Uniswap Earn offers 2.5–3.3% APY on stablecoins via Morpho/Gauntlet vaults, trailing traditional T-bill ETFs at 3.5–3.7% yield.
DeFi & Yields ·
Uniswap Earn currently offers variable yields on stablecoins without lockup periods through Morpho and Gauntlet vaults: approximately 2.50% on USDT and 3.33% on USDC. These rates lag behind readily available Treasury-focused exchange-traded funds, which deliver roughly 3.5–3.7% based on 30-day SEC yields, aligning closely with short-term T-bill rates near 3.6–3.8% as of late July 2026.
The yield gap narrows for USDC but widens substantially for USDT relative to Treasury instruments. While both the Uniswap and ETF routes offer on-demand liquidity, they differ fundamentally in risk profile: Treasury securities carry negligible credit risk, whereas the Uniswap protocol introduces additional exposure through smart-contract code, stablecoin mechanisms, and the creditworthiness of borrowers using the vaults.
Whether this differential justifies exposure to those layered risks remains a question for individual investors, as the modest yield advantage—if any—may not compensate for the additional complexity and counterparty dependencies inherent in lending through decentralized platforms compared to holding Treasury obligations.