TradFi vs DeFi in the Top 10 Yield Bearing Stablecoins by TVL
Interesting to see that all 5 TradFi YBS rely mostly on T-Bills, while DeFi YBS are experimenting with different yield engines.
For the top DeFi YBS, most try to stack additional yield from DeFi activities into the base yield.
Examples:
- @SkyEcosystem sUSDS – Sky's revenue (loans, T-Bills, lending yield)
- @maplefinance syrupUSDT & syrupUSDC – institutional lending yields
- @USDai_Official sUSDai – GPU-backed loans
Not to mention @aave (sGHO) and @Neutrl (sNUSD), sitting in the top 13 with their own yield models.
DeFi stablecoins are evolving beyond simple T-Bill wrappers.
DeFi will win.

We need more of nonUSD stablecoin options too
Sector:
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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