{"id":38309,"date":"2026-07-23T13:48:06","date_gmt":"2026-07-23T11:48:06","guid":{"rendered":"https:\/\/crystalintelligence.com\/?p=38309"},"modified":"2026-07-23T13:48:32","modified_gmt":"2026-07-23T11:48:32","slug":"the-yield-youre-sold-and-the-yield-you-get","status":"publish","type":"post","link":"https:\/\/crystalintelligence.com\/stablecoin\/the-yield-youre-sold-and-the-yield-you-get\/","title":{"rendered":"The yield you&#8217;re sold, and the yield you get"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"38309\" class=\"elementor elementor-38309\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-28a86ffe e-con-full e-flex e-con e-parent\" data-id=\"28a86ffe\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-53ac1ed3 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"53ac1ed3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"40\" height=\"40\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Blog-Icon.svg\" class=\"attachment-full size-full wp-image-36274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 40px; --smush-placeholder-aspect-ratio: 40\/40;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-32013f98 e-con-full e-flex e-con e-child\" data-id=\"32013f98\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d21cda elementor-widget elementor-widget-heading\" data-id=\"3d21cda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">By Hannah Curtis<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22cece5f elementor-widget elementor-widget-heading\" data-id=\"22cece5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Crystal Foresight Product Leader \n<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-11fd95aa e-con-full e-flex e-con e-parent\" data-id=\"11fd95aa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-20d64bbe e-con-full e-flex e-con e-child\" data-id=\"20d64bbe\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-38cbfa48 e-con-full e-flex e-con e-child\" data-id=\"38cbfa48\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-361351b1 elementor-widget-tablet_extra__width-initial elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"361351b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Share via:\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65b5d587 elementor-widget elementor-widget-image\" data-id=\"65b5d587\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"facebook-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/FB.svg\" class=\"attachment-full size-full wp-image-35273 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4eece136 elementor-widget elementor-widget-image\" data-id=\"4eece136\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"linkedin-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/In.svg\" class=\"attachment-full size-full wp-image-35275 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6074d26e elementor-widget elementor-widget-image\" data-id=\"6074d26e\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"x-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/x.svg\" class=\"attachment-full size-full wp-image-35274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-23b93439 e-con-full e-flex e-con e-child\" data-id=\"23b93439\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-36f6f144 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"36f6f144\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-75ab97c elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-custom\">\n\t\t\t\t\t\t\t\t\t\tUpdated on: July 23, 2026\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-36359cf3 e-con-full e-flex e-con e-parent\" data-id=\"36359cf3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-5858c11f e-con-full e-flex e-con e-child\" data-id=\"5858c11f\" data-element_type=\"container\" data-e-type=\"container\" id=\"content-container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5ef7dedc elementor-widget elementor-widget-text-editor\" data-id=\"5ef7dedc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Fintechs are advertising 7% to 15% on your dollars.\u00a0On-chain, the same vaults are paying 1% to 4%, and the difference is\u00a0almost all\u00a0temporary\u00a0subsidy.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">A new wave of &#8220;earn&#8221; products has turned stablecoin yield into a consumer feature. Robinhood, Coinbase and World App now offer a rate on your dollars from inside the app, no DeFi knowledge\u00a0required. The headline numbers are eye-catching: an estimated 7% at Robinhood, &#8220;up to 10.8%&#8221; at Coinbase, &#8220;over 15%&#8221; at World App.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Almost all\u00a0of these products route deposits into the same place: lending vaults on Morpho, a DeFi lending protocol. These vaults are curated by a handful of firms, including Steakhouse, Gauntlet and Re7. Because those vaults settle\u00a0on-chain, we\u00a0don&#8217;t\u00a0have to take the marketing on faith. We can measure the return depositors\u00a0actually earned\u00a0from each vault&#8217;s own price-per-share growth, with no oracle and no press release in the loop. This is what our Earn Programs data shows across 25 tracked vaults holding\u00a0<\/span><b><span data-contrast=\"auto\">$1.75B<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The\u00a0short version: the advertised rate and the realized rate are two different numbers, and the gap is widest exactly where the marketing is loudest.