稳定币收益：在 2026年最佳利率
Compare the main stablecoin yield platforms, understand where the yield comes from, and learn the strategies used to earn interest on USDC without exposure to crypto price swings.
为什么选择稳定币获取收益？
Earning yield on volatile assets such as ETH or BTC means your return depends on the price. A 5% APY (annual percentage yield) on ETH is wiped out if the token drops 40% in a month. Stablecoins are designed to hold a 1:1 value against a fiat currency such as the US dollar, so the interest you earn is measured in dollars and your principal is not exposed to crypto price swings.
For cautious investors, or anyone building a conservative decentralized finance (DeFi) portfolio, stablecoin yield combines on-chain lending rates with the price stability of the US dollar. Your principal stays constant in dollar terms while the interest builds up. The remaining risks are platform and stablecoin risks, covered in the risk section below.
Stablecoins are one of the largest asset classes on-chain. The live supply of each stablecoin is published on DefiLlama, and the amount of USDC in circulation is published by Circle (see Sources). Per Circle, USDC is backed by cash and short-dated US Treasury securities. This supply feeds deep lending markets, which is why there are many places to earn interest on stablecoins.
无价格波动
您的本金保持其美元价值。只要稳定币维持其锚定，10,000 USDC 的存款无论比特币或以太坊如何波动，其价值始终为 10,000 美元。.
Dollar-Denominated Returns
The rate is quoted and paid in dollar terms. DeFi lending rates are variable and visible live on each protocol; a fixed-rate product such as Coinstancy Dollar Savings tells you the rate currently in force before you deposit.
Suited to Cautious Investors
A fit for conservative investors who want on-chain interest without the large drawdowns of volatile crypto assets.
稳定币收益来源
新用户常问的一个问题是："如果稳定币价格不上涨，收益从何而来？"这是一个合理的问题。稳定币收益来自四个可识别的来源，每一个都可以在链上或协议文档中查证（见来源）。.
借贷需求
The largest source of stablecoin yield is borrowing demand. Traders borrow stablecoins to leverage their positions: they deposit ETH as collateral, borrow USDC, buy more ETH, and repeat. When a larger share of a lending pool is borrowed, the protocol's interest rate model raises the borrow rate, which raises the APY paid to lenders. When demand drops, both fall.
Lending protocols such as Aave, Compound and Morpho run this market. The interest borrowers pay goes to lenders, minus a share kept by the protocol (Aave calls it the reserve factor, see Sources). The model is the same as bank lending, with the rate set by an on-chain formula instead of by the bank.
流动性提供者费用
Decentralized exchanges need stablecoin liquidity for trading pairs. When you provide USDC to a stable pair pool (for example a USDC/USDT pool on Curve), you earn a share of every swap fee generated by that pool. Each pool charges a small fee per swap, set per pool and shown on its page (see the Curve documentation in Sources). The return depends on trading volume relative to the size of the pool.
由于两种资产追踪相同的美元价值，只要两者都保持锚定，无常损失就很小。这使得稳定币池成为风险较低的 收益耕作 策略之一，尽管池中某一资产脱锚会导致你持有更多该资产。
协议激励
许多DeFi协议通过分发其治理代币来吸引存款。Compound向其市场中的资金提供方支付COMP，Curve则向带有gauge的池分发CRV（参见来源）。这些激励措施会提高实际APY，但额外部分是以价格波动的代币支付的，并且可能被治理减少或停止。应将激励视为借贷或手续费收益之上的额外奖励，而非基础利率。.
真实资产支持
越来越多的链上稳定币收益来自现实世界资产（RWA），主要是短期美国国债。Sky 协议（前身为 MakerDAO）通过协议收入为其 Dai 储蓄利率和 Sky 储蓄利率提供资金，这些收入包括借款人支付的稳定费和 RWA 抵押品产生的收益（参见来源中的 Sky 文档）。代币化国债基金将相同的链下收益直接引入 DeFi。因此，部分稳定币收益现在跟随传统利率。.
Stablecoin Yield Platforms Compared
我们比较了七个赚取稳定币收益的平台，从我们自己的平台 Coinstancy 开始，然后按易用性排序。第三方利率经常变化，因此我们描述每个平台如何设定其利率，并引导您查看实时数据，而不是引用下个月就会过时的数字。DeFi 利率发布在每个协议的应用程序上，并在 DefiLlama 上汇总（见来源）。.
