🟡Stablecoin Yield Update Some of our stablecoin strategies have been adjusted, and as always, Cian’s yield layer strategies put user fund safety first. With recent market volatility, we’ve upgraded our risk framework so we can still provide a safer, higher-quality experience. In this update, we’re also sharing part of our new risk monitoring focus, hoping this information can help you make more informed and transparent decisions when using our strategies. Not financial advice—DYOR always! #DeFi #RWA #Stablecoin #Yield #CianYieldlayer

We've seen minor numerical adjustments in the data—subtle shifts in APYs and TVLs that reflect ongoing market dynamics without any drastic overhauls. No major additions or deletions this time. Maple's yields remain stable with the highest TVL overall: USDC on ETH at 2650M TVL, 6.9% APY; USDT on ETH at 1392M TVL, 6.6% APY—solid choices for consistency. However, Aave's USDT lending on ETH has seen a notable TVL drop to 139M (from previous highs), possibly due to market flows. Other highlights include USDC Kamino on Solana holding at 7.9% APY and Morpho on Arb at 5.9% APY. For stability seekers, these high-TVL standouts continue to perform reliably with no major security issues.

In this week’s stablecoin update, we want to add a section on risk monitoring for strategies we already run. We’ll start with two RWA assets: USCC and mF-ONE. USCC is primarily backed by short-duration, high-grade assets such as short-term Treasuries, cash-like instruments and related fixed income exposures, plus a smaller sleeve of on-chain basis or staking strategies. Key risk considerations: Off-chain yield mechanics: The core strategy involves spot-futures basis arbitrage on CME, a mature approach but capped by open interest. We're continuing to investigate prime broker arrangements and margin call thresholds. Redemption timeline: T+1 to T+2 business day exit window is reasonable, but forrecursive lending strategies, effective exit may take ~T+2, requiring proper leverage control mF-ONE (Midas/Fasanara) mF-ONE combines on-chain Treasury-style exposure (for example via mTBILL-type assets) with an off-chain private credit sleeve. Critical liquidity concerns: Extended redemption cycle: Official exit liquidity is T+35 business days (not calendar days as initially presented), exceptionally long even by TradFi standards Instant withdrawal pipeline: The 10M instant withdrawal pool (1% fee) was fully depleted and, shockingly, has not been replenished, representing a significant deterioration in liquidity provision

From there, the key question for both is: how are these off-chain assets disclosed and updated over time? This is where Proof of Reserve (PoR) pages and regular reporting come into play. For USCC, we currently see regular updates on the asset breakdown page（ showing the types and size of underlying holdings. These disclosures are on schedule but are primarily self-reported by the issuer, and so far we haven’t seen a full third-party audit package attached to them. For mF-ONE, transparency uses a mixed on-chain + off-chain model. There are on-chain addresses where reserves can be tracked, and the team periodically publishes transparency reports and NAV updates, while applying a haircut to NAV when feeding prices into lending markets. Based on what we’re currently seeing, mF-ONE’s transparency report hasn’t been updated since the 18th. We’re not going to jump straight to “this means the project is in trouble” because of a short delay. But inside Cian’s risk framework, a shift in the cadence of disclosures is a signal to move into a more cautious stance.

We’re sharing this not to create fear, but to show what we actually look at when we run stablecoin and RWA strategies. For us, it’s never just about the APY. It’s also about what’s behind the token, and how clearly those off-chain assets are being described and reported over time. Not financial advice—DYOR always! #DeFi #RWA #Stablecoin #Yield #CianYieldlayer