Dom

DeFi @Paxos

[Ryanair @Ryanair]

fork found in kitchen

[Global Dollar Network 🌎 @global_dollar]

@aave @maplefinance Maple 🤝 GDN 🤝 Aave

[Aave @aave]

syrupUSDG by @maplefinance is now available as collateral on the Aave V4 Global Dollar Hub.

Users can borrow @global_dollar's USDG against it.

[sealaunch intelligence @sealaunch_]

After the discussion in the tweet below, Morpho now surfaces donations to vaults in the UI as an incentive. Vaults receiving direct donations show an "Includes donations" tag, saying that part of the yield comes from assets paid directly into the vault's underlying asset, which can push the APY above the market rate.

Related to this it's worth looking at the Coinbase Earn and Robinhood Earn products and where the yield comes from.

Both products route user deposits into Morpho vaults:
- Coinbase to Steakhouse High Yield USDC Edition on Base
- Robinhood to Steakhouse USDG on Robinhood Chain

In both cases the yield the user ends up seeing comes from different sources: i) vault level incentive, ii) market level incentive, iii) market native yield.

The first one is a Merkl campaign running on the vault supply side that tops the rate up to the advertised number, showing 5.4% APR on the Coinbase App and 6.99% APR on the Robinhood App.

The second one sits at the market level that the vaults deploy to.

USDe collateral deposits are being paid around 4.5% on both markets, on the USDe/USDC market on Base ($245M supplied and $211M borrowed) and on the USDe/USDG market on Robinhood Chain ($136M supplied and $90M borrowed).

Rather than paying the lenders directly, the incentive pays the users who deposit collateral, and those users then borrow the stablecoin against it and loop the position back in, which is what creates the borrow demand, pushes utilization up, and produces the yield the vault passes along to depositors.

A handful of loopers account for most of the collateral, running roughly 9x leverage, meaning the supply figures are mostly looped capital.

At the vault level, it appears as organic yield even though it is indirectly subsidised at the market level.

The 4.5% paid on collateral in USDe sits above sUSDe's own native yield of around 4%, and it currently produces 3.99% of vault yield on Base and 2.86% on Robinhood Chain.

Together with the vault-level campaigns on both consumer vaults, the structure runs at roughly $683k a week, close to 30% of all spend across Merkl's top 40 campaigns.

A note that Coinbase Earn also allows depositing to a vault that allocates mostly to cbBTC/USDC, the market behind Coinbase's onchain loans product, where borrow demand comes from real users borrowing USDC against cbBTC, that portion of the yield is native.

Also worth noting that Ethena itself (as disclosed on its transparency dashboard), supplies stablecoins into both of these markets through two vaults Ethena x Steakhouse USDC on Base and Ethena x Steakhouse USDG on Robinhood.

Which brings the question back to where it started.

An incentive that sits on the collateral of the underlying market, and its entire purpose is to generate the yield the vault reports (that is mostly incentivised yield).

Should that be surfaced on the vaults UI but also in the Coinbase and Robinhood apps?

[Global Dollar Network 🌎 @global_dollar]

Users on Aave V4 are putting their USDG to work.

Learn how @Aave is scaling USDG across DeFi's deepest credit markets: https://t.co/sAuLR5PvDX

[Marius | Kamino @y2kappa]

Three years ago, when Kamino Lend was launched, this would have been blasphemy.

[Dadivan.Sol @Dadivan_sol]

@kamino @SteakhouseFi @Paxos The list keeps getting longer:
Home equity.
Private credit.
Reinsurance.
Tokenized equities.
Bitcoin treasury products.
Gold.

[Kamino @kamino]

$4.3M of capacity is available in the ONyc/USDG Multiply loop.

Over $85M is deployed across ONyc Multiply strategies on Kamino, providing up to 2.9x leveraged exposure to reinsurance-backed yield on Solana.

[Dom @DominicNiolu]

@stacy_muur @SkyEcosystem @ethena Ethena currently places <10% of its backing on basis trades according to their own transparency dashboard, they primarily generate yield from stablecoin holdings & farming incentives

[Dom @DominicNiolu]

@kashdhanda 👀👀👀

7PYztyo2M1oWMd6nQeahdSAitjqusWXM3TxeY9DiT8nK

[Stani @StaniKulechov]

Proposal to add syrupUSDG to the dedicated Global Dollar (USDG) Hub.

[Aave @aave]

Aave Labs posted a proposal to onboard @maplefinance's newly launched syrupUSDG to the @global_dollar Hub on Aave V4.

[BSCN @BSCNews]

Aave Debuts New Stablecoin Liquidity Hub

Aave (@aave) has unveiled the Global Dollar Hub, its first specialized liquidity market on V4.

It is built entirely around the USDG stablecoin ecosystem.

The Global Dollar Hub went live with PT-USDG, as its inaugural collateral asset.

Users can now borrow USDC and USDT against fixed rate Pendle principal tokens. It marks the first real world test of Aave's hub and spoke architecture introduced in March 2026.

[Maple @maplefinance]

Introducing syrupUSDG, Maple's new yield-bearing Syrup asset for the Global Dollar (USDG).

Together with @Paxos, syrupUSDG makes USDG one of the first major regulated stablecoins with institutional credit returns built in.

The returns come from institutional lending: Maple's book of overcollateralized loans, $22B+ issued since 2022.

Our first new Syrup asset in two years.

[Global Dollar Network 🌎 @global_dollar]

USDG is the first stablecoin natively issued on Robinhood Chain.

It's also the lending asset in @RobinhoodCrypto's Earn program, where you can hold USDG via a self-custodial wallet, and earn rewards through decentralized lending vaults.

[Aave @aave]

The Global Dollar Hub is now live on Aave V4.

It's the first new Liquidity Hub since V4's launch, live on @ethereum and built for @global_dollar USDG-correlated assets.

[Global Dollar Network 🌎 @global_dollar]

The Global Dollar Hub is now live on @Aave V4.

It's the first new Liquidity Hub added to V4, built on Ethereum for USDG-correlated assets, starting with @pendle_fi's PT-USDG and expanding to more tokens over time.

USDG at work on DeFi's biggest money market.

[Stani @StaniKulechov]

Aave launched first dedicated liquidity hub for stablecoin strategies, allowing correlated strategies with USDG.

This is one of the many new Liquidity Hubs lined up for Aave V4 to expand Aave's use-cases.

[Global Dollar Network 🌎 @global_dollar]

Network Effect, presented by Global Dollar Network, is back in NYC on May 13.

Policy leaders, DeFi protocol teams, and payments experts in one room talking about where stablecoins go from here.

Request an invite: https://t.co/HCvJDLduKN

[Wilbert @_whalebird]

PT-USDG (5.3% APY) is currently the highest institutional grade fixed yield you can get in defi on a genius compliant stablecoin.

USDG is issued and backed by @Paxos and the @global_dollar network.

When markets are uncertain and all you’re doing is holding stables, there’s no better place to earn some passive yields than on @pendle_fi right now.