USDT Staking Statistics 2026: Yields, Platforms, and Market Share

Tether’s USDT supply reached $189.5 billion in circulation by May 2026, according to DefiLlama’s stablecoin tracker. USDT accounts for approximately 58.90% of the $321.78 billion total stablecoin market, yet the asset cannot be staked in the proof-of-stake sense. Tether’s contract has no native staking mechanism. Searches for “USDT staking” overwhelmingly refer to yield products: lending APYs on Aave and Compound, stablecoin-native savings vaults like Spark, institutional credit products like Maple, and centralized exchange Earn programs.

The current yield benchmarks, supply distribution, and protocol-level numbers below come from primary-source data captured in mid-May 2026.

Key Takeaways

• Tether’s circulating USDT supply totaled $189.5 billion as of May 2026, up roughly $2.9 billion in the prior 30 days.
• Tron hosts $88.4 billion in USDT, more than Ethereum’s $83.0 billion; yet on-chain USDT yield venues run almost entirely on Ethereum.
• Spark Savings is the largest single USDT yield venue by deposits, with $1.24 billion in pool TVL at a 2.50% base APY.
• Aave V3’s flagship Ethereum USDT pool offers a 2.69% base supply APY against $397.4 million in deposits.
• Maple Finance’s USDT institutional lending pool pays 4.33% APY across $895.1 million in deposits, the highest base yield among the top-five USDT venues by TVL.
• Aave V3 generated $834.46 million in annualized fees and $105.31 million in annualized revenue across all chains in the 30-day window ending May 20, 2026.

Editor’s Choice

• USDT total circulation: $189.5 billion as of May 20, 2026.
• Stablecoin market share for USDT: approximately 58.90% of $321.78 billion.
• Largest USDT chain by supply: Tron at $88.4 billion.
• Highest base APY in the top-five USDT pools by TVL: Maple Finance at 4.33%.
• Aave V3 protocol Total Value Locked: $14.02 billion across all chains.
• The top five USDT lending pools by TVL collectively hold approximately $2.78 billion, under 1.5% of total USDT circulation.

Recent Developments

• May 20, 2026: USDT circulation reached $189.5 billion, expanding by approximately $2.9 billion over the prior 30 days per DefiLlama’s peggedAssets API snapshot.
• May 2026: Spark Savings consolidated its position as the largest single-asset USDT yield venue at $1.24 billion in pool TVL across Ethereum.
• May 2026: Aave V3’s Ethereum USDT supply rate held at 2.69% base APY, close to the 3-month US Treasury bill reference yield.
• May 2026: Aave V3 fees over the trailing 30 days totaled $68.4 million, with Ethereum alone contributing $51.78 million.
• May 2026: Maple Finance USDT pool APY held at 4.33% with $895.1 million in deposits, offering the highest yield among major institutional USDT venues.

USDT Supply and Stablecoin Market Share Statistics

The supply-side picture matters for yield because USDT’s dominance sets the reference rate that every lending venue prices against.

• USDT total circulating supply: $189.5 billion as of May 20, 2026, with Tether reporting $7.6 billion in unreleased authorizations.
• USDT 30-day net growth: $186.6 billion to $189.5 billion, an increase of approximately $2.9 billion.
• USDC circulating supply for comparison: approximately $77.0 billion, roughly 41% of USDT’s float.
• Total stablecoin market cap: approximately $321.78 billion, a measure of capital sitting in dollar-pegged tokens across all chains.
• USDT’s share of the total stablecoin market: approximately 58.90%, the largest single share of any fiat-backed token.
• Tether states its tokens are pegged 1-to-1 with a matching fiat currency and backed 100% by Tether’s Reserves, with assets exceeding liabilities per its own transparency disclosure.

Source: DefiLlama, Tether

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Can you actually stake USDT?

No, not in the technical sense. Tether states that all USDT tokens are pegged 1-to-1 with a matching fiat currency and backed 100% by Tether’s Reserves. A fiat-backed stablecoin is an issuer-collateralized token, structurally distinct from proof-of-stake assets that distribute native validator rewards. The phrase “USDT staking” in mainstream coverage refers to depositing USDT into lending pools (Aave, Compound, Spark) or centralized Earn products. The mechanism is credit risk and interest-rate spread capture, not protocol-level slashing collateral. Readers comparing USDT yields should evaluate the underlying lending or savings product, not look for a non-existent staking contract. The Tether (USDT) statistics page covers the token’s supply, reserves disclosure history, and chain distribution in more depth.

Top DeFi Lending Pools by USDT TVL

USDT yields have narrowed from the 2021-2022 cycle. The list below ranks the largest single-asset USDT lending pools by deposit size as of May 20, 2026, filtered to pools above $50 million TVL on the DefiLlama yields API.