Aave V3
Aave is one of the largest decentralized lending protocols by total value locked (TVL); the live figure is on DefiLlama. The USDC supply rate on Aave V3 is set by an interest rate model based on how much of the pool is borrowed, so it moves every block; the current rate per network is on the Aave app (see Sources). Self-custodial, no lock-up, deployed on Ethereum and several Layer 2 networks. The trade-offs are a variable rate and gas costs for deposits and withdrawals on Ethereum mainnet.
Morpho
Morpho is built on isolated lending markets, each with one collateral asset, one loan asset and fixed risk parameters. Curated vaults run by third-party risk managers (for example Steakhouse Financial, Gauntlet or RE7) spread deposits across those markets. A vault's rate depends on the markets its curator selects and how heavily they are borrowed, so it differs from one vault to the next; the live rates are on the Morpho app (see Sources). More complex than Coinstancy, but self-custodial with a choice of risk profile.
Compound V3
Compound V3 (Comet) 每个市场使用单一基础资产，通常是 USDC。存入 USDC 即可赚取该市场的浮动利率以及 COMP 代币奖励，奖励需要手动领取。各市场的实时利率可在 Compound 应用上查看（见来源）。Compound 自 2018 年起在以太坊上运行，是运营时间最长的借贷协议之一；V3 也已部署在多个 Layer 2 网络上，具体列表见文档。.
Curve 金融
Curve is a decentralized exchange (DEX) specialised in stablecoin swaps. Providing liquidity to a stable pool (for example 3pool or a crvUSD pool) earns a share of swap fees plus CRV emissions on pools with a gauge. Locking CRV as veCRV boosts those emissions, up to 2.5 times per the Curve documentation (see Sources). The pool's rate depends on its trading volume and current emissions, shown on each pool page. This requires understanding the gauge system and suits experienced DeFi users comfortable with LP positions.
Beefy Finance
Beefy 是一个收益聚合器，可在多条链上自动复利奖励。将资金存入稳定币金库（Curve LP 头寸、Aave 池或其他借贷市场），Beefy 会领取奖励、将其出售并重新存入，同时收取绩效费。APY 因金库和链的不同而差异很大，并在每个金库页面上显示。它适合希望自动复利但仍需自行选择金库的多链收益农民。
Sky (formerly Maker): DSR and SSR
The Dai Savings Rate (DSR) pays yield on DAI, and the Sky Savings Rate (SSR) pays yield on USDS, the newer stablecoin of the same protocol. Both are funded by protocol revenue: stability fees paid by borrowers and income from collateral, including real-world assets (see the Sky documentation in Sources). The rate is set by governance vote, not by market demand, so it can change at any vote; the current figure is on the Sky app. Single-asset deposit, no impermanent loss, no lock-up. You need to hold DAI or USDS rather than USDC.
平台比较表
The seven platforms side by side. Third-party rates are not quoted here because they change: the APY column says how each rate is set, and the live figure is at the source listed in Sources. The Coinstancy rate is the fixed rate currently in force.
| 平台 | 年化收益率 | 稳定币 | 锁定期 | 最低存款 | 费用 | 复杂性 |
|---|---|---|---|---|---|---|
| Coinstancy | 7.50% | USDC | 无 | $10 | 无燃气费 | 初学者 |
| Aave V3 | Variable, set by utilisation | USDC、USDT、DAI | 无 | 无 | 燃气费 | 中级 |
| Morpho | 浮动，因金库而异 | USDC、USDT | 无 | 无 | 燃气费 | 中级 |
| Compound V3 | Variable, plus COMP rewards | USDC | 无 | 无 | 燃气费 | 中级 |
| Curve | Swap fees plus CRV, per pool | USDC、USDT、DAI、crvUSD | 无 | 无 | 燃气费 + 交换费 | 高级 |
| Beefy | 可变，因金库和链而异 | 多代币 | 无 | 无 | 业绩费 | 中级 |
| Sky DSR / SSR | 由治理投票设定 | DAI / USDS | 无 | 无 | 燃气费 | 中级 |
稳定币收益策略
There are several ways to earn yield on stablecoins, from a single deposit to multi-protocol strategies. Pick the approach that matches your risk tolerance, the time you can spend and your DeFi experience. Expected rates are not quoted below because they move with the market; check the live figures at the sources. Our guide on how APY works in crypto helps compare them.
