# Stablecoin Lending Rates: USDC and USDT APY

> Stablecoin lending rates on Aave, Compound, Morpho, Spark and Euler: USDC and USDT supply APY, borrow rates and utilization by market and chain.

Markdown copy of https://voltfincrypto.com/apps/stablecoin-lending-rates

**Question:** What do USDC and USDT earn and cost on the main DeFi lending markets today?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Stablecoins](https://voltfincrypto.com/topics/stablecoins)
- Chains: Multi-chain, Ethereum, Base, Arbitrum
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Stablecoin lending rates are set by contracts, not by a desk: each market raises its rates as more of its deposits are borrowed. This dashboard reads the supply and borrow rates of USDC, USDT, USDS, DAI and GHO markets on Aave, Compound, Morpho, Spark and Euler across the covered chains, each at a pinned block.

Two figures matter for each market. The supply rate is what depositors earn and the borrow rate is what borrowers pay; the gap between them depends on how much of the market is borrowed and on the share of interest the protocol keeps. Rates are shown as APY, compounded from the rate each contract stores, so markets that accrue per second and per block compare fairly.

Use the market table to compare rates side by side and the history page to see how they moved. A high rate usually comes with high utilization, which can make withdrawals wait until borrowers repay; the utilization column shows it.

## Blueprint

### Rates now

Weighted supply and borrow rates and every market side by side.

- **USDC supply APY** (%): The average supply APY of tracked USDC markets on the latest day, weighted by the amount supplied to each.
- **USDT supply APY** (%): The same supply-weighted average for tracked USDT markets.
- **USDC borrow APY** (%): The average variable borrow APY of tracked USDC markets, weighted by the amount borrowed from each.
- **USDT borrow APY** (%): The same borrow-weighted average for tracked USDT markets.
- **Markets side by side**: Each market's protocol, chain, asset, supply APY, borrow APY, utilization, supplied and borrowed amounts and collateral accepted, with a receipt per row.
- **Borrow rate against utilization** (%): Each market's borrow APY plotted against its utilization, which shows each protocol's rate curve at work.

### History

How stablecoin rates and utilization moved.

- **USDC supply APY, 30-day average** (%): The weighted USDC supply APY averaged over the last thirty days, steadier than a single day's figure.
- **USDT supply APY, 30-day average** (%): The weighted USDT supply APY averaged over the last thirty days.
- **Utilization by day** (%): Daily utilization of the selected stablecoin's tracked markets, weighted by supply, over the period.
- **Supply and borrow APY by day** (%): Daily weighted supply and borrow APY of the selected stablecoin over the period, with MetaMorpho vault yields as a separate line.

Filters: Stablecoin (USDC, USDT, USDS, DAI or GHO); Chain (Every covered chain); Period (Last 7, 30 or 90 days).

## How it will be measured

- Aave v3 and SparkLend rates come from each reserve's liquidityRate and variableBorrowRate, read from reserve data and ReserveDataUpdated events at the pinned block and compounded to an annual yield.
- Compound v3 rates come from each Comet market's getSupplyRate and getBorrowRate at its current utilization; Euler v2 rates come from each vault's interest rate in its VaultStatus events.
- Morpho market rates come from AccrueInterest events and market totals, and MetaMorpho vault yields from the growth of convertToAssets between two daily blocks.
- Headline figures average markets weighted by the amounts supplied or borrowed, so a small market with an extreme rate does not set them; incentive tokens are shown apart and never added to the rate.
- Each rate links to the contract, the call or event and the block it was read at.

## Data it needs

- `lending_markets_daily` (to build): Supply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- Source: Aave v3 and SparkLend ReserveDataUpdated events and reserve data for USDC, USDT, USDS, DAI and GHO
- Source: Compound v3 Comet getUtilization(), getSupplyRate() and getBorrowRate() for USDC and USDT markets
- Source: Morpho Blue AccrueInterest events and market(id) totals for stablecoin loan markets
- Source: MetaMorpho vault convertToAssets at daily blocks, for realized vault yield
- Source: Euler v2 EVault VaultStatus events: interest rate, total borrows and cash

## Questions

### Why do USDC lending rates differ between markets?

Each market sets its rate from its own utilization and rate curve, accepts different collateral and runs on its own chain. A market that lends against riskier collateral, or one that is nearly fully borrowed, usually pays depositors more.

### What is the difference between APY and APR?

APR is a simple annual rate; APY includes compounding. Lending contracts accrue interest every second or block, so the dashboard converts each stored rate to an APY, which is slightly higher than the APR of the same market.

### What is utilization?

Utilization is the share of a market's deposits that is currently borrowed. Rate curves raise borrow rates as utilization climbs, steeply above a target level, to draw in deposits and discourage borrowing so withdrawals stay possible.

### Are reward tokens included in the rate?

No. Some markets pay extra tokens to depositors or borrowers. Those incentives are listed in their own column, valued only where an on-chain price exists and never added to the interest rate the contract pays.

### Is lending stablecoins in DeFi risk-free?

No. Depositors take on the risk of the contracts, of the collateral a market accepts, of its oracles and of bad debt if liquidations fail. The dashboard shows rates and the settings behind them; it does not rate any market as safe.

## Glossary

- **Supply APY**: The annual yield a depositor earns from borrowers' interest, compounded, after the protocol's reserve share.
- **Borrow APY**: The annual cost of a variable-rate loan from the market, compounded.
- **Utilization**: The amount borrowed divided by the amount supplied in a lending market; rates rise as it rises.
- **Reserve factor**: The part of borrowers' interest a protocol keeps for its reserves instead of passing it to depositors.

## Related apps

- [Aave Rates: Borrow and Supply APY by Market](https://voltfincrypto.com/apps/aave-rates)
- [DeFi Lending Rates Table: Utilization and LTV by Market](https://voltfincrypto.com/apps/defi-lending-rates-table)
- [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared)
- [DeFi Lending Market Share: Aave, Morpho, Spark and Euler](https://voltfincrypto.com/apps/defi-lending-market-share)
- [Morpho Vaults: Curator Allocations and Collateral Exposure](https://voltfincrypto.com/apps/morpho-vaults-curator-exposure)
- [Stablecoin Market Cap and Total Supply](https://voltfincrypto.com/apps/stablecoin-market-cap)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F