• Spark Savings on Ethereum leads at $1.242 billion in TVL with a 2.50% base APY.
• Maple Finance on Ethereum follows at $895.1 million in TVL and a 4.33% APY.
• Aave V3 on Ethereum’s primary USDT pool holds $397.4 million at 2.69% APY.
• Fluid Lending on Ethereum pays 3.48% total APY (2.05% base plus 1.43% in reward tokens) on $133.2 million.
• JustLend on Tron supplies 1.35% APY on $109.3 million in USDT deposits.
• Sparklend on Ethereum carries $105.6 million at 2.69% APY.
• Venus Core Pool on BSC offers 2.00% APY across $88.9 million.

Source: DefiLlama yields API

Which platform offers the highest USDT yield?

Among the top-seven pools by TVL, Maple Finance pays the highest base APY at 4.33%, driven by institutional credit underwriting rather than open lending. Spark Savings on Ethereum pays 2.50% APY, and Aave V3 on Ethereum pays 2.69% APY, both near short-duration US Treasury reference rates. Yields above 5% in this market typically come from leverage-stacked strategies or reward-token incentives that may not persist.

USDT Distribution by Blockchain Network

USDT’s chain-level distribution shows a structural mismatch worth highlighting. Most lending and savings venues operate on Ethereum even though Tron carries the larger USDT supply, a divergence visible across the broader stablecoins picture.

• Tron holds $88.4 billion in USDT, the largest USDT chain balance.
• Ethereum hosts $83.0 billion in USDT, second only to Tron.
• BSC carries $9.2 billion in USDT (Binance Smart Chain), a distant third.
• Solana holds $2.5 billion in USDT, with adoption rising on Solana DEXs and payments.
• Arbitrum carries $980.7 million in USDT as the leading Ethereum L2.
• Aptos holds $864.4 million, Polygon $850.3 million, Plasma $835.0 million, TON $630.8 million, and Avalanche $532.6 million in USDT, rounding out the top 10 chains.
• Tron and Ethereum together hold approximately 90.3% of all USDT supply.

By the numbers: Tron carries 46.6% of USDT supply at $88.4 billion, yet the only Tron-based USDT yield venue in the top eight by TVL is JustLend at $109.3 million and 1.35% APY, the on-chain yield concentration sits on Ethereum.

USDT Yield Rates Across DeFi Lending Protocols

Looking across protocols rather than individual pools, the USDT yield distribution clusters tightly. The narrow band reflects how stablecoin lending now anchors to short-duration Treasury yields, with risk premium added for institutional credit (Maple) or reward token emissions (Fluid). The DeFi lending protocols statistics page tracks the same yield dynamics across all collateral types, not USDT alone.

• The top five USDT pools by TVL span a yield band of approximately 2.50% to 4.33% in base APY.
• The top seven USDT lending pools collectively hold approximately 1.5% of all USDT circulation.
• Compound V3’s Ethereum USDT pool pays 2.87% APY on $46.8 million in deposits.
• Compound V3’s Arbitrum USDT pool pays 2.08% APY on $8.4 million.
• The DefiLlama yields API indexes more than 20,000 lending and yield pools across DeFi as of May 20, 2026, with USDT pools representing a major subset.

Aave V3 USDT Market Statistics

Aave V3 is the largest open-permissioned lending venue offering a USDT supply rate. Protocol-wide economics give context for the lender APY across the DeFi lending market.

• Aave V3 Total Value Locked: $14.02 billion across all chains as of May 20, 2026.
• Ethereum dominates Aave V3 TVL at $10.99 billion, approximately 78% of the protocol total.
• Aave V3 annualized fees: $834.46 million across all chains.
• Aave V3 annualized revenue (protocol margin): $105.31 million.
• Aave V3 cumulative fees since launch: $1.7 billion.
• Aave V3 cumulative revenue: $227.41 million.
• Aave V3 30-day fees: $68.4 million, with Ethereum contributing $51.78 million.

What is the current APY for USDT on Aave?

Aave V3’s primary Ethereum USDT supply pool pays 2.69% base APY on $397.4 million in deposits as of May 20, 2026. The rate floats with utilization, and the published figure is a snapshot, not a guarantee.

Spark Savings and the Rise of Stablecoin-Native Yield

Spark Savings emerged from the Maker/Sky ecosystem as a stablecoin-native savings rail. The largest USDT yield pool today is run by a stablecoin-native protocol rather than Aave or Compound.

• Spark Savings USDT pool holds $1.242 billion in TVL, the largest single-asset USDT venue.
• Spark Savings pays 2.50% base APY on USDT deposits.
• Spark Savings holds approximately 44.6% of TVL across the top seven USDT lending pools.

How does Spark Savings compare to Aave for USDT yield?

The two compete on different axes. Aave V3’s Ethereum USDT pool offers 2.69% APY against $397.4 million in deposits; Spark Savings offers 2.50% against $1.242 billion. Spark Savings is structurally simpler, a vault that pays a target rate, while Aave is a money market with variable rates depending on borrower demand. The 19-basis-point gap reflects that Aave lenders take more rate risk; Spark lenders get a smoother but slightly lower rate. Depositors weighing the two should consider how much rate variance they can tolerate, not just the headline APY.

