Stablecoin Yield Comparison — CeFi vs DeFi vs TradFi
Last updated: 2026-03-13 · Sources: Bybit API, OKX API, Ethena, DeFi Llama, Central Banks
| Exchange | Coin | Type | APY |
|---|---|---|---|
| ⭐ Bybit | USDT | Flexible | 0.70% |
| ⭐ Bybit | USDC | Flexible | 0.80% |
| ⭐ Bybit | DAI | Flexible | 1.00% |
| OKX | USDT | Flexible | 2.50% |
| OKX | USDC | Flexible | 1.56% |
Source: Bybit /v5/earn API, OKX /v5/finance API
| Protocol | Chain | Asset | Type | APY | TVL |
|---|---|---|---|---|---|
| Curve | Ethereum | 🟣 DOLA-sUSDe | LP | 4.69% | $71M |
| Pendle | Ethereum | 🟣 sRUSDe | Yield Token | 4.49% | $21M |
| Pendle | Ethereum | 🟣 sUSDe | Yield Token | 4.28% | $25M |
| Spark (MakerDAO) | Ethereum | USDC | Savings | 3.75% | $416M |
| Ethena (sUSDe) | Ethereum | 🟣 sUSDe | Staking | 3.50% | $3592M |
| Merkl | Ethereum | 🟣 USDe | Incentives | 3.40% | $565M |
| Spark (MakerDAO) | Ethereum | USDT | Savings | 3.24% | $319M |
| Morpho | Ethereum | USDC | LP | 2.76% | $222M |
| Strata Markets | Ethereum | 🟣 sRUSDe | Vault | 2.67% | $190M |
| Compound V3 | Ethereum | USDC | Lending | 2.43% | $144M |
| Compound V3 | Ethereum | USDT | Lending | 2.26% | $80M |
| Morpho | Ethereum | USDT | LP | 2.07% | $271M |
| Aave V3 | Ethereum | USDC | Lending | 1.84% | $1141M |
| SparkLend | Ethereum | USDT | Lending | 1.77% | $116M |
| Aave V3 | Ethereum | USDT | Lending | 1.71% | $1838M |
| Aave V3 | Ethereum | DAI | Lending | 1.32% | $78M |
Source: DeFi Llama yields API + Ethena protocol API · 🟣 = USDe/sUSDe ecosystem
| Central Bank | Rate |
|---|---|
| 🇺🇸 Federal Reserve | 4.50% |
| 🇪🇺 ECB | 2.65% |
| 🇬🇧 Bank of England | 4.50% |
| 🇯🇵 Bank of Japan | 0.50% |
| Central Bank | Rate |
|---|---|
| 🇨🇳 PBOC | 3.10% |
| 🇦🇺 RBA | 4.10% |
| 🇨🇦 Bank of Canada | 2.75% |
| 🇨🇭 SNB | 0.25% |
| US Treasury | Yield |
|---|---|
| 🇺🇸 3-Month T-Bill | 4.32% |
| 🇺🇸 2-Year Note | 4.02% |
| 🇺🇸 10-Year Note | 4.28% |
| 🇺🇸 30-Year Bond | 4.51% |
Ranked by current APY · CeFi = exchange earn · DeFi = on-chain lending/savings · TradFi = bonds & rates