Key finding: sUSDS is the only tracked yieldcoin to have grown both in absolute deposits (+49.8%) and market share (+17.4 ppt) across YTD 2026. Aave's two largest stablecoin pools (aEthUSDC + aEthUSDT) lost $6.20B in deposits and 25.6 ppt of share — a reversal accelerated by a three-day utilisation-driven cascade on 18–20 April in which Aave stablecoin borrow rates spiked to above 12% and deposits fell ~39% in 72 hours. Morpho v2 vaults, which began the year with $27M, closed the period at $891M.
Market Composition
Total Deposits by Protocol — Weekly, Jan–Apr 2026
The chart below shows total combined USD deposits across the five tracked yieldcoin venues at weekly intervals from 1 January through 20 April 2026. Stack segments show individual protocol contribution; the dashed line traces the combined total.
USD Deposits (billions) · Weekly · Jan–Apr 2026
sUSDS
sUSDe
syrupUSDC
Morpho v2
Aave stables
Dashed line shows combined total. Total deposits peak $21.21B on Mar 12; trough $15.48B on Apr 20 (−27% from peak).
Market Share Trajectory
sUSDS Share of Tracked Yieldcoin Deposits — Weekly
sUSDS share rose in three distinct phases: steady accumulation in January–February (19.6% → 24.1%), the Spark-driven Sky breakout in March (24.1% → 29.97%), and the Apr 18–20 Aave cascade which lifted sUSDS share 6.5 percentage points in a single partial week as denominator contracted and sUSDS held its deposit base.
sUSDS Market Share (%) · Weekly · Jan–Apr 2026
sUSDS share of 5-venue tracked deposits
Weekly Data
USD Deposits by Protocol — Weekly Snapshot
All figures in USD billions. Aave column combines aEthUSDC and aEthUSDT on Ethereum. Morpho v2 row aggregates USDC + USDT + PYUSD + USDS vault deposits. Week-on-week change refers to the combined total across all five protocols.
| Week of | sUSDS | sUSDe | syrupUSDC | Aave | Morpho v2 | Total | WoW Δ |
|---|---|---|---|---|---|---|---|
| Jan 1, 2026 | $3.83 | $3.47 | $1.35 | $10.83 | $0.03 | $19.50 | Opening |
| Jan 8, 2026 | $4.49 | $3.62 | $1.50 | $10.04 | $0.07 | $19.72 | +$0.22 (+1.1%) |
| Jan 15, 2026 | $4.00 | $3.76 | $1.38 | $10.58 | $0.12 | $19.84 | +$0.12 (+0.6%) |
| Jan 22, 2026 | $4.04 | $3.83 | $1.27 | $10.19 | $0.36 | $19.69 | −$0.15 (−0.8%) |
| Jan 29, 2026 | $4.03 | $3.80 | $1.44 | $10.77 | $0.44 | $20.49 | +$0.81 (+4.1%) |
| Feb 5, 2026 | $4.21 | $3.72 | $1.51 | $10.54 | $0.40 | $20.38 | −$0.11 (−0.6%) |
| Feb 12, 2026 | $4.57 | $3.67 | $1.66 | $9.69 | $0.57 | $20.16 | −$0.22 (−1.1%) |
| Feb 19, 2026 | $4.77 | $3.60 | $1.71 | $9.48 | $0.57 | $20.13 | −$0.03 (−0.2%) |
| Feb 26, 2026 | $4.84 | $3.52 | $1.69 | $9.38 | $0.65 | $20.07 | −$0.06 (−0.3%) |
| Mar 5, 2026 ★ | $5.51 | $3.53 | $1.55 | $8.68 | $0.79 | $20.06 | −$0.01 (0.0%) |
| Mar 12, 2026 ★ | $5.87 | $3.55 | $1.72 | $8.99 | $1.09 | $21.21 | +$1.16 (+5.8%) |
| Mar 19, 2026 | $6.11 | $3.60 | $1.86 | $7.68 | $1.14 | $20.38 | −$0.84 (−3.9%) |
| Mar 26, 2026 | $6.07 | $3.56 | $1.78 | $8.37 | $1.04 | $20.82 | +$0.44 (+2.2%) |
| Apr 2, 2026 | $6.43 | $3.55 | $1.74 | $8.11 | $1.07 | $20.89 | +$0.08 (+0.4%) |
| Apr 9, 2026 | $6.46 | $3.51 | $1.80 | $8.00 | $1.34 | $21.10 | +$0.20 (+1.0%) |
| Apr 16, 2026 | $5.81 | $2.84 | $1.40 | $7.58 | $1.39 | $19.01 | −$2.08 (−9.9%) |
| Apr 20, 2026 ⚠ | $5.73 | $2.97 | $1.25 | $4.64 | $0.89 | $15.48 | −$3.54 (−18.6%) |
| YTD change (Jan 1 → Apr 20) | +$1.91 | −$0.50 | −$0.10 | −$6.20 | +$0.86 | −$4.03 | −20.6% total |
★ Denotes weeks with step-changes. Mar 5 marks sUSDS crossing $5.5B; Mar 12 total peak at $21.21B driven by $1.1B added across sUSDS + Morpho v2. ⚠ Apr 20 reflects the 18–20 April Aave cascade.