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><table data-tablestyle=\"MsoNormalTable\" data-tablelook=\"1184\" aria-rowcount=\"5\"><tbody><tr aria-rowindex=\"1\"><td colspan=\"2\" data-celllook=\"0\"><p style=\"text-align: center;\"><span style=\"color: #ffffff;\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\"> <b><span data-contrast=\"auto\">At a glance<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/span><\/p><\/td><\/tr><tr aria-rowindex=\"2\"><td data-celllook=\"0\"><p><b><span data-contrast=\"auto\">$1.75B<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td data-celllook=\"0\"><p><span data-contrast=\"auto\">stablecoin earn TVL (total value locked) tracked\u00a0on-chain<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"3\"><td data-celllook=\"0\"><p><b><span data-contrast=\"auto\">3.4%<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td data-celllook=\"0\"><p><span data-contrast=\"auto\">median realized rate across the set<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"4\"><td data-celllook=\"0\"><p><b><span data-contrast=\"auto\">$5.8M<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td data-celllook=\"0\"><p><span data-contrast=\"auto\">kept by curators in performance fees<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"5\"><td data-celllook=\"0\"><p><b><span data-contrast=\"auto\">0\u201325%<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td data-celllook=\"0\"><p><span data-contrast=\"auto\">range of performance fees charged<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><\/tbody><\/table><h2>Key findings\u00a0<\/h2><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Across the tracked set, the median realized rate is 3.4%,\u00a0roughly a\u00a0high-yield savings account, not a headline. The full range runs from 0% to 7.9%.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Robinhood Earn<\/span><\/b><span data-contrast=\"auto\">\u00a0advertised an estimated 7% on USDG.\u00a0On-chain, its vault has realized 2.4% over the past week, a gap of more than four points.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">World App<\/span><\/b><span data-contrast=\"auto\">\u00a0advertises &#8220;over 15%,&#8221; but that rate is a capped promotion on the first $1,000 per verified user. The vault&#8217;s blended realized rate we\u00a0observe\u00a0is about 1.1%.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">The honest exception: the underlying DeFi curator vaults advertise what they pay.\u00a0<\/span><b><span data-contrast=\"auto\">Gauntlet Prime<\/span><\/b><span data-contrast=\"auto\">\u00a0shows 4.31% and realized 4.2%;\u00a0<\/span><b><span data-contrast=\"auto\">Steakhouse USDC<\/span><\/b><span data-contrast=\"auto\">\u00a0shows 3.21% and realized 3.1%.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Same headline, opposite risk.\u00a0<\/span><b><span data-contrast=\"auto\">Robinhood&#8217;s<\/span><\/b><span data-contrast=\"auto\">\u00a0yield is paid entirely by stablecoin carry.\u00a0<\/span><b><span data-contrast=\"auto\">Coinbase&#8217;s High Yield<\/span><\/b><span data-contrast=\"auto\">\u00a0vault is backed 89% by\u00a0leveraged\u00a0XRP and other altcoin longs, and it realizes a higher 4.9% for taking that risk.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><span data-contrast=\"auto\">Curators have quietly kept\u00a0<\/span><b><span data-contrast=\"auto\">$5.8M<\/span><\/b><span data-contrast=\"auto\">\u00a0in performance fees across the tracked Morpho vaults: 14.5 cents of every dollar of interest earned.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><h2>Why doesn&#8217;t the advertised rate match what you\u00a0actually earn?\u00a0<\/h2><p><span data-contrast=\"auto\">Because the advertised number is a target the vault hopes to reach, not a receipt for what depositors have already earned. Every retail headline rate carries the same small print: variable, estimated, &#8220;up to.&#8221; That language is doing more work than it looks.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Take Robinhood Earn, which began rolling out to US users on July 1,\u00a02026\u00a0as the first lending product inside the main Robinhood app. It advertised an estimated 7% APY (annual percentage yield) on USDG, the Paxos-issued Global Dollar, with deposits flowing into a Steakhouse-curated Morpho vault. The 7% is real as a target. As a realized return, our data reads the vault&#8217;s price-per-share growing at\u00a0<\/span><b><span data-contrast=\"auto\">2.4% annualized over the past week and 2.0% over the past month<\/span><\/b><span data-contrast=\"auto\">. That is the return\u00a0actually credited\u00a0to depositors, net of fees.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Some of that gap is timing: the vault is young, and early rates on a ramping vault can understate a later steady state. But a four-to-five-point gap is structural, not noise. The 7% headline describes a rate the product hopes to reach when borrower demand is strong and incentives are flowing. It is not the rate sitting in depositors&#8217; balances today.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">World App makes the pattern explicit. Its &#8220;over 15% APY&#8221; offer applies only to the first $1,000 in USDC per World ID\u2013verified user (World App&#8217;s identity check), funded from a\u00a0roughly $5M World Foundation incentive pool. In practice,\u00a0it&#8217;s\u00a0a customer-acquisition boost rather than a return on real balances. Above the cap, deposits earn the underlying vault rate. The blended realized rate we\u00a0observe\u00a0on its World Chain vault is about\u00a0<\/span><b><span data-contrast=\"auto\">1.1%<\/span><\/b><span data-contrast=\"auto\">. The 15% is a hook; the vault is the product.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Coinbase sits in between.