The bull market has arrived, and all income mechanisms are amplifying yield spreads under bullish sentiment; stablecoin deposit and lending can also bring 'steady happiness'. BlockBeats has compiled seven mainstream stablecoin 'high APR pools', all with APYs above 10%, which will be introduced one by one:
Huma Finance
Huma Finance is a decentralized yield platform operating on Solana, with income sources linked to real payment financing activities, set to launch in April 2025, and recently reopened deposits for Huma 2.0.
Users can mint LP share tokens by depositing USDC: in Classic mode, it's $PST, which allows earning about 10.5% annual return in USDC while concurrently receiving basic Huma Feathers; in Maxi mode, it's $mPST, which no longer accrues interest but enjoys a reward multiplier of up to 19× in Feathers. Each mode caters to different needs, with a maximum deposit of only 500,000 USDC per wallet.
According to the official Dune dashboard, since the launch of Huma 2.0, it has facilitated approximately $5.62 billion in trading volume, generating about $4.592 million in total revenue for users and distributing 2.66 billion Feathers. Currently, the entire platform has about $150 million in active liquidity, of which approximately $104 million is directed to PayFi (payment financing) business, with the remaining $46.015 million in a Liquid state that can be redeemed at any time.
Silo Finance
Silo Finance is a 'risk-isolated' non-custodial lending protocol deployed across multiple chains: each asset has its own independent market (Silo), and the supply of funds and lending do not interfere with each other, 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 according to 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. Choosing the Managed Vault for USDC, it can currently offer an APY of 7%-13%.
BFUSD
BFUSD is a 'margin asset that can earn passive income' launched by Binance, specifically designed for futures traders. Users can exchange USDT or USDC for BFUSD at a 1:1 ratio and deposit it in a U-based contract account, automatically receiving daily income in the form of stablecoins without the need for staking or additional operations.
According to the official page, the income sources of BFUSD are mainly divided into three parts: the base annual percentage yield (Base APY) is 3.97%, derived from Binance's hedging and staking strategies; the derived annual percentage yield (Derived APY) is 4.89%, coming from additional income distribution of BFUSD under the joint margin model, which requires holders to conduct at least one U-based contract trade to activate; the wealth management annual percentage yield (Wealth Management APY) is 0.40%, deriving from the income allocation of Binance's wealth management products. Combined, the comprehensive annualized yield for holding BFUSD is approximately 9.26%.
In terms of risk control, BFUSD has a system collateral rate of 100.87%, and Binance has equipped it with a special reserve of $10.34 million to ensure payment capability during extreme market fluctuations. Moreover, the total supply of BFUSD is approximately 1.435 billion, and the quota will be allocated based on the user's VIP level; if a higher quota is needed, additional allocations can be obtained by opening a sub-account.
Every time you buy or redeem BFUSD, the platform charges a 0.1% handling fee. Rewards are calculated based on the 'minimum BFUSD balance in the daily snapshot' and are directly credited to the user's U-based contract account the next day, with details available in the 'reward records'.
Orderly
Orderly officially launched OmniVault on April 15, 2025, managed by professional market maker Kronos Research's market-making strategy. Users only need to connect their wallets, select a network (such as Arbitrum, Base, Optimism, etc.), and deposit USDC into the Vault with one click to start earning fee-sharing and market-making returns.
As of August 4, 2025, OmniVault's TVL has exceeded $7.9 million, with an annualized return rate of 39.15% APY over the past 30 days, with no performance fee (0% performance fee), and all earnings are automatically reinvested based on shares, settled at the end of each 3-hour Vault cycle.
Additionally, the Orderly protocol has committed to distributing up to 40% of its protocol revenue and a portion of the liquidation fund handling fees to OmniVault, aimed at improving overall LP returns.
StandX
StandX is a Perps DEX currently in the Alpha testing phase, co-founded by Aaron Gong, former head of Binance contracts, and his former Goldman Sachs colleagues, with funding from the Solana Foundation. Additionally, StandX's core product is DUSD, which users can mint by using USDT or USDC at a 1:1 ratio.
In the StandX 'Deposit USDT to Mint DUSD' interface, you can directly select the asset to be deposited (such as USDT) in the input box and enter the amount, and the system will immediately display how much DUSD you will receive. The current strategy calculates an annualized return rate: APY is 10.6%. A handling fee of only 0.1% is charged upon redemption.
Holding DUSD allows users to enjoy two major sources of income: one is the staking returns on mainstream assets like ETH and SOL, and the second is the income from funding fees for hedging short-term perpetual contracts. The instant annualized return on DUSD once approached 13%, but the seven-day average displayed on the official website is about 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 like NFTs and memecoins, later expanding its business to a broader DeFi leverage and market-making field. Investors include Electric Capital, Alliance DAO, and Memeland.
Wasabi Protocol launched Wasabi Earn on the Base network; by opening the Finance section in Coinbase's Base App and selecting Wasabi Earn, you can deposit USDC with one click to automatically start enjoying up to 20% annualized returns.
This part of the income comes from the on-chain leveraged trading strategy behind Wasabi: your USDC will be used as liquidity for up to 456 trading pairs, funding market making and leveraged lending, with the interest paid by borrowers ultimately returned to depositors. So far, it has supported a total trading volume of $1.23 billion, with a cumulative TVL of $23.8 million.
Wildcat-KAI2USDC
Wildcat Labs, founded in 2022 and headquartered in the UK, is a 'risk-isolated' unsecured lending protocol, with each market (Silo) operating independently to avoid contagion of liquidations or vulnerabilities across different markets. So far, Wildcat has accumulated over five different asset markets on mainnets like Ethereum, with a total TVL exceeding $70 million (including the latest USDC market which has also surpassed $2.1 million in lending volume).
On August 1, 2025, Bodhi Ventures—a Web3 venture capital firm led by Kain Warwick, founder of Synthetix and co-founder of Infinex—opened the third USDC market on Wildcat, publicly seeking a quota of 10 million USDC, with a base lending APR locked at 16%, and the market is open-ended with no expiration date.
Users do not need a minimum deposit threshold; any address that completes the OFAC verification can deposit USDC. After funds are deposited, a freely circulating debt certificate 'KAI2USDC' will be minted. Currently, $2 million worth has been utilized, with a remaining quota of $7.8 million, with 78 hours left. Withdrawals follow a 96-hour withdrawal cycle and a maximum 192-hour grace period, with only a 0.1% handling fee for redemptions; overdue penalties are 0.1%.
Aave
Last week, Ethena Liquid Leverage launched on Aave, along with the widening spread between APY driven by the bull market and borrowing rates, the short-term APY for looping lending on AAVE can reach as high as 50%.
By depositing 50% sUSDe and 50% USDe in Aave's stablecoin E-Mode, you can borrow USDC or USDT, then convert the borrowed stablecoins back to USDe, re-deposit, and borrow again, repeating this process. Each completed loop generates additional native income from sUSDe and a funding fee difference from USDe.
Currently, the common funding cost in the market (Borrow APR) is around 11%, while the basic annual yield (Supply APR) for directly depositing USDe/sUSDe is around 12%, resulting in a yield spread of about 7%. After five loops, it is theoretically achievable: 12% + 4 × (12% – 5%) for a 40% APY. Additionally, with Ethena's extra rewards for Liquid Leverage (currently providing subsidies until the end of August), the short-term peak APY can be pushed up to about 50%, but this will only last until the end of this month, and it is expected to drop significantly after the subsidies end.
