October has been a mixed month for cryptocurrencies, featuring wild swings in both directions and looking almost ready to leave the month they started. But this doesn’t mean “Uptober” was a damp squib. For astute traders and discerning harvest farmers, there were many profits to be made. If you fall firmly into the latter category, it’s hard to see historical high-yielding stablecoins with ever-increasing APRs.
High-yield stablecoins such as Ethena’s USDe and Ondo’s USDY are printing APYs above 5% and attracting billions of dollars in new inflows as institutions and retailers prefer on-chain income to volatile altcoins. Following them this week is ConstructKoin (CTK), whose ongoing presale promises to inject ReFi yield with 8-12% staking rewards backed by physical stores. Who cares about crypto volatility when you can earn real yield while sitting comfortably in your stable? Let’s find out how these three candidates stack up.
Ethena maintains yield as sUSDe hits $5 billion cap
sUSDe, the staked version of Ethena’s synthetic stablecoin, is currently valued at over $5 billion. This means that approximately 50% of all USDe currently in circulation is earning yield. It is currently the third largest stablecoin by market capitalization after USDC and USDT, and its staked equivalent currently yields over 5%.
Ethena has become the standard by which other high-yielding stable stocks are evaluated, particularly for its ability to earn sustainable returns from its delta-neutral hedge of ETH-BTC, which means it thrives during periods of market volatility when trading activity increases. With nearly 850,000 users across 24 chains, USDe is a high-yielding asset that has proven that stablecoins can do much more than simply cling to $1 and provide shelter in times of volatility.
Ondo’s USDY brings TradFi revenue on-chain
While not as flashy as Ethena’s USDe, but no less valuable, Ondo’s USDY is a smooth operator, and its tokenized short-term US Treasuries yield a solid 4% APY. Backed by institutional transparency and daily distributions, USDY is just the beginning for conservative yield seekers.
With new consolidations that have seen the stablecoin gain a foothold on 10 chains, its market cap now stands at nearly $700 million. Amid this week’s sell-off, USDY remained undaunted. USDY is a reward-to-hold hedge that bridges the safety of TradFi with the liquidity of DeFi, sustainably funded and delivering yield with full transparency. The stable is a favorite of financial institutions and attracts big Wall Street players who like the idea of measurable yield combined with assets that can be traded 24/7.
ConstructKoin (CTK) presale paves the way to 12% ReFi yield
While USDe and USDY tokenize yields from synthetic stocks and government bonds, ConstructKoin’s CTK is an RWA wildcard. Please note that CTK is not a stablecoin. It is a protocol token, but similar to sUSDe and USDY, it pays rewards to stakers. Furthermore, once the current pre-sale ends and CTK reaches the $100 million cap, ConstructKoin plans to launch its own stablecoin, positioning it firmly in the revenue generating bracket.
The AI-powered protocol securitizes real estate loans at around 75% LTV with 8-12% APY paid in USDT from real loan interest. At $0.01 entry in Phase 1 (scaled up to $1 in 10 steps with $100 million hard cap), 40% of the $1 billion supply is available in pre-sale.
While there has been significant progress this year in sourcing RWA yield from assets such as Treasury bills and equities, there has been little progress so far on real estate. ConstructKoin intends to change this, adding another sustainable revenue stream for on-chain users to hang out with.
This week’s movements in the crypto market have focused attention on high-yielding assets as the ultimate rotation strategy. From Ethena to Ondo’s USDY to ConstructKoin, that yield is out there, waiting to be claimed. While BTC is consolidated, on-chain yield is where the safest and smartest funds are placed, quietly collecting APY.