Borrowing-Side Analysis of the Steakhouse USDG Vault on Morpho Abstract. Robinhood Chain, and particularly the Steakhouse-curated Robinhood Morpho vault, has emerged as one of this year’s most notable DeFi launches. Within just one month, the vault reached $600M in TVL and originated $287M in loans, growing faster than comparable
Robinhood Earn represents the flagship example of offering the off-bank yield to mainstream retail. The platform promises a self-custodied 7% yield on Paxos-issued USDG directly within its app interface, and an insurance wrapper anchors the consumer proposition. Read the underwriting disclosures, however, and there is a bit of a surprise.
A record $875 billion in US Commercial Real Estate (CRE) debt is scheduled to mature in 2026, and banks hold the largest share: $396 billion, concentrated in the regional and community banks that are least able to absorb it. Mortgage Bankers Association (MBA) data confirms that this maturity wave forces
TL;DR: Yield Paid Out (YPO) measures the actual yield distributed to token holders over a given period. Unlike APY, which is a forward-looking rate, YPO is a realized figure. It counts only yield delivered in stablecoins or in-kind, excluding points, governance tokens, and manually claimable rewards. APY tells you
Osero Earn: Institutional-grade stablecoin savings, embedded in hours, not weeks. The problem with stablecoin yield Platforms that hold or route stablecoins on behalf of users e.g. wallets, neobanks, custodians, exchanges, have no easy way to put those balances to work. Offering yield means taking on asset management risk, building
Osero will operate within the Sky Ecosystem, managing a portion of the Sky Protocol's balance sheet and driving adoption of sUSDS, Sky Protocol's flagship yield-bearing stablecoin. Stablewatch, the stablecoin yield intelligence platform, announced the launch of Osero, a project it has been incubating over the past
The Sky Ecosystem has deployed over $11.5B billion across stablecoins in the peg stability module, short duration treasury bills, onchain crypto lending, OTC crypto lending and AAA corporate debt. To understand how Sky allocates capital at scale without concentrating decision-making, you need to understand the Agent Framework: the system
A year ago, a question kept coming up in our work as a yield intelligence platform: stablecoin yield exists and works, so why are intuitive savings account options so limited within existing stablecoin platforms? Something so obvious in traditional banking, yet so rare onchain. Neobanks started to pop up to
TL;DR: The 10 largest stablecoins by market cap as of April 2026 are USDT (~$190B), USDC (~$78B), USDS (~$11B), DAI (~$4.4B), USDe (~$3.8B), PYUSD (~$3.4B), USDG (~$2.4B), RLUSD (~$1.6B), USDD (~$1.5B), and USDY (~$1.3B). They span three categories: fiat collateralized stablecoins backed
TL;DR: A stablecoin is a crypto asset designed to hold a fixed value, typically pegged to $1. They come in four main types: fiat-backed, crypto-collateralized, algorithmic, and RWA-backed. Yield-bearing stablecoins earn a return on top of that peg. Understanding which mechanism backs a stablecoin, and how resilient that mechanism
Stablewatch Memo #2: Recent weeks provided a clear demonstration of how modern financial systems handle stress. When redemption requests hit 9.3% of outstanding shares, BlackRock gated its $26 billion HLEND fund, trapping investor capital behind a 5% quarterly cap. Meanwhile, onchain lending protocols processed over $51.7 billion in
Delivering Institutional-Grade Risk and Data Infrastructure to DeFi's Largest Balance Sheet Onchain yield markets have crossed $20 billion. The infrastructure to assess risk, compare opportunities, and satisfy due diligence has not kept up. Stablewatch is here to fix that. As a new core contributor to the Sky Ecosystem,