Which stablecoins actually pay me a yield, and where does that yield come from?
14 yield-bearing stablecoins in our data state a yield. The highest right now is sUSDai from usd.ai at ~7.7% (variable). The range runs from 0.78% (scrvUSD) to 7.70%. 12 of them can be bought on a DEX without KYC. Yields are variable and not guaranteed.
A plain stablecoin such as USDT or USDC pays nothing; the issuer keeps the interest. Yield-bearing stablecoins pass a return on — from treasuries, from lending, or from trading strategies such as funding-rate arbitrage. The source of the yield is the risk, so it is shown on every token page.
Figures from our live dataset · page generated 2026-10-11 · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | Chain |
|---|---|---|---|---|---|
| sUSDai usd.ai (staked) | usd.ai | ~7.7% (variable) | None | No KYC on a DEX | Arbitrum |
| USR Resolv USR | Resolv Labs | ~7-9% (variable, funding-dependent) | None | No KYC on a DEX | Ethereum / Base |
| sUSDf Falcon USDf (staked) | Falcon Finance | Variable (~6-9%) | None | No KYC on a DEX | Ethereum |
| lvlUSD Level lvlUSD | Level (Peregrine) | ~5-8% (variable) | None | No KYC on a DEX | Ethereum |
| USDM Mountain Protocol USDM | Mountain Protocol | ~5% (rebasing) | None | No KYC on a DEX | Ethereum (+L2s) |
| USDL Paxos Lift Dollar | Paxos International | ~5% (rebasing) | None | Not stated | Ethereum / Arbitrum |
| sUSDe Ethena Staked USDe | Ethena Labs | ~4.6% (variable) | None | No KYC on a DEX | Ethereum (+L2) |
| YLDS Figure YLDS | Figure Markets | ~4% (SOFR-linked) | None | Not stated | Provenance / Ethereum |
| USDN Noble Dollar | Noble | ~4% (T-bill based) | None | No KYC on a DEX | Cosmos (Noble) / IBC |
| sfrxUSD Staked Frax USD | Frax Finance | ~4.1% (~4-5%) | None | No KYC on a DEX | Ethereum / Fraxtal |
| sUSDS Sky Savings Token | Sky (MakerDAO) | ~3.52% | None | No KYC on a DEX | Ethereum (+Solana, Base) |
| USD0++ Usual USD0++ | Usual | ~3.31% (T-bill base + USUAL rewards) | None | No KYC on a DEX | Ethereum |
| sDAI Savings DAI | Sky (MakerDAO) | ~1.25% | None | No KYC on a DEX | Ethereum (+Gnosis, L2) |
| scrvUSD Curve Savings crvUSD | Curve Finance | ~0.78% (variable) | None | No KYC on a DEX | Ethereum |
How to choose
Ask first where the yield comes from. Treasury-backed tokens carry the interest-rate and issuer risk of a money-market product; strategy-backed ones such as sUSDe depend on funding rates that can turn negative; lending-based ones depend on borrowers repaying. A higher yield is almost always payment for one of these risks. Then check how you get out: whether the token can be redeemed with the issuer or only sold on the market decides what happens to its price under stress.
More questions
Which of them can I buy without KYC?
12 of 14 can be bought on a DEX without identity verification. For the rest, the source does not state the secondary-market gate.
Where does the yield of the top five come from?
sUSDai: Loans collateralized by GPU/AI hardware. USR: Staking + perp funding rates (delta-neutral). sUSDf: Diversified market-neutral strategies. lvlUSD: DeFi lending interest on reserves. USDM: Short-term US Treasuries.
Which is the largest?
By size, sUSDf at $1.2B, followed by YLDS at $575M and sUSDai at $330M. Size is not safety, but a larger product usually means a deeper market to sell into.
Are these yields fixed?
14 of 14 are variable: the rate moves with markets and is not guaranteed. The figures on this page were last checked between 2026-07-23 and 2026-08-25.