High APY Comeback: Check Out These 7 Stablecoin Pools Amid Market Volatility

律动小工

2025-08-04 15:37

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The bull market is here, and all yield mechanisms are amplifying interest rate spreads under the influence of bullish sentiment. Stablecoin deposit and lending can also bring "steady happiness." BlockBeats has compiled seven mainstream stablecoin-centric "high APR pools," with APYs all above 10%. Let's introduce them one by one:

Huma Finance

Huma Finance is a decentralized yield platform running on Solana, with its underlying revenue tied to real payment financing activities. It was launched in April 2025, and recently reopened deposits for Huma 2.0.

Users can deposit USDC to mint LP share tokens: in Classic mode, it is $PST, offering approximately 10.5% APY in USDC and concurrently receiving basic Huma Feathers; in Maxi mode, it is $mPST, no longer accruing interest but enjoying up to a 19× Feathers reward multiplier. Users can choose the mode that suits them, with each wallet able to deposit a maximum of only 500,000 USDC.

According to the official Dune dashboard, since the launch of Huma 2.0, approximately $56.2 billion in trading volume has been matched, bringing users about $4.592 million in total revenue and distributing 2.66 billion Feathers. Currently, the entire platform has approximately $150 million in active liquidity, with around $104 million allocated to the PayFi (payment financing) business, and the remaining $46.015 million in a Liquid state available for redemption at any time.

Silo Finance

Silo Finance is a "risk-isolated" non-custodial lending protocol deployed across multiple chains: each asset has its independent market (Silo), and funds' supply and borrowing do not interfere, with risks divided by asset. Users only need to deposit supported tokens (such as USDC, ETH, WBTC, etc.) into the corresponding Silo to automatically earn interest based on market parameters.

According to DeFiLlama data, as of now, Silo Finance's overall TVL is approximately $228 million, distributed across Sonic ($113 million), Avalanche ($46.2 million), Ethereum ($44.4 million), Arbitrum ($23.53 million), and other chains. By selecting the USDC Managed Vault, you can see that Silo Finance currently offers a 7%-13% APY.

BFUSD

BFUSD is a "Collateral Asset for Passive Income" launched by Binance, designed for futures traders. Users can exchange USDT or USDC for BFUSD at a 1:1 ratio and hold it in their UUSD-M Futures account. There is no need for collateral or additional actions to automatically receive stablecoin-form rewards daily.

From the official page, BFUSD's income mainly comes from three parts: the Base Annual Percentage Yield (APY) is 3.97%, derived from Binance's hedging trades and staking strategy dividends; the Derived APY is 4.89%, coming from additional revenue allocation to BFUSD in the Cross Margin Mode, requiring holders to execute at least one UUSD-M Futures trade to activate it; and the Wealth Management APY is 0.40%, coming from Binance's wealth management product revenue allocation. When combined, the comprehensive annualized yield for holding BFUSD is approximately 9.26%.

In terms of risk control, BFUSD has a System Collateral Ratio of 100.87%, and Binance has allocated a dedicated reserve fund of $10.34 million to ensure redemption capability in extreme market fluctuations. Additionally, the total supply of BFUSD is approximately 1.435 billion, with allocations based on the user's VIP level; for higher limits, additional quotas can be obtained by opening a sub-account.

Each purchase or redemption of BFUSD incurs a 0.1% fee. Rewards are calculated based on the "minimum BFUSD balance in the daily snapshot" and are directly distributed to the user's UUSD-M Futures account the next day, with details visible in the "Reward Record."

Orderly

Orderly officially launched OmniVault on April 15, 2025, featuring a market-making strategy managed by professional market maker Kronos Research. Users only need to connect their wallet, choose the network (Arbitrum, Base, Optimism, etc.), deposit USDC into the Vault, and can start earning fee splits and market-making rewards.

As of August 4, 2025, OmniVault's Total Value Locked (TVL) has exceeded $7.9 million, with a 30-day Annual Percentage Yield (APY) of 39.15%, charging no performance fees (0% Performance Fee). All earnings are automatically reinvested based on shares, settling share prices at the end of each 3-hour Vault cycle.