简易借贷
Deposit USDC into a lending protocol (Aave, Compound) or a yield platform (Coinstancy) and earn interest paid by borrowers. This is the lowest-effort strategy. The main risks are smart contract risk and, for a platform, counterparty risk.
稳定配对流动性池
为 Curve、 Balancer 或 Uniswap V3（窄区间）上的纯稳定币池提供流动性。由于两种资产都锚定美元，在两者都保持锚定的情况下，无常损失很小。您可赚取兑换手续费以及任何协议激励（CRV 或 BAL 排放）。
递归借贷（循环）
Deposit USDC as collateral on a lending protocol, borrow USDC against it, re-deposit the borrowed amount, and repeat. This multiplies your supply position. On a single pool the borrow rate is always above the supply rate, so looping only pays when token incentives or a separate rate difference outweigh that gap. It requires close monitoring of your health factor and liquidation threshold.
收益聚合
使用诸如 Beefy 或Yearn之类的平台，这些平台会自动复利奖励并在协议之间转移资金。只需存入一次，金库策略就会完成其余工作，并收取绩效费。Coinstancy美元储蓄提供更简单的体验，USDC固定年化收益率为7.50%，这是当前生效的利率，可能会随市场状况变化而调整。
风险评估
Stablecoin yield is not risk-free. Here are the main risks and how to assess them.
智能合约风险
每个DeFi协议都运行在可能包含漏洞的智能合约上。经过审计的合约也曾被利用过。通过使用具有长期记录、多项已发布审计和漏洞赏金计划的成熟协议来降低风险，并且不要将所有资金投入单一协议。.
脱钩风险
在流动性危机、发行方问题或市场恐慌期间，稳定币可能会偏离1美元的价格。2023年3月，在Circle披露其在倒闭的硅谷银行持有储备后，USDC在一些交易所的交易价格低于0.90美元，并在几天内恢复到1美元。优先选择那些已公布且定期经过认证的储备的稳定币（参见来源中的Circle透明度页面）。.
监管风险
稳定币规则因国家而异，并且不断变化。在欧盟，《加密资产市场法规》（MiCA，欧盟法规 2023/1114）对稳定币发行方设定了要求，并禁止发行方就电子货币代币支付利息（见来源）。新规则可能会影响平台在您所在地区可提供哪些稳定币，以及收益产品的结构方式。.
协议风险
Governance attacks, oracle manipulation and poor risk parameters can lead to losses. Assess a protocol by its TVL history (on DefiLlama), team transparency, governance structure and how it handled past incidents. Several years of operation without loss of user funds is a good sign, not a guarantee.
如何评估平台
- 审计历史：检查协议文档中是否发布了来自知名机构（例如Trail of Bits、OpenZeppelin或Spearbit）的多份独立安全审计报告。.
- TVL and track record: higher TVL and a longer operating history mean the code has been tested under real conditions. Be careful with new protocols offering unusually high rates.
- Yield source transparency: understand where the yield comes from. If a platform cannot explain its yield source clearly, avoid it.
- Withdrawal terms: prefer platforms with no lock-up and clear settlement times. A lock-up means you cannot react if conditions change.
- Rate sustainability: compare a platform's rate with the live lending rates on DefiLlama. A rate far above them needs an explanation, and the explanation should be checkable.
如何开始赚取稳定币收益
Here is a step-by-step walkthrough using Coinstancy Dollar Savings, a simple way to start earning 7.50% APY on USDC. It takes a few minutes.
创建您的账户
前往 app.coinstancy.com 并使用您的电子邮件地址注册。验证您的电子邮件，然后完成身份验证（KYC），这是在您存款之前所必需的。
存入 USDC
从任何交易所或钱包将 USDC 转入您的 Coinstancy 账户。最低存款金额为 $10。您的 USDC 首先进入由 Coinstancy 运营的安全多重签名钱包，然后才会被部署到所选的链上策略中。您的 USDC 随后可获得 7.50% 的年化收益率（APY）。.
赚取 复利
Interest accrues every second and is automatically reinvested. There is nothing to claim, no rewards to harvest and no positions to manage. You can follow your balance on your dashboard.
