Top APYs — week of June 8–14.
Lending tokens:
→ MCwETH (Morpho) — 30.11%, still the highest in the lending cohort
→ aBasGHO (Aave) — 11.29%
→ alphaUSDCAsiaV2 (Morpho) — 10.90%
→ aArbGHO (Aave/Arbitrum) — 9.80%
Tokenized funds:
→ syrupUSDC (Maple) — now published at 6–10% APY range, $1.8B AUM — up from $1.4B two weeks ago
→ sUSDS (Sky) — largest fund at $6.1B, 4–8% range
→ USYC (Circle) — now ~$3B AUM, the largest tokenized Treasury product on-chain. APY waives subscription/redemption fees on first $1M daily volume for ETH/Solana — still the fund with the most favorable momentum in its category
→ JAAA (Centrifuge) — 5.11%, the 284% APY change over 90d remains the standout trajectory in credit funds
→ PRIME (Hastra) — 6.06%, credit fund
MCwETH at 30% on low market cap = real borrower demand signal, not emissions.
USYC crossing $3B and becoming the largest tokenized Treasury product by AUM is the structural story this week — it's now bigger than BUIDL ($2.4B). The fund with positive momentum just became the category leader.
The rotation continues: T-bill-backed funds (sUSDS, USYC) sit at 4-8%, credit funds (syrupUSDC, JAAA, PRIME) hold a 6-10% premium. Watch this spread after GENIUS Act final rules land July 18.