October’s been a mixed month for crypto, characterized by heavy swings in both directions that look poised to leave the month roughly where it started. But this doesn’t mean that “Uptober” has been a damp squib – far from it. There have been plenty of gains to be made for smart traders and astute yield farmers. If you fall firmly into the latter category, it’s hard to see past yield-bearing stablecoins, whose APRs keep grinding higher.
Yield-bearing stablecoins such as Ethena’s USDe and Ondo’s USDY are printing 5%+ APYs, drawing billions of dollars in fresh inflows as institutions and retail favor onchain income over volatile alts. Hot on their heels this week comes ConstructKoin (CTK), whose ongoing presale promises to inject ReFi yields into the mix with 8-12% staking rewards backed by real bricks-and-mortar. Who cares about crypto volatility when there’s real yield to be earned while sitting comfy in stables? Let’s examine how these three contenders stack up.
Ethena Keeps the Yield Coming as sUSDe Hits $5B Cap
sUSDe – the staked version of Ethena’s synthetic stablecoin – has now surpassed $5B, which means around 50% of all USDe in circulation is currently earning yield. It’s now the third largest stablecoin by market cap, behind only USDC and USDT, and its staked equivalent is currently dishing out more than 5% in yield.
Ethena is the standard by which other yield-bearing stables are measured, with its ability to source sustainable returns from delta-neutral hedges on ETH-BTC perps, among other things, means that it thrives during times of market volatility, when trading activity ramps up. With close to 850K users across 24 chains, USDe is the yield-bearing asset that’s proved that stablecoins can do much more than simply stick to a dollar and provide sanctuary during volatility.
Ondo’s USDY Bring TradFi Yields Onchain
Less flashy than Ethena’s USDe, but no less valuable, Ondo’s USDY is a smooth operator, its tokenized short-term US Treasuries yielding a rock-solid 4% APY. Backed by institutional-grade transparency and daily distributions that make it a go-to for conservative yield chasers, USDY is just getting started.
Its market cap now stands at close to $700M, driven by new integrations that have seen the stablecoin gain a foothold on 10 chains. Amidst this week’s chop, USDY wasn’t fazed: it’s the hedge that pays you to hold, bridging TradFi safety with DeFi liquidity for yields that are sustainably sourced and delivered with full transparency. This stable is an institutional favorite, attracting major Wall Street players who like the idea of yield they can measure coupled with an asset they can trade 24/7.
ConstructKoin (CTK) Presale Paves the Way for 12% ReFi Yields
While USDe and USDY tokenize yields from synthetics and Treasuries, ConstructKoin’s CTK is the RWA wildcard. CTK is not a stablecoin, it should be noted – it’s a protocol token, but one that pays out rewards to stakers just like sUSDe and USDY. What’s more, once its current presale is over, and CTK reaches $100M cap, ConstructKoin will be launching its own stablecoin, placing it firmly in the yield-generating bracket.
The AI-powered protocol securitizes property loans at around 75% LTV, with 8-12% APYs paid out in USDT from real loan interest. At $0.01 entry in Phase 1 (scaling to $1 across 10 tiers for a $100M hard cap), 40% of the 1B supply is up for grabs in the presale.
There’s been significant progress made this year in sourcing RWA yield from assets like T-bills and equities, but little headway in doing the same for real estate up until now. ConstructKoin is on course to change that, adding a new source of sustainable yield for onchain users to hoover up.
This week’s crypto market action has spotlighted yield-bearing assets as the ultimate rotation play. From Ethena to Ondo’s USDY and ConstructKoin, the yield is out there and it’s waiting to be claimed. While BTC consolidates, onchain yield is where the safest and smartest money sits, quietly collecting APYs.
