Farms of the Week: Earn 12% on Stablecoins & 18% on ETH

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This letter is dedicated to curated Stablecoins and ETH farms this week. We’ll be covering:

1. Up To 12% APY on USD Stablecoins

2. Up To 18% APY on ETH

3. Advanced Farms For up to 25% ETH APY and 25% Stable APY

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Today’s News Headlines:

- Polymarket partners with Nasdaq Private Market
- Trump signs crypto-focused fintech executive orders
- RAAC enables gold-backed pmUSD redemptions
- Apyx publishes independent reserve attestation
- Wintermute launches Armitage USDC vault
- Solstice boosts Exponent market reward multipliers
- Flex launches fixed-rate isolated money market
- 3F launches leveraged Centrifuge CLO strategy
- Re adds GHO borrowing incentives on Fluid
- Ink adopts Chainlink Scale across ecosystem
- Nest sunsets USDH liquidity pool support

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1. Earn Up to 11% on USD Stablecoin Farms:

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Euler Cassa RWA AUSD Vault - 11% APY (Ethereum · Lending vault)

Lend AUSD into Cassa’s curated Euler vault. The vault is exposed to two RWA-linked assets: USPC (a tokenized private credit product) and STRC (Strategy’s preferred equity, the same asset backing apxUSD and sUSDat). Most of the yield comes from the 11% AUSD reward on top of base lending rates. Cassa is a smaller, newer curator focused on real-world asset collateral.

⚠️STRC exposure is the key concern — it has traded at $90–93 twice in the past six months, and any discount weakens collateral ratios in the vault. USPC is private credit, meaning off-chain counterparty risk that’s harder to monitor. Cassa has less track record than larger curators. Euler smart contract risk applies.

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Morpho Alpha Frax USD Enhanced V2 - 10% APY (Ethereum · Lending Vault)

Lend frxUSD into Alpha’s curated Morpho vault. 91.5% of the vault is allocated to sDOLA/frxUSD — sDOLA is Dolomite’s yield-bearing stablecoin. You earn base lending yield plus a split reward of 5% frxUSD and 5% FRAX tokens. Alpha is a mid-sized curator with $62M TVL across their vaults. Performance fee is 10%.

⚠️sDOLA dominates the collateral allocation — any Dolomite smart contract issue or sDOLA depeg tightens borrower ratios and risks bad debt. The 10% performance fee reduces effective yield. Half the reward is in FRAX tokens, adding governance token price exposure. Available liquidity in the vault has been thin recently — confirm before entering large positions.

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Sei Morpho PYUSD Vault - 8% APY - (Sei · Lending vault)

Lend PYUSD — PayPal’s regulated, T-bill-backed stablecoin — into a Morpho vault on Sei. Earn borrower interest plus a 6% USDC reward. Collateral includes wsrUSD (Reservoir’s yield-bearing stable), sfrxUSD (staked Frax USD), and BTC. Running on Sei gives a different chain diversification from the Ethereum-heavy rest of the list.

⚠️BTC as collateral introduces volatility — a sharp BTC drawdown can tighten borrower ratios quickly. wsrUSD and sfrxUSD each carry their own smart contract and peg risk. Sei is a less battle-tested chain than Ethereum, adding network-level risk. PYUSD itself remains one of the strongest underlying assets available.

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Euler Sentora PYUSD Vault - 8% APY (Ethereum · Lending)

Lend PYUSD — PayPal’s stablecoin, issued by Paxos under NYDFS regulation and backed 100% by cash and short-duration US Treasuries — into Sentora’s curated Euler vault. At $174M total supply this is one of the largest PYUSD lending markets in DeFi. Borrowers can post USDC, USDe, sUSDe, syrupUSDC, or PT-sUSDE as collateral, with LTVs ranging from 85–91%. The vault runs a 10% interest fee and has bad debt socialisation enabled — meaning losses from undercollateralized positions are spread across all lenders.

⚠️sUSDe and USDe are accepted collateral — any Ethena peg pressure tightens borrower ratios and increases bad debt risk. PT-sUSDE (a Pendle PT) as collateral adds maturity and liquidity risk. Bad debt socialisation means lenders absorb losses if liquidations fail — check this is something you’re comfortable with. At 83% utilization, available liquidity is $29M — large enough for most positions, but high utilization means borrow rates can spike, which affects lender APY. Sentora curator risk and Euler smart contract risk apply.

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2. Farm up to 18% ETH APY

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Balancer WETH/rETH LP - 18% APY (Optimism · ETH LST LP)

The same WETH/rETH pool structure from previous weeks — now on Optimism with a significantly better incentive package. 19% in USDC rewards (not token emissions — actual USDC) plus 2% in RPL on top of trading fees. The USDC reward component is notably clean: you’re earning stablecoin yield on an ETH LP position, which reduces the token price exposure that typically comes with incentivized pools.

⚠️The unusually high USDC incentive is worth monitoring — incentive programs end, and when they do the APR drops sharply. rETH carries Rocket Pool smart contract risk. Impermanent loss is low given ETH-correlation between both assets, but not zero. Optimism is a well-established L2 but adds network risk compared to Ethereum mainnet. Verify the incentive end date before committing.

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3. Higher Risk/Comlex Farms Up To 25% Stablecoin APY & 22% ETH APY