\u00a0Its\u00a0plain USDC balance pays about 4.1% (4.5% for Coinbase One members). Its DeFi lending product launched at &#8220;up to 10.8%,&#8221; but reporting at the time noted\u00a0roughly half\u00a0of that was a temporary Morpho protocol subsidy layered on about 6% of organic borrower demand. Strip the boost, and the two vaults Coinbase\u00a0actually routes\u00a0into read far lower\u00a0on-chain\u00a0today. Its conservative Prime tier realizes\u00a0<\/span><b><span data-contrast=\"auto\">3.9%<\/span><\/b><span data-contrast=\"auto\">; its High Yield tier realizes\u00a0<\/span><b><span data-contrast=\"auto\">4.9%<\/span><\/b><span data-contrast=\"auto\">. Once the launch subsidy fades,\u00a0what&#8217;s\u00a0left is the vault&#8217;s own rate.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\"> <img decoding=\"async\" class=\"alignnone size-large wp-image-38317 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart1_advertised_vs_realized-1024x698.png\" alt=\"Bar chart comparing advertised versus realized APY across Robinhood Earn, World App, Coinbase High Yield, Coinbase Prime, and four DeFi curator vaults, showing realized rates 1 to 5 points below advertised headlines \" width=\"1024\" height=\"698\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart1_advertised_vs_realized-1024x698.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart1_advertised_vs_realized-300x204.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart1_advertised_vs_realized-768x523.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart1_advertised_vs_realized-1536x1047.png 1536w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart1_advertised_vs_realized.png 1720w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/698;\" \/><\/span><\/p><p><i><span data-contrast=\"auto\">Realized rates from Crystal Foresight, price-per-share growth through July 22, 2026. Advertised rates from company sites and public reporting, July 2026. Retail headlines are marketed as variable, &#8220;up to,&#8221; or promotional. For reference, the 3-month US Treasury bill yields 3.82%.<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The bottom four rows are the tell. When a DeFi curator advertises a rate directly, the advertised and realized numbers line up within a fraction of a point: Gauntlet&#8217;s 4.31% is 4.2% on-chain, Steakhouse&#8217;s 3.21% is 3.1%. These vaults quote what they pay. The distortion appears one layer up, in the consumer app that wraps them, where a temporary subsidy or a capped promo turns a ~4% product into a 7%-to-15% headline.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><table style=\"width: 100%;\" data-tablestyle=\"MsoTableGrid\" data-tablelook=\"1184\" aria-rowcount=\"9\"><tbody><tr aria-rowindex=\"1\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span style=\"color: #ffffff;\"><b>Program<\/b>\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span style=\"color: #ffffff;\"><b>Advertised<\/b>\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span style=\"color: #ffffff;\"><b>Realized (on-chain, 7d)<\/b>\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span style=\"color: #ffffff;\"><b>What explains the gap<\/b>\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"2\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Robinhood Earn (USDG)<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">~7%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">2.4%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Variable target; young vault; carry-funded<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"3\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">World App (USDC)<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">15%+<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">~1.1%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">15% is a capped first-$1,000 promo<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"4\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Coinbase High Yield<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">up to 10.8%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">4.9%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">~5 pts was a temporary Morpho subsidy<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"5\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Coinbase Prime<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">up to 10.8%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">3.9%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Conservative BTC-collateral tier<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"6\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Gauntlet USDC Prime<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">4.31%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">4.2%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Matches, no promo layer<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"7\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Steakhouse USDC<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">3.21%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">3.1%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Matches<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"8\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Spark USDC<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">3.87%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">3.7%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Matches<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><tr aria-rowindex=\"9\"><td style=\"width: 25.525%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">Moonwell\u00a0USDC<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 15.5089%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">4.25%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 25.0404%; text-align: center;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">3.4%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><td style=\"width: 32.1486%;\" data-celllook=\"0\"><p><span data-contrast=\"auto\">~0.6 pt is token rewards, rest matches<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><\/td><\/tr><\/tbody><\/table><p><i><span data-contrast=\"auto\">For context: the 3-month US Treasury bill yields 3.82% and top high-yield savings accounts pay 4.1% to 4.5%. The real DeFi rate is competitive with cash; the gap between that and the marketing is the story.