Farming Alpha: Earn >22% APR on Risk-Adjusted Stablecoin Farms

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Today’s News Headlines:

- apxUSD depegs again as recovery vote begins
- Berachain’s PoL Next replaces BGT with BERA
- Main Street outlines msY liquidity recovery
- Royal exploited for $261K on polygon
- Arbitrum proposes automated timeboost payouts

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This Week’s Farming News:

• Steakhouse Finance launched Morpho’s first confidential vault, allowing users to deposit cUSDC and earn yield while keeping individual lending positions private onchain.

• Strata’s tranched mHYPER markets via Hyperithm is offering 17%+ APY on junior tranche jrmHYPER and ~8.2% APY on senior tranche srmHYPER.

• Yuzu raised yzPrime’s target APY to 7% from 6.5%, reflecting performance from tokenized Treasuries, AAA CLOs, and overcollateralized lending strategies.

• Kamino launched a USDT Earn vault through SwissBorg, enabling users to deposit USDT and access onchain yield via Kamino’s lending infrastructure.

• Bedrock opened pre-deposits for its Alpha Selini Vault, allocating uniBTC into institutional delta-neutral credit strategies with a 1.8% target APY and 40 uniBTC cap.

• Curvance launched a Lending Optimizer Vault on Monad, automatically reallocating deposits across lending markets to maximize AUSD yield.

• Pendle added 3jane’s sUSD3 to its RWA yield marketplace, offering 14.24% native APY and enabling fixed-rate and yield trading strategies.

• Exponent launched $50K+ in bonus rewards across Rate Limit Order campaigns spanning ONyc, Solstice, BulkSOL, and rkuSOL markets, resting limit orders earn ~30% to 99%+ APY depending on the market.

• Pendle launched $50K+ in rewards across multiple Rate Limit Order campaigns, with participating markets currently offering roughly 30%–99%+ APY.

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Earn Up to 17% on USD Stablecoin Farms:

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Convex – USDC/RLUSD LP – USDC + RLUSD – 8% APY(Ethereum – Curve LP)

Curve stable pool pairing USDC with RLUSD — Ripple’s regulated stablecoin, issued under NYDFS oversight and backed 1:1 by US dollars and short-duration Treasuries. Staked via Convex for a boosted CRV reward on top of base trading fees. Both assets are fully regulated and fiat-backed, making this one of the cleanest stable pairs available.

Most of the yield typically comes from RLUSD liquidity incentives that Ripple has been running to bootstrap pool depth.

Risk — Lower The main risk is incentive sustainability — if RLUSD rewards are reduced or end, the APR compresses toward the small base trading-fee yield. RLUSD is newer than USDC with a shorter track record, though the backing model is well-understood. Curve and Convex smart contract risk applies, though both are battle-tested. Impermanent loss is negligible on a USDC/RLUSD pair.

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Pendle – LP earnAUSD (AUSD) – 22% APY (Monad – Pendle LP)

earnAUSD is Upshift’s liquid yield vault on Monad, curated by Gamma Research. Depositors contribute AUSD or USDC and receive earnAUSD, which appreciates as the vault allocates capital across lending protocols, DEXs, and yield strategies in the Monad DeFi ecosystem.

Rather than buying the fixed-yield PT, this position is an LP in Pendle’s AMM for the earnAUSD market maturing October 8, 2026 (105 days out), earning trading fees from PT/YT swaps plus the underlying vault’s yield. AMM liquidity is $976,833. For comparison, the PT alone offers an 11.86% fixed APY to maturity — the LP’s 17.09% reflects additional AMM activity on top of that base rate. The market also carries a $30K/month incentive program guaranteed across the full maturity.

Risk — Medium: LP positions in Pendle’s AMM behave differently from standard LPs — as maturity approaches (Oct 8), PT price converges to face value and trading activity typically drops, which can compress LP yield over time.

earnAUSD’s underlying allocations span multiple lending protocols, DEXs, and strategies within Monad’s ecosystem — diversified, but also more variables to monitor than a single-protocol vault, and you’re trusting Gamma Research’s curation across all of them. Details are as follows:

Monad is a newer chain than Ethereum, adding network-level risk. The $30K/month incentive is guaranteed through maturity, which helps yield stability, but the AMM liquidity at $976,833 means larger positions should expect some price impact on entry and exit.

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Farm Up to 23% on Stablecoins and 19% on ETH