🟡Stablecoin Yield Update
In this update, we’re sharing the latest changes across our stablecoin yield strategies and a closer look at risk in the USCC_USDC ETH yield layer.
Not financial advice — DYOR always.
#DeFi #RWA #Stablecoin #Yield #CianYieldlayer
Here's the latest on stablecoin yield strategies. We've added two new USDC strategies on Monad mainnet: Gearbox Lending (TVL 14M, 9.75% APY via incentives) and Morpho "Steakhouse" (TVL 7M, 8.58% APY via incentives). We've also removed ETH Wildcast on ETH Lending (Wintermute, previously 375M TVL, 3.75% APY). Other changes are mostly minor.
Today we’re focusing on risk in the USCC_USDC ETH yield layer. The USCC Yield Layer enables users to deposit USCC, USDT, USDC, DAI, or USDS. All deposits are first converted into USCC. Then all USCC is supplied to the Aave Horizon RWA market as collateral. Next, USDC is borrowed at a target LTV of ~66.66%. The borrowed USDC is converted back into USCC and re-supplied to Aave Horizon in a recursive loop, until reaching roughly 3x leverage on the underlying USCC exposure.
On the USCC side, the token 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. Based on the latest breakdown, around 57% of the portfolio is allocated to CME spot–futures basis arbitrage, about 17.94% is in USTB (short-duration U.S. Treasury exposure), and roughly 24.42% is USD collateral used as margin on exchanges to support the short leg of these trades.
One risk we monitor closely is deposit concentration in the Aave RWA Horizon USDC market. According to our monitoring, the top 3 suppliers account for about 85% of total deposits. If one of these large addresses exits quickly, utilization can spike, and in the short term the borrow APY in that market may move above the yield that USCC itself is generating. That doesn’t immediately break the system, but it can temporarily distort the rate environment until new supply or adjustments bring utilization back down.
One structural feature that reduces contagion risk is that USCC cannot be borrowed in this setup, and the market doesn’t depend on a basket of other collateral types to function. This means there is no direct “bad debt spillover” channel from volatile assets into this RWA pool: the main variable is the balance between USDC suppliers and the Horizon borrowing side.
We’ll keep monitoring these dynamics and include more risk details in future updates so you can factor them into your own decisions.
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