Stablecoin yield leaderboard (risk-adjusted)
Source: DeFiLlama yields (TVL >= $1M, outliers removed, retrieved 2026-11-09). Every figure is computed from our structured dataset and reproducible.
Top smart_score
centrifuge-protocol (Monad) 25.65
Median APY
9.5%
Median TVL
$6.2M
Coverage
200 pools x 20 chains
| Protocol | Chain | TVL | APY now | 30d mean | IL risk | Exposure | smart_score |
|---|---|---|---|---|---|---|---|
| centrifuge-protocol | Monad | $10.1M | 52.3% | 0.8% | no | single | 25.6 |
| ember | Ethereum | $1.6M | 188.7% | 52.7% | no | single | 24.5 |
| gmx-evm | Arbitrum | $2.2M | 28.4% | 29.9% | no | multi | 20.8 |
| veranta | Base | $9.7M | 28.1% | 24.7% | no | single | 18.5 |
| pendle-v2 | Ethereum | $6.3M | 25.4% | 27.5% | no | single | 16.9 |
| pendle-v2 | Ethereum | $1.2M | 27.0% | 24.8% | no | single | 15.9 |
| gmx-evm | Arbitrum | $1.7M | 21.8% | 27.3% | no | multi | 15.7 |
| ensuro | Ethereum | $1.4M | 27.1% | 22.9% | no | single | 15.7 |
| hyperliquid-hlp | Hyperliquid L1 | $149.3M | 25.0% | 2.9% | no | single | 15.7 |
| pendle-v2 | Ethereum | $1.2M | 26.3% | 23.9% | no | single | 15.4 |
| harvest-finance | Base | $1.7M | 25.0% | 25.9% | no | single | 15.4 |
| pendle-v2 | Ethereum | $6.3M | 22.2% | 27.4% | no | single | 14.7 |
Three key readings
- High APY is not a high score: ember (Ethereum) shows 188.7% APY but only 24.53 smart_score - ranking raw APY surfaces pools the score dislikes.
- Spot APY lies: ember prints 188.7% now versus a 52.7% 30-day mean - incentive-period spikes are exactly what the stability term (30d mean / current) punishes.
- Filtering works: the Top20 average is 3.2x the bottom of the table (sky-lending, 4.85).
Use this data
Machine-readable endpoints: GET /api/supply/stablecoin-yield/digest (free one-liner),
GET /api/supply/stablecoin-yield/top20 ($0.10/call),
GET /api/supply/stablecoin-yield/by_chain?chain=Base ($0.10/call).
Source: DeFiLlama public yields API; the smart_score formula and per-row score components ship with the dataset (recomputed 2026-11-09, every 6h)