on Aptos (10.85% APY)
Echelon is building decentralized derivatives infrastructure on the Aptos blockchain. This SUSDE pool offers a competitive yield, but newer chains like Aptos carry ecosystem risk such as lower liquidity and less battle-tested tooling. Still, it’s a promising signal of cross-chain yield expansion.
7. Curve DEX – USDC-RLUSD on Ethereum (10.61% APY)
Curve pools are designed to optimize for stablecoin trading with minimal slippage. This USDC-RLUSD pool earns yield from swaps and CRV emissions. While Curve’s mechanics are well-understood, RLUSD may introduce additional risk depending on its collateral backing and market adoption.
8. Pendle – USR on Ethereum (9.43% APY)
This is the Ethereum version of the top-ranking USR pool. While yields are slightly lower than on Base, the same structure applies: high rewards, complex underlying mechanics, and a reliance on protocol token incentives.
9. Upshift – UPUSDC on Ethereum (9.09% APY)
Upshift is a relatively new platform focused on yield-enhanced stablecoin products. UPUSDC likely represents a yield-wrapped version of USDC, with strategies optimized behind the scenes. While the approach is innovative, always consider the track record and transparency of newer entrants.
10. Pendle – SUSDE on Ethereum (8.60% APY)
Wrapping up the list is another Pendle pool, this time for SUSDE. Like others, this strategy separates principal and yield, enabling yield trading. The base return is reasonable, but it mainly depends on PENDLE rewards and may fluctuate as market dynamics shift.
11. Pendle – EUSDE on Ethereum (8.48% APY)
EUSDE is another synthetic stablecoin deployed on Pendle, generating attractive yields through interest splitting and PENDLE incentives. With over $200M in TVL, this is one of the larger pools, offering a middle ground between APY and ecosystem maturity.
12. Pendle – SUSDE (Ethereum) (8.48% APY)
This Ethereum version of the SUSDE pool mirrors the earlier Aptos deployment. It reflects Pendle’s broader effort to make synthetic yield strategies available across multiple networks. While the yield is competitive, synthetic asset exposure remains a key consideration.
13. Pendle – GHO-USR Pool on Ethereum (8.11% APY)
A dual-stablecoin strategy pairing Aave’s GHO and USR. The 8.11% APY here is driven by Pendle’s rewards system and yield tokenization, but the pool’s complexity requires a solid understanding of how interest rates, market demand, and token behavior interact.
14. Pendle – CUSDO (again) on Ethereum (7.95% APY)
Another CUSDO pool appears here with slightly different structuring and incentive alignment. Returns are steady, but as with other Pendle pools, incentives can taper off, and smart contract exposure remains.
15. JustLend – USDD on Tron (7.80% APY)
USDD is an algorithmic stablecoin on Tron. While the yield appears attractive, the mechanism backing USDD has been controversial and can be fragile under stress. This pool is among the riskier entries in the top 15, and users should tread carefully.
Final Thoughts
As stablecoin yield strategies continue to shift and expand, it’s more important than ever to look beyond the surface-level APY. A return of 17% might catch your eye, but if it’s driven by volatile token rewards or complex mechanics, the long-term value may not hold up.
The key takeaway? Not all yield is created equal. Some pools offer solid returns based on real market activity (like lending or liquidity provisioning) while others rely heavily on incentives that can dry up without warning. Understanding what’s behind the numbers helps you avoid short-term traps and focus on sustainable growth.
At Brava, we track these trends closely to help you stay ahead. Our strategies are carefully built to deliver yield that’s attractive, diversified, and offers you an option for cover, whether you’re seeking stability or a bit more upside with built-in risk management.
We’ll be back next month with the May update. In the meantime, explore how we’re helping users put their stablecoins to work with more clarity and confidence.
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About Brava
Brava is an automated stablecoin yield management platform designed to simplify access to yield opportunities in decentralized finance (DeFi). By leveraging risk-adjusted strategies and automation, Brava empowers users to optimize their yield strategies while maintaining full control of their assets.
Disclaimer: Brava does not provide financial advice or guarantee investment performance. Users should assess their own financial circumstances and risk tolerance before using the platform. Brava operates in compliance with applicable regulations and does not manage or hold client funds. Users remain in control of their assets at all times.