In addition, the Orderly Protocol also commits to share up to 40% of its protocol revenue with OmniVault through a portion of the liquidation fund fee, aiming to enhance the overall LP return.

StandX

StandX is a Perps DEX currently in the Alpha testing phase, founded by former Binance contract lead Aaron Gong and ex-Goldman Sachs colleagues, with funding from the Solana Foundation. StandX's core product is DUSD, allowing users to mint DUSD with USDT or USDC at a 1:1 ratio.

In StandX's "Deposit USDT to Mint DUSD" interface, users can directly select the asset to deposit (such as USDT) in the input box and enter the amount to instantly see how much DUSD they will receive. The current strategy's calculated Annual Percentage Yield (APY) is 10.6%, with a 0.1% fee only upon redemption.

Holding DUSD allows users to benefit from two main income sources: staking rewards for mainstream assets like ETH and SOL, and funding rate income from hedging short-term perpetual contracts. DUSD's real-time APY once approached 13%, but the seven-day average displayed on the website is approximately 7.5%.

Wasabi

Wasabi Protocol is a "CultureFi" leveraged trading platform established in 2022, initially focusing on leveraged long and short strategies for niche assets such as NFTs and memecoins, later expanding its business to a broader spectrum of DeFi leverage and liquidity provision. Investors include Electric Capital, Alliance DAO, and Memeland.

Introduced on the Base network, Wasabi Earn by Wasabi Protocol can be accessed in the Coinbase Base App under Finance to deposit USDC and automatically start earning up to a 20% APY.

This income stems from the on-chain leveraged trading strategy behind Wasabi: your USDC is used as liquidity for up to 456 trading pairs, supporting liquidity provision and leverage borrowing, with the interest paid by borrowers ultimately returned to depositors. To date, it has facilitated a total trading volume of $1.23 billion and accumulated a TVL of $23.8 million.

Wildcat-KAI2USDC

Wildcat Labs, established in 2022 and headquartered in the UK, is a "risk-isolated" uncollateralized lending protocol where each market (Silo) operates independently to prevent liquidation or vulnerabilities from spreading between different markets. To date, Wildcat has deployed over 5 markets for various assets on mainnets like Ethereum, with a total TVL exceeding $70 million (including the latest USDC market surpassing $2.1 million in borrowing volume).

On August 1, 2025, Bodhi Ventures—led by Kain Warwick, the founder of Synthetix and co-founder of Infinex, a Web3 venture capital firm—launched the third USDC market on Wildcat seeking a publicly announced $10 million USDC allocation. The underlying lending APR is fixed at 16%, and the market is open-ended with no expiry date.

There is no minimum deposit required for users, and any address that has passed OFAC validation can deposit USDC. Upon deposit, freely tradable debt tokens called "KAI2USDC" are minted, with $2 million in allocation already utilized, leaving $7.8 million USDC available with 78 hours remaining. Withdrawals follow a 96-hour withdrawal period and a maximum 192-hour grace period, with a redemption fee of only 0.1% and a late fee of 0.1%.

Aave

Last week, Ethena Liquid Leverage launched on Aave, and combined with the bull market-driven APY and widening spread between borrowing and lending rates, the short-term APY for recursive borrowing on Aave can reach up to 50%.

By simultaneously depositing 50% sUSDe and 50% USDe into Aave's stablecoin E-Mode, users can borrow USDC or USDT, then swap the borrowed stablecoins back to USDe, redeposit them, and borrow again in a loop. With each cycle completed, users earn native sUSDe rewards and USDe funding rate differentials.

Currently, the common funding rate (Borrow APR) in the market is around 11%, while the underlying annualized yield when supplying USDe/sUSDe (Supply APR) sits around 12%, resulting in a spread of about 7%. Through five cycles, theoretically, a 40% APY can be achieved: 12% + 4 × (12% – 5%). Additionally, with Ethena's extra reward for Liquid Leverage (currently extended through the end of August), the short-term peak APY can be boosted to around 50%, but this incentive is expected to drop significantly once the subsidy ends at the end of the month.