Section 3 of 4 · In Development
Stablecoins & DeFi Yields
Building now · Estimated completion: Phase 3
What is the on-chain opportunity cost of holding dollar stablecoins versus TradFi alternatives? This section tracks Aave V3 and Compound V3 USDC lending yields against the 3-month T-bill rate to measure when DeFi pays a premium or discount to the risk-free rate — updated daily.
Data coverage: Five DeFi pools tracked daily — Aave V3 USDC/USDT/DAI (Ethereum),
Compound V3 USDC (Ethereum), and Aave V3 USDC (Arbitrum). Data backfilled to 2022 via DefiLlama Yields API.
TB3MS (3-month T-bill) backfilled to January 2020 via FRED.
DeFi Spread
DeFi Spread
DeFi Yield vs T-Bill Rate
When does on-chain stablecoin yield exceed the risk-free rate?
Best-available USDC APY across Aave V3 (Ethereum + Arbitrum) and Compound V3 (Ethereum)
versus TB3MS, with the spread as a primary series.
Secondary: USDT and DAI Aave yields, individual pool breakdown, TVL context.
Coming soon