Stablecoins
Supply by issuer, peg currency and chain across 228 tokens and ten chains. Daily turnover, volume by hour, and how much supply sits with exchanges, in DeFi, or neither.
HSC Asset Group with Dune
The Institutional
Yield Map
An institution looking at onchain yield today has more places to put money than it can reasonably diligence. This report measures sixteen of them on realised return, over 44 months.
Get the reportWhat each source paid, August 2026
Treasury bill (3.79%)
Yield-bearing dollars
sUSDS, sUSDe, sUSDai, sUSDD, sDAI, etc.
1.25 – 14.51%
Stablecoin lending
Aave, Morpho, Spark, Fluid
2.90 – 5.10%
Tokenized money funds
USYC, BUIDL, USDY, iBENJI, EUTBL, etc.
3.20 – 3.40%
Ethereum staking
The network reference rate
2.44%
Liquid staking
stETH, wBETH, cbETH, rETH, sfrxETH
2.16 – 2.40%
0%5%10%15%
What the report covers
Who is allocating
How much institutions actually hold today, and why the industry surveys disagree so widely about it.
What you may hold
What six jurisdictions permit, and why none of them entitles a stablecoin holder to any of the interest earned on the reserves behind it.
Where the float goes
Stablecoin reserves earn around $11bn a year. The report follows who receives it.
Where the return comes from
Sixteen yield sources compared on what they paid, how much you can put into each, and how far income fell in a bad month.
Is it worth doing
Whether the custody and mandate work is worth a spread over Treasury bills that is often slim.
Dune datasets used
Real-world assets (RWA)
Treasury and money market fund AUM by issuer, chain and product. Holder counts, concentration, and whether the instrument trades after issuance.
Balances and token supply
Total ETH supply summed across 205.5m native balances, and liquid staking token supply from issuer-verified addresses.
Lending protocol contracts
Realised supply APY for USDC and USDT on Aave, Morpho, Spark and Fluid, taken from accrual rather than posted rates.
Beacon chain
Per-validator daily reward accrual, staked ETH, validator counts, slashings and the ETH-denominated entry queue.
Liquid staking contracts
Rates read from each issuer's own contract: Lido, Binance, Coinbase, Rocket Pool and Frax.
Get the report
The full edition as a PDF, with the link to the live dashboard.
The download will be sent via email
Data cut-off August 2026. The dashboard refreshes continuously.
The Institutional Yield Map 2026. Published by HSC Asset Group. Onchain data by Dune.
Nothing in this report is investment advice. Figures are rounded in the text and exact in the dashboard.