Methodology

Data Sources

Stable Yields aggregates data from multiple sources to provide accurate, real-time yield comparisons for yield-bearing stablecoins:

• Onchain, The primary source is on calculations based on onchain data using the vault exchange rates between now and a historical date then extrapolated, this is true for the APY, 30-day and 90-day APYs, for non-standard ERC4626 vaults we fallback to defillama data or the project's own APIs.
• DeFiLlama Yields API, Historical APY on charts and TVL data is fetched from the DeFiLlama yields API (yields.llama.fi/chart) for each tracked pool. DeFiLlama is the industry-standard TVL and yield aggregator, sourcing data directly from protocol smart contracts.
• CoinGecko Price Feeds, Token prices in USD are fetched from CoinGecko's API to enable accurate deposit value calculations and cross-token comparisons.
• US Treasury Rates, The 1-month US Treasury bill yield is fetched and displayed as a risk-free rate benchmark, helping users evaluate whether DeFi yields adequately compensate for the additional risk.

Update Frequency

The yield comparison table uses server-side rendering with Incremental Static Regeneration (ISR). Data is revalidated every 5 minutes (300 seconds). This means:

• APY, TVL, and price data are at most 5 minutes stale.
• The page loads instantly from cache, no waiting for API calls.
• Background revalidation ensures the next visitor always sees fresh data.

APY Calculation

Current APY is the annualized rate based on the most recent vault performance or protocol-reported rate. For ERC-4626 vaults (sDOLA, sUSDe, sUSDS, sfrxUSD, scrvUSD), this is derived from the change in the vault's share price over recent periods, annualized to a yearly rate.

APY (Annual Percentage Yield) accounts for compounding, it represents the effective annual return if yields were continuously reinvested. This is different from APR (Annual Percentage Rate), which does not account for compounding.

30-Day and 90-Day values

The 30-day and 90-day values in the table also rely on the same methodology using onchain data

• Smoothing volatility, Daily APYs can swing dramatically based on short-term market conditions. Higher time-ranges reveal the sustained yield level.
• Trend identification, Comparing the current APY to the 30d and 90d shows whether yields are trending up or down.
• Consistency assessment, A stablecoin where the current APY closely matches its 90d value is likely more predictable than one with large deviations.

TVL (Total Value Locked)

TVL represents the total USD value of assets deposited into each yield-bearing stablecoin's smart contract. TVL data is sourced from DeFiLlama.

What's Included

Stable Yields tracks yield-bearing stablecoins that meet these criteria:

• Available on Ethereum mainnet.
• Yield is generated organically (from lending, staking, or protocol revenue), not from token emission incentives.
• The token is a stablecoin or yield-bearing wrapper of a stablecoin (pegged or soft-pegged to USD).
• The asset has a DeFiLlama pool listing for verifiable yield data.
• Note: Aave's USDT & USDC lending yields where previously shown and used as a benchmark reference, but since the Kelpdao incident we decided to unlist those, we will not list anymore yields where deposits are lent out to borrowers.

What's Excluded

The following are intentionally excluded from the comparison table:

• LP tokens, Liquidity provider positions with impermanent loss risk are not comparable to single-asset yield products.
• Leveraged positions, Strategies that involve borrowing to amplify yield are excluded due to liquidation risk.
• Incentivized-only yields, Products where the yield comes entirely from token emissions (farming rewards) rather than organic protocol revenue.
• Non-USD stablecoins, EUR, GBP, or other fiat pegged stablecoins are not currently tracked.
• Lending pools, vaults where deposits can be lent out to borrowers.

Historical Charts

The 90-day APY chart display data for the top 5 yield-bearing stablecoins by current APY. Chart data is sourced from the DeFiLlama yields API, which provides daily snapshots of APY and TVL for each tracked pool. This historical view helps users identify trends, seasonal patterns, and the consistency of yields over time.

US Treasury Benchmark

The yield table includes a US Treasury 1-month bill rate as a dashed reference line. This serves as a risk-free rate benchmark, any DeFi stablecoin yield should ideally exceed this rate to compensate for the additional smart contract, depeg, and protocol risks involved. Treasury rate data is sourced from public US government APIs.