<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><h2>Does the same advertised yield mean the same risk?\u00a0<\/h2><p><span data-contrast=\"auto\">No. Two products can advertise\u00a0nearly identical\u00a0&#8220;~7% on stablecoins&#8221; pitches while resting on completely different collateral, one on stable,\u00a0low-volatility\u00a0carry, the other on leveraged crypto. A rate tells you what you might earn. It does not tell you who is paying it, or what happens if they stop.\u00a0On-chain, we can trace the collateral behind each vault&#8217;s yield to see which is which.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Robinhood Earn is a stablecoin carry loop.<\/span><\/b><span data-contrast=\"auto\">\u00a0Its collateral book is\u00a0essentially all\u00a0yield-bearing stablecoins: about 67% Ethena&#8217;s\u00a0USDe, 26% Maple&#8217;s\u00a0syrupUSDG\u00a0and 7% Spark&#8217;s\u00a0spUSDG. Savers are paid by borrowers looping one stablecoin strategy into another. The yield holds\u00a0as long as\u00a0that carry stays attractive: an endogenous, self-referential structure.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Coinbase&#8217;s High Yield vault is\u00a0leveraged\u00a0crypto.<\/span><\/b><span data-contrast=\"auto\">\u00a0Its book is\u00a0roughly 89%\u00a0XRP, held via Coinbase&#8217;s wrapped\u00a0cbXRP, with the rest in SOL, ADA, BTC and DOGE. It holds no Ethena collateral at all, despite the &#8220;Ethena-powered&#8221; label attached to it in commentary. Savers there are paid by traders borrowing dollars against volatile crypto. That is directional market risk, distinct from a stable carry. It is why the vault realizes 4.9% against Robinhood&#8217;s 2.4%: the extra points are the price of the extra risk, sitting in plain sight\u00a0on-chain.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\"> <img decoding=\"async\" class=\"alignnone size-large wp-image-38318 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart2_collateral_engine-1024x433.png\" alt=\"Stacked bar chart showing collateral backing Robinhood Earn (67% USDe, 26% syrupUSDG, 7% spUSDG) versus Coinbase High Yield (89% cbXRP and other volatile assets) \" width=\"1024\" height=\"433\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart2_collateral_engine-1024x433.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart2_collateral_engine-300x127.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart2_collateral_engine-768x325.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart2_collateral_engine-1536x649.png 1536w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart2_collateral_engine.png 1720w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/433;\" \/><\/span><\/p><p><i><span data-contrast=\"auto\">Vault net supply into underlying Morpho markets (principal snapshot), via Crystal Foresight. Commentary described both programs as &#8220;USDe\u00a0looping,&#8221; true for Robinhood, false for Coinbase.<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><h2>Who keeps the fees, and who\u00a0actually holds\u00a0the deposits?\u00a0<\/h2><p><span data-contrast=\"auto\">Curators keep a slice of every vault&#8217;s interest as a performance fee, and the deposit base itself is a barbell: thousands of small wallets alongside a handful of large ones holding most of the money. Two more things the on-chain view makes plain.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">First, fees. Across the twelve tracked Morpho vaults where we decode the fee structure, curators have kept $5.8M in performance fees: about 14.5% of all interest earned. The rate varies sharply, even within one curator. Steakhouse runs one $185M USDC vault at a 25% performance fee, $3.2M skimmed to date. It runs another, larger vault at 0%, passing every dollar of interest to depositors. Robinhood&#8217;s vault also charges 0%, sending all $181k of interest earned so far to savers. The fee is not visible in the advertised rate, but it is the difference between the gross yield and yours.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Second, who these programs\u00a0actually reach. The deposit base is a barbell. In Robinhood&#8217;s vault, 71% of wallets hold under $1,000, together just 1.5% of the dollars. At the other end, 248 wallets holding $100k or more control\u00a0roughly 60%\u00a0of the balances. These campaigns are genuinely reaching retail in headcount. The dollars, as always, are concentrated in a few whales.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\"> <img decoding=\"async\" class=\"alignnone size-large wp-image-38319 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart3_barbell-1024x556.png\" alt=\"Barbell chart showing Robinhood Earn depositors: 71% of wallets hold under $1,000 and represent 1.5% of dollars, while wallets holding $100k+ hold roughly 60% of total balances \" width=\"1024\" height=\"556\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart3_barbell-1024x556.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart3_barbell-300x163.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart3_barbell-768x417.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart3_barbell-1536x834.png 1536w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/chart3_barbell.png 1720w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/556;\" \/><\/span><\/p><p><i><span data-contrast=\"auto\">Net principal per owner, 24,218 depositors \/ $150.6M, via Crystal Foresight.