Stablecoins represent one of the most attractive value propositions in the crypto ecosystem for investors with a moderate risk profile: they offer significantly higher returns than bank deposits without exposure to the price volatility of Bitcoin or Ethereum. In this article, we compare the best APYs available for USDC, USDT, and other stablecoins as of 2026.
What are stablecoins?
A stablecoin is a cryptocurrency whose value is pegged to that of another currency, typically the U.S. dollar. The main ones are:
- USDC (Circle): Fully backed by dollar-denominated assets. Issued by Circle, a U.S.-regulated company.
- USDT (Tether): the most widely used. Backed by dollars and equivalents. Historically less transparent than USDC.
- USDS (Sky/MakerDAO): the evolution of DAI. Decentralized and over-collateralized.
- GHO (Aave): the native stablecoin of the Aave protocol, decentralized.
The best APYs on stablecoins as of March 2026
| Product | Stablecoin | APY | Type | Risk |
|---|---|---|---|---|
| Euler v2 PYUSD Lending (Ethereum) | PYUSD/USD | 6.7% | DeFi | Medium-high |
| Binance USDC Flexible Savings | USDC | 5.0% | CeFi | Medium |
| Aave v3 sGHO | GHO | 4.85% | DeFi | Medium |
| Maple Finance USDC Lending | USDC | 4.42% | CeFi | Medium |
| Fluid USDT Supply (Ethereum) | USDT | 4.19% | DeFi | Medium |
| Spark SparkLend USDS | USDS | 4.10% | DeFi | Medium |
| Sky Savings sUSDS | sUSDS | 3.75% | DeFi | Medium |
Data updated. View real-time table on APYData — Best yields on stablecoins.
DeFi vs CeFi: Which is better for stablecoins?
CeFi (Binance, Maple Finance): Easier to use. You don’t need your own wallet. The platform holds your assets in custody. The main risk is that the platform goes bankrupt or gets hacked (remember FTX). Binance offers 5% on USDC, which is competitive, and has a simple interface.
DeFi (Aave, Euler, Fluid, Sky): You control your assets at all times through your own wallet (MetaMask, etc.). The smart contract manages the deposit. There is a risk of bugs or exploits in the contract, but you eliminate the risk of a centralized counterparty. It generally offers better APYs but requires more technical knowledge.
Stablecoins vs. Bank Deposits
A bank deposit in Spain currently offers up to 3.5% APY with FGD coverage (€100,000). Stablecoins in DeFi or CeFi offer between 3.75% and 6.7%, but without any deposit guarantee. The additional yield is compensation for the extra risk.
For those who already trade crypto and understand the risks, stablecoins represent a real opportunity to earn higher returns than the traditional banking system. At APYData, we compare all these products in a single table so you can make an informed decision.