# Yield-Bearing Stablecoins Compared: APY and Supply

> Yield-bearing stablecoins compared by realized APY from their exchange rates: sUSDe, sUSDS, sDAI, syrupUSDC, scrvUSD and sfrxUSD, with supply and yield source.

Markdown copy of https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared

**Question:** What have yield-bearing stablecoins like sUSDe, sUSDS and syrupUSDC actually paid?

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

A yield-bearing stablecoin is a token whose value in dollars grows as it earns, whether it is a savings token such as sUSDS, a staked synthetic dollar such as sUSDe or a lending pool token such as syrupUSDC. This table compares them on what they actually paid, measured from each token's exchange rate at pinned blocks, with their supply and the source of their yield.

Quoted rates and realized yield are not the same. A savings rate set by governance, a yield driven by funding payments and a lending pool's interest can all change, so the table measures growth that already happened over seven, thirty and ninety days. The yield source column says where each one's income comes from, because the same number can carry very different risks.

Sort by supply or by any realized window and filter by yield source or protocol. Open a row to see the two reads each figure was computed from, with their blocks and timestamps.

## Blueprint

One row: One row per yield-bearing stablecoin on its home chain, on the latest complete day

- **Token** (`token`): The yield-bearing token's name and symbol, linked to its contract.
- **Protocol** (`protocol`): The protocol or issuer that runs the vault or wrapper.
- **Base coin** (`base_coin`): The stablecoin each share redeems for.
- **Chain** (`chain`): The chain whose contract is measured; copies on other chains are noted in the row.
- **Exchange rate** (`exchange_rate`): Base coin per share at the day's last block, from convertToAssets or the protocol's rate getter.
- **Realized APY, 7 days** (`realized_apy_7d`): Annualized growth of the exchange rate over the last seven days.
- **Realized APY, 30 days** (`realized_apy_30d`): Annualized growth of the exchange rate over the last thirty days.
- **Realized APY, 90 days** (`realized_apy_90d`): Annualized growth of the exchange rate over the last ninety days.
- **Set rate** (`set_rate`): The rate governance has set, where the protocol has one, read from its contract.
- **Supply** (`supply`, USD): Wrapper supply converted to its base coin at the same exchange rate.
- **Yield source** (`yield_source`): Where the income comes from: a protocol savings rate, funding on hedged positions, lending interest or reserve yield.
- **Receipt** (`receipt`): The two blocks and reads behind each realized figure.

## How it will be measured

- Each token's exchange rate is convertToAssets for one share at the last block of each UTC day, as ERC-4626 vaults report it, or the protocol's own rate getter where it has one.
- Realized APY compares the exchange rate at two pinned blocks and annualizes the growth from their timestamps, over seven, thirty and ninety days.
- Supply is the wrapper's totalSupply() converted to its base stablecoin at the same exchange rate.
- Governance-set rates, such as the Sky Savings Rate in sUSDS and the DAI Savings Rate in the Pot contract, are read beside the realized figures and labelled as set rates.
- Yield sources come from each issuer's documents and are described in words, without figures.

## Data it needs

- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `token_supply_daily` (to build): Total supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- `stablecoin_supply_daily` (published): Native supply of each USD and EUR stablecoin on each covered chain at the chain's last block of each day, from totalSupply() reads, with bridged copies kept apart.
- Source: ERC-4626 convertToAssets for one share of sUSDe, sUSDS, sDAI, syrupUSDC, scrvUSD and sfrxUSD at day-end blocks
- Source: totalSupply() of each wrapper and of its base stablecoin at the same blocks
- Source: Sky ssr() in the sUSDS contract and dsr() in the DAI Pot contract
- Source: Block timestamps of each pinned block, for annualizing
- Source: Issuer documents describing each yield source, recorded with the registry entry (off-chain, no figures)

## Questions

### What is a yield-bearing stablecoin?

A token that holds a stablecoin and grows in value as that stablecoin earns interest, funding payments or lending income. Holding it earns the yield without claiming rewards: one share redeems for more of the base coin over time.

### What is the difference between sUSDS and sUSDe?

sUSDS is Sky's savings token: it earns the Sky Savings Rate, set by Sky governance and funded by the protocol's lending and reserves. sUSDe is Ethena's staked USDe: it earns mostly from funding payments on hedged futures positions, so it moves with perpetual markets.

### Is sDAI the same as sUSDS?

Both are savings wrappers in the Sky ecosystem. sDAI holds DAI in the DAI Savings Rate and sUSDS holds USDS in the Sky Savings Rate; the two rates are set separately and can differ.

### Why measure realized yield instead of the quoted APY?

A quoted rate describes the present setting or an estimate of what comes next. Realized yield is what the exchange rate actually did between two blocks: anyone can check it, and it reflects any changes during the window.

### Are yield-bearing stablecoins still stablecoins?

They track a stablecoin plus its earnings, so their price in dollars rises over time instead of staying at one dollar. Their risks include those of the base coin and of whatever produces the yield, such as lending, hedges or reserves.

## Glossary

- **Exchange rate**: How much of the base stablecoin one share of the yield-bearing token redeems for; it rises as the token earns.
- **ERC-4626**: The standard interface for tokenized vaults, including convertToAssets, which reports how many underlying tokens a number of shares is worth.
- **Savings rate**: A rate set by a protocol's governance and paid to holders of its savings token, such as the Sky Savings Rate.

## Related apps

- [Ethena USDe Supply and sUSDe Yield](https://voltfincrypto.com/apps/ethena-usde-supply-susde-yield)
- [Stablecoin Lending Rates: USDC and USDT APY](https://voltfincrypto.com/apps/stablecoin-lending-rates)
- [Pendle Fixed Yields: PT APY by Market and Maturity](https://voltfincrypto.com/apps/pendle-fixed-yields)
- [Tokenized Treasury Fund Yields](https://voltfincrypto.com/apps/tokenized-treasury-fund-yields)
- [Stablecoin List Ranked by Circulating Supply](https://voltfincrypto.com/apps/stablecoin-list-by-circulating-supply)
- [Stablecoin Market Cap and Total Supply](https://voltfincrypto.com/apps/stablecoin-market-cap)

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