Maple Finance USDT Institutional Yield Statistics

Maple Finance occupies a different category from open lending markets. It pools institutional USDT and lends it to vetted counterparties under fixed-term terms, with credit underwriting providing the yield premium above open-pool rates.

• Maple Finance USDT pool TVL: $895.1 million, second only to Spark Savings among USDT venues.
• Maple Finance USDT APY: 4.33%, the highest base yield among the top-five USDT pools.
• Maple’s APY premium over the Aave V3 USDT rate: approximately 164 basis points.
• Maple’s TVL ranks ahead of Aave V3’s primary USDT pool by approximately $498 million.

Source: DefiLlama yields API

USDT vs USDC Yield-Bearing Allocation Comparison

USDT dominates stablecoin supply, but USDC carries a higher proportional share of certain yield pools because of institutional preference and US regulatory clarity. The USDT and USDC head-to-head statistics page extends this comparison across reserve composition and chain distribution.

• USDT circulating: $189.5 billion vs USDC at approximately $77.0 billion.
• USDT supply is approximately 2.46 times USDC supply.
• The top three USDT yield pools combined hold approximately 1.34% of the total USDT supply; the bulk of USDT sits on exchanges or in wallets, not in DeFi yield protocols.
• Total stablecoin market: approximately $321.78 billion, with USDT + USDC together representing approximately 82.8% of the total.

Key finding: Across the top seven single-asset USDT lending pools, total deposits sit at approximately $2.78 billion, less than 1.5% of the $189.5 billion USDT circulating supply. The vast majority of USDT supply sits idle on exchanges and in wallets rather than earning DeFi yield, a pattern that has held steady across multiple cycles.

Centralized Exchange USDT Earn Product Statistics

Centralized exchanges run USDT Earn programs alongside DeFi lending markets, but their rates and structures differ. Most CEX Earn products are subject to KYC requirements at signup. Rates on CEX Earn are typically not aggregated in DefiLlama’s pool data, so direct comparisons require pulling each exchange’s terms page.

• Headline CEX Earn tiers above the base APY band typically apply to capped balances or new-customer promotions.
• The DefiLlama yields API indexes more than 20,000 lending and yield pools across DeFi, a scope that covers on-chain lending venues only; published CEX Earn rates therefore require separate disclosure verification.
• Tether’s transparency page states that USDT in circulation is typically published daily, so depositors on a CEX Earn product holding USDT inherit Tether’s reserve composition exposure regardless of platform.

Is USDT yield farming safe?

Risk is multi-layered across smart contract, counterparty, and stablecoin peg dimensions. On the peg side, Tether states that all USDT tokens are backed 100% by Tether’s Reserves and that the issuer’s assets exceed its liabilities.

Regulatory and Compliance Considerations for USDT Yield

The regulatory picture for stablecoin yield products has tightened over the past two years. EU MiCA now applies to e-money tokens, including USDT for EU-resident retail offers. US regulators have signaled increased scrutiny on stablecoin yield programs through enforcement actions against centralized exchanges, though DeFi protocols remain in a more ambiguous position.

• Products marketed as “guaranteed” or paying yields disconnected from documented underwriting tend to attract supervisory attention first.
• Tether typically publishes circulation metrics daily and states that the issuer’s assets exceed its liabilities.
• The Tron-Ethereum yield geography mismatch matters where on-chain compliance tooling has matured around Ethereum.

Common Questions

What chain has the most USDT supply?

Tron carries the most USDT, at $88.4 billion in circulating supply, followed by Ethereum at $83.0 billion and BSC at $9.2 billion. Tron’s lead is structural, with fast block times and low fees making it the dominant rail for USDT transfers, particularly across emerging-market corridors. Despite Tron’s supply lead, almost all on-chain USDT yield venues run on Ethereum.

What is the current APY for USDT yield?

The current USDT yield range across the top-seven lending pools is approximately 1.35% to 4.33% APY as of May 20, 2026. Spark Savings offers 2.50% on Ethereum, Aave V3 offers 2.69%, Maple Finance offers 4.33%, and JustLend on Tron pays 1.35%. Yields tend to track short-duration US Treasury reference rates with risk premium added for institutional credit or reward-token emissions.

Conclusion

USDT remains the dominant stablecoin by supply, with $189.5 billion in circulation and a 58.90% share of the $321.78 billion total stablecoin market. Yet the asset cannot be staked in the proof-of-stake sense; every “USDT staking” product is a yield wrapper layered on top of lending, savings, or institutional credit. Current yields cluster between roughly 1.35% and 4.33% across the top venues, with Maple Finance’s institutional product at 4.33% and Spark Savings at 2.50% holding the largest single-venue TVL at $1.242 billion.

Two structural forces will shape USDT yield going forward. Convergence with US Treasury reference rates will keep open-pool APYs in the 2-4% band absent a major rate cycle. Regulatory tightening on centralized yield programs raises the relative importance of transparent on-chain venues.