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Yield ranked against safety and real-world benchmarks — not just raw APY.
Yield Is A Risk Surface
Raw APY is only the first number. A sustainable stablecoin yield should be compared against the stablecoin safety grade, the relevant fiat benchmark, source freshness, and historical volatility.
Use Safety Scores to understand the issuer and dependency side, then use the yield table to see whether the APY premium pays enough for that risk.
The page separates native yield, lending opportunities, rate-derived rows, and curated sources so a protocol incentive is not confused with reserve-backed income.
Building a yield shortlist? Start from the yield profile in Stablecoin Picker and come back here to verify source freshness and PYS.
The Pharos Yield Score (PYS) is a risk-adjusted yield metric scored 0-100 that balances yield magnitude against safety, benchmark context, source risk, and consistency. It starts from 30-day average APY, adds 25% of the row's benchmark spread, divides that effective yield by source-risk and safety-derived penalties, then applies a sustainability multiplier based on APY volatility over the same period. Higher-safety stablecoins and cleaner yield sources incur lower adjusted penalties, so moderate but durable yield can compete with riskier double-digit offers.
Yields are resolved through deterministic on-chain reads, curated DeFiLlama sources, price-derived or rate-derived fallbacks, and curated lending opportunities. Rankings refresh hourly, with slower supplemental-source families merged in from a separate four-hour lane, and preserve source-specific history so trailing APY metrics stay tied to the active source.
Risk-adjusted yield accounts for the safety of the stablecoin issuing the yield, not just the raw APY. A stablecoin with a high safety grade (A or A+) receives a much lighter adjusted penalty in the PYS formula, so even a moderate APY can score well. Conversely, a risky stablecoin must offer meaningfully higher raw yield to achieve the same PYS, reflecting the extra risk borne by the holder.