随时提取
没有锁定期，也没有罚金。您可以随时申请提现。完整的申请通常在48个日历小时内结算；最终网络确认可能需要更长时间。Coinstancy 对储蓄提现不收取任何费用。.
准备好通过USDC赚取7.50%的年化收益率了吗？
Interest accrues every second and is automatically reinvested. No lock-up, withdraw anytime, nothing to manage.
开通 Coinstancy 账户稳定币收益 vs 银行储蓄
Coinstancy 上的稳定币收益与银行储蓄账户相比如何？以下是 10,000 美元在三个时间跨度上的对比。银行一列使用 FDIC 截至 2026 年 9 月发布的美国全国平均储蓄利率 0.37% APY（见来源）。Coinstancy 一列使用 Dollar Savings 当前 7.50% 的固定 APY，利息每秒累计并自动复投，并假设当前固定利率在整个期间保持不变，但这并不保证。仅供参考。.
| 时间周期 | Bank Savings (0.37% APY) | Coinstancy（7.50% APY） | 额外收益 |
|---|---|---|---|
| 1 年 | $10,037 | $10,750 | +$713 |
| 3 年 | $10,111 | $12,423 | +$2,312 |
| 5 年 | $10,186 | $14,356 | +$4,170 |
关键要点
- 20x the bank average: at the current rate, Coinstancy Dollar Savings would generate about 20 times more first-year interest than the FDIC national average savings rate on the same $10,000 deposit.
- 复利：在 5 年内，如果当前利率保持不变，按 7.50% 自动再投资将使 10,000 美元变为 14,356 美元。期限越长，来自利息的利息所占收益比例就越大。.
- 灵活访问：与定期存款或固定期限存款不同，Coinstancy 没有锁定期和罚金：您可以随时提款，请求通常在 48 个日历小时内处理完毕。.
常见问题
在稳定币上获取收益的最安全方式是什么？
稳定币 7.50% 的年化收益率是否现实且可持续？
稳定币会失去锚定吗？我的收益会怎样？
我需要为稳定币收益缴税吗？
APY 和 APR 在稳定币中的区别是什么？
在稳定币中，$10,000 能赚多少？
继续学习
探索更多关于 DeFi 收益策略和协议的指南。.
加密领域的 APY 是什么？
了解 APY 与 APR 的区别，DeFi 中复利的运作方式，以及如何计算您的实际收益。.
阅读指南Morpho 指南
How Morpho works: isolated markets, curated vaults and what the curator decides for you.
阅读指南Beefy Finance 指南
Auto-compounding yield aggregation on many chains: how Beefy vaults work and what they charge.
阅读指南DeFi 完整指南
从 A 到 Z 了解 DeFi：协议、风险和机会，法语解释。.
在 CryptAhiti 上阅读立即开始赚取稳定币收益
通过 Coinstancy 美元储蓄，在 USDC 上赚取 7.50% 的年化收益率。利息每秒累计并自动复投。无锁定期，随时可提取。让您的稳定币轻松为您工作。.
在Coinstancy开始赚取收益来源与延伸阅读
本页面中的数字和声明均基于以下文档。具有时效性的数字（利率、收益率、费用、市场数据）会变动：在据此行动之前，请在来源处核实实时数值。.
- Circle，USDC透明度circle.com
USDC reserve composition (cash and short-dated US Treasuries), monthly reserve reports and USDC in circulation.
- Sky documentation (formerly MakerDAO)docs.sky.money
DAI and USDS, the Dai Savings Rate and Sky Savings Rate, how governance sets them and where protocol revenue comes from.
- Aave 文档aave.com
How supply and borrow rates are set from pool utilisation, the reserve factor, and the networks Aave V3 is deployed on.
- Compound documentationdocs.compound.finance
Compound V3 (Comet) single base asset model, COMP rewards and supported networks.
- DefiLlama, Stablecoinsdefillama.com
Live supply of each stablecoin. The Yields section of the same site lists live supply APYs and TVL per protocol.
- FDIC，全国利率与利率上限fdic.gov
US national average savings rate (0.37% as of September 2026), updated monthly.
- 法规 (EU) 2023/1114 (MiCA)，EUR-Lexeur-lex.europa.eu
EU rules for stablecoin issuers, including the ban on issuers paying interest on e-money tokens.
最后审核：2026年9月。外部链接在新标签页中打开；Coinstancy 对其内容不承担责任。.