<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><h2>The takeaway\u00a0<\/h2><p><span data-contrast=\"auto\">None of this means the products are bad, or that the rates are fake. It means the advertised number is the start of the question, not the answer.\u00a0On-chain, a fintech &#8220;earn&#8221; rate resolves into three separate things: the underlying vault yield (usually a competitive ~4%), a temporary or\u00a0capped subsidy (the flashy part), and a fee the curator keeps (the quiet part). The vault yield is what you can count on. The subsidy and the fee are what to watch.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The advertised rate is a claim. The chain is where you check it.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><h2>Frequently asked questions\u00a0<\/h2><p><b><span data-contrast=\"auto\">Is a 7% advertised stablecoin rate misleading?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Not necessarily misleading, but it is incomplete. Regulatory and marketing language like &#8220;estimated,&#8221; &#8220;variable,&#8221; or &#8220;up to&#8221; signals that the figure is a goal, not a guarantee. Crystal Foresight&#8217;s on-chain data shows the same vaults realizing 1 to 4 percentage points less than the headline in most cases.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">What is a Morpho vault?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Morpho is a DeFi lending protocol. Firms called curators, including Steakhouse, Gauntlet, and Re7, build lending vaults on top of it and set the terms, including performance fees. Most fintech &#8220;earn&#8221; products route deposits into one of these vaults rather than running their own lending infrastructure.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Why does Coinbase&#8217;s High Yield vault pay more than Robinhood Earn?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The two vaults take on\u00a0different kinds\u00a0of risk. Robinhood Earn&#8217;s yield comes\u00a0almost entirely\u00a0from stablecoin carry, savers being paid by borrowers looping one stablecoin strategy into another. Coinbase&#8217;s High Yield vault is backed\u00a0roughly 89%\u00a0by\u00a0leveraged\u00a0XRP, so its higher 4.9% realized rate compensates for taking on volatile-asset risk, not a better version of the same product.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Are performance fees\u00a0disclosed\u00a0to depositors?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The fee is built into the vault&#8217;s terms but is not part of the advertised headline rate. Across the twelve tracked Morpho vaults where Crystal Foresight can decode the fee structure, curators have kept $5.8M, about 14.5% of all interest earned, with individual vault fees ranging from 0% to 25%.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Does a capped promotional rate, like World App&#8217;s 15%, apply to my whole balance?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">No. World App&#8217;s &#8220;over 15%&#8221; offer applies only to the first $1,000 per verified user and is funded from a\u00a0roughly $5M incentive pool, not from the underlying vault&#8217;s own yield. Above that cap, deposits earn the underlying vault rate, which Crystal Foresight measures at about 1.1% blended.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">How is &#8220;realized APY&#8221;\u00a0actually measured?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Crystal Foresight calculates realized APY from a vault&#8217;s price-per-share growth: the actual increase in value each deposited dollar has earned, net of fees. This measurement comes directly from on-chain deposit, withdrawal, and interest events, so it\u00a0doesn&#8217;t\u00a0depend on a company&#8217;s own reporting.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><i><span data-contrast=\"auto\">This analysis is for informational purposes only and does not constitute investment, legal, or tax advice.<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7783a095 e-con-full e-flex e-con e-child\" data-id=\"7783a095\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-562860ee elementor-widget elementor-widget-text-editor\" data-id=\"562860ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Track what stablecoin yield is really paying<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Crystal Foresight gives issuers, DeFi operators, and compliance teams on-chain visibility into every stablecoin earn vault, including realized rates, fee structures, and depositor concentration, all from a single platform.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><a href=\"https:\/\/crystalintelligence.com\/crystal-foresight\/\"><b><span data-contrast=\"auto\">Explore Crystal Foresight<\/span><\/b><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div 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same vaults are paying 1% to 4%, and the difference is\u00a0almost all\u00a0temporary\u00a0subsidy.\u00a0 A new wave of &#8220;earn&#8221; products has turned stablecoin yield into a consumer feature. Robinhood, Coinbase and World App now offer a rate on [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":38311,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[776],"tags":[],"class_list":["post-38309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stablecoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.6 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The yield you&#039;re sold, and the yield you get | Stablecoin<\/title>\n<meta name=\"description\" content=\"Fintech apps advertise 7-15% stablecoin yield. On-chain data shows 1-4% realized. 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