Protocol Snapshot
Current Holdings, YTD Change & Market Share (Apr 20, 2026)
| Protocol | Jan 1 | Apr 20 | YTD $Δ | YTD % | Period Peak | Share (Apr 20) | Share Δ bps |
|---|---|---|---|---|---|---|---|
| sUSDS | $3.83B | $5.73B | +$1.91B | +49.8% | $6.75B (Apr 5) | 37.0% | +1,741 |
| Morpho v2 | $0.03B | $0.89B | +$0.86B | +3,224% | $1.40B (Apr 15) | 5.8% | +562 |
| sUSDe | $3.47B | $2.97B | −$0.50B | −14.5% | $3.83B (Jan 22) | 19.2% | +139 |
| syrupUSDC | $1.35B | $1.25B | −$0.10B | −7.2% | $1.91B (Mar 21) | 8.1% | +117 |
| Aave stables | $10.83B | $4.64B | −$6.20B | −57.2% | $11.16B (Jan 3) | 30.0% | −2,558 |
| Tracked Deposits | $19.50B | $15.48B | −$4.03B | −20.6% | $21.21B (Mar 12) | 100% | — |
Yield Comparison
Protocol Yields — Pre-Cascade (Apr 18) vs Post-Cascade (Apr 20)
The table below shows the yield paid by each protocol immediately before and during the Apr 18–20 liquidation cascade. Aave's utilisation-driven variable rates spiked to 3× normal levels as borrowers struggled to close positions. sUSDS's fixed Sky Savings Rate remained at 3.75%; sUSDe's basis yield drifted modestly higher as perp funding widened.
| Protocol | Jan 1 | Mar 1 | Apr 18 (pre) | Apr 19 | Apr 20 | 48h Δ |
|---|---|---|---|---|---|---|
| sUSDS (fixed) | 4.00% | 4.00% | 3.75% | 3.75% | 3.75% | Unchanged |
| sUSDe | 5.15% | 4.37% | 4.57% | 4.64% | 5.06% | +49 bps |
| syrupUSDC | 5.38% | 4.52% | 4.29% | 4.44% | 4.44% | +16 bps |
| Aave aUSDC | 3.55% | 1.98% | 2.44% | 11.33% | 12.55% | +1,011 bps |
| Aave aUSDT | 2.95% | 1.95% | 3.00% | 12.34% | 12.58% | +958 bps |
Source: ChainFundamentals dataset 6711808. Aave rates are supply APY on Ethereum v3.
Event callout — Aave cascade, 18–20 April 2026: Between 17 April close and 20 April close, Aave aEthUSDC fell from $3.44B to $2.08B (−39.5%) and aEthUSDT from $4.79B to $2.56B (−46.6%). Combined Aave stablecoin deposits shed $5.05B (−52%) in three trading sessions. Over the same window, sUSDS declined from $6.38B to $5.73B (−10.2%), sUSDe from $3.50B to $2.97B (−15.2%), syrupUSDC from $1.63B to $1.25B (−23.4%), and Morpho v2 from $1.35B to $0.89B (−34.2%). sUSDS was the smallest proportional drawdown in the set. Aave aUSDC supply APY reset from 2.44% to 12.55% at peak utilisation.
Growth Phases
Market Landscape Evolution — Four Phases
Phase 1 · Jan 1 — Feb 26
Aave dominance intact; sUSDS accumulates
Aave stables held 52–55% of tracked deposits through January and most of February. sUSDS grew steadily from $3.83B to $4.84B (+26%), lifting share to 24.1%. sUSDe was range-bound around $3.5–3.8B. Morpho v2 vaults ramped from $27M to $646M. Aave supply APYs compressed from 3.5% to 2.0% as leverage demand faded.
Phase 2 · Mar 1 — Mar 12
Sky breakout: sUSDS crosses $5.5B; total deposits peak $21.21B
sUSDS added $1.03B in 12 days, rising from $4.84B to $5.87B. Morpho v2 broke $1B on Mar 10. Combined Sky-curated and Morpho-integrated sUSDS flow coincided with a $1.4B decline at Aave, producing the largest single-week net rotation YTD. Total tracked deposits reached their $21.21B peak on Mar 12.
Phase 3 · Mar 13 — Apr 17
Plateau; sUSDS establishes 30%+ share
sUSDS continued to grind higher, reaching its $6.75B peak on Apr 5 and holding 30–31% share for five consecutive weeks. Aave stables stabilised around $7.6–8.4B, sUSDe around $3.5B, syrupUSDC around $1.75–1.85B. Morpho v2 peaked at $1.40B on Apr 15. Pre-cascade yields: sUSDS 3.75%, sUSDe 4.3–4.4%, syrupUSDC 4.2–4.3%, Aave 2.2–2.5%.
Phase 4 · Apr 18 — Apr 20
Aave cascade: −$3.54B deposits in 72 hours
Aave aEthUSDC + aEthUSDT shed $5.05B (−52%) as borrow rates spiked above 12%. sUSDe dropped $570M in 48 hours on basis-trade unwinds. sUSDS fell 10.2% but held its deposit base relative to peers. sUSDS market share jumped from 30.5% to 37.0% in three sessions — the largest single-week share gain YTD. Tracked deposits ended the period at $15.48B, −27% from the Mar 12 peak.
DATA & ATTRIBUTION: On-chain data sourced from ChainFundamentals using the following datasets:
6680585 · Yieldcoin market landscape — USD deposits by token ·
6711808 · Yield rates across protocols ·
4833785 · sUSDS wallet groups ·
4511356 · sUSDe wallet groups ·
5292252 · syrupUSDC wallet groups ·
6819416 · Morpho v2 stablecoin vault deposits.
Aave figures aggregate aEthUSDC and aEthUSDT on Ethereum v3. Morpho v2 figures aggregate USDC, USDT, PYUSD and USDS vault balances.
DISCLAIMER: This report is for informational purposes only and does not constitute investment advice, financial advice, or any form of recommendation. Past performance and on-chain behaviour do not predict future outcomes.
DISCLAIMER: This report is for informational purposes only and does not constitute investment advice, financial advice, or any form of recommendation. Past performance and on-chain behaviour do not predict future outcomes.