sUSDe vs sUSDS Yield Comparison: Top TVL Yield-Bearing Stablecoins for DeFi Passive Income 2025
In the evolving DeFi landscape of 2025, yield-bearing stablecoins like Ethena’s sUSDe and Sky’s sUSDS stand out as premier options for passive income. Trading at $1.21 and $1.082 respectively, these tokens offer investors a way to earn yields while maintaining dollar exposure. With sUSDS leading in TVL at $3.254 billion and sUSDe close behind at $2.996 billion as of early 2025, the choice between higher-risk, higher-reward sUSDe yields and the more conservative sUSDS APY boils down to your portfolio’s risk profile.
Ethena’s sUSDe: High-Yield Delta-Neutral Powerhouse
sUSDe, the staked version of Ethena’s USDe, leverages a delta-neutral strategy that pairs staked Ethereum (stETH) with short ETH perpetual positions. This setup captures staking rewards alongside funding rate arbitrage from derivatives markets. In 2024, it delivered an impressive average APY of 18%, though yields have compressed to around 10.73% by March 2025 amid shifting perpetual funding rates. Currently at $1.21, sUSDe reflects the premium investors pay for its yield potential, trading above the $1 peg typical of base stablecoins.
Ethena’s approach shines in bull markets where funding rates favor shorts, but it introduces basis risk and counterparty exposure on exchanges like Binance or Bybit. Recent reports highlight a 50% TVL drop in USDe ecosystems due to yield compression, yet sUSDe remains a top yield-bearing stablecoin by TVL. For DeFi passive income seekers chasing sUSDe yield 2025 above 10%, this token integrates seamlessly into Pendle pools, where over $4 billion in TVL underscores its popularity.
I’ve watched similar strategies mature over years in macro portfolios; sUSDe’s edge lies in its adaptability, but patience is key during funding rate squeezes that cap returns at 5-10%.
Sky’s sUSDS: Anchored in Real-World Assets
Sky’s sUSDS, evolved from MakerDAO’s ecosystem, draws yield from a blend of tokenized U. S. Treasury bonds and DeFi lending positions. This hybrid model prioritizes stability, posting a 6.50% APY as of March 2025 with the highest TVL at $3.254 billion among yield-bearers. At $1.082, it commands a modest premium, signaling market confidence in its backing.
Unlike purely on-chain plays, sUSDS benefits from real-world asset (RWA) exposure, mitigating volatility seen in derivatives-heavy tokens. Its yields track Treasury rates closely, offering predictability in a space rife with flash crashes. For those prioritizing sUSDS APY consistency over peaks, Sky’s protocol provides robust integrations across lending platforms and DEXs.
In my view, sUSDS embodies the patient investor’s ally, weaving traditional fixed income into DeFi without the leverage pitfalls that plague synthetic stables.
TVL and Yield Face-Off: sUSDe vs sUSDS
When stacking Ethena sUSDe vs Sky sUSDS, sUSDS edges out in TVL ($3.254B vs $2.996B), reflecting demand for lower-risk yields. sUSDe’s historical highs (18% APY) allure aggressive farmers, but current 10.73% trails only slightly ahead of sUSDS’s 6.50%. Both outperform traditional savings, yet sUSDe’s derivatives tilt exposes it to market regimes where funding turns negative.
sUSDe Price Prediction 2026-2031
Yield-bearing stablecoin forecasts based on TVL trends, APY compression, and DeFi adoption amid competition with sUSDS
| Year | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| 2026 | $1.08 | $1.32 | $1.58 |
| 2027 | $1.12 | $1.42 | $1.78 |
| 2028 | $1.18 | $1.54 | $2.05 |
| 2029 | $1.25 | $1.67 | $2.38 |
| 2030 | $1.33 | $1.81 | $2.78 |
| 2031 | $1.42 | $1.97 | $3.25 |
Price Prediction Summary
sUSDe prices are projected to appreciate gradually from a 2025 baseline of $1.21, driven by yield accrual (avg. 7-9% APY) and DeFi integration. Average prices rise from $1.32 in 2026 to $1.97 in 2031, with min reflecting bearish TVL drops and depeg risks, and max capturing bullish yield rebounds and adoption surges. Overall outlook: moderately bullish with volatility.
Key Factors Affecting sUSDe (Ethena) Price
- Yield compression risks lowering APY from 2024 highs (18%) to 5-10% range
- TVL fluctuations (recent 50% drop) vs. potential growth via Pendle ($4B+ TVL)
- Competition from sUSDS (lower risk, 6.5% APY) and regulated stablecoins like USDC
- Regulatory scrutiny on synthetic dollars and delta-neutral strategies
- Crypto market cycles impacting funding rates and stETH staking rewards
- Increasing DeFi passive income adoption boosting demand for yield-bearing assets
Disclaimer: Cryptocurrency price predictions are speculative and based on current market analysis.
Actual prices may vary significantly due to market volatility, regulatory changes, and other factors.
Always do your own research before making investment decisions.
Read more in our deep dive at sUSDS vs sUSDe yields 2025. Liquidity favors both in major protocols, but sUSDS’s RWA anchor may prove resilient through rate cuts.
Assessing top yield bearing stablecoins TVL, these two dominate for DeFi passive income stablecoins. Risk-tolerant portfolios might allocate 60% sUSDe for growth, balancing with sUSDS for ballast. Always monitor funding rates and RWA audits to sustain returns.
Navigating these dynamics requires a macro lens: as central banks pivot on rates, sUSDe’s funding arbitrage could rebound, while sUSDS tracks the Treasury curve with less drama. Both tokens accrue yield automatically, rebasing balances upward over time, making them ideal for long-term holds in DeFi vaults.
Risks and Mitigation: Beyond the Yields
Every yield comes with strings attached. sUSDe’s delta-neutral hedge falters if ETH basis trades diverge sharply or exchanges face outages, as seen in past crypto winters. Its TVL dip from peak levels underscores this vulnerability, yet the protocol’s insurance fund cushions redemptions. Conversely, sUSDS faces smart contract risks from Sky’s upgrades and RWA counterparty defaults, though monthly attestations build trust. Diversification remains paramount; blending the two mitigates regime shifts, with sUSDe fueling growth phases and sUSDS anchoring downturns.
In my two decades tracking multi-asset flows, I’ve learned that DeFi passive income stablecoins thrive on transparency. Audit both protocols regularly, cap exposure at 20-30% of liquid assets, and use hardware wallets for custody. Impermanent loss in LP positions is minimal for these single-sided stakes, but gas fees on Ethereum can nibble edges during volatility spikes.
sUSDe vs sUSDS: Key Metrics Comparison
| Metric | sUSDe (Ethena) | sUSDS (Sky) |
|---|---|---|
| TVL | $2.996B | $3.254B |
| Current APY | 10.73% | 6.50% |
| Price | $1.21 | $1.082 |
| Backing Assets | Delta-neutral: staked ETH (stETH) + short ETH positions (staking rewards + funding arbitrage) | Real-world assets: tokenized U.S. Treasury bonds + DeFi lending |
| Risk Profile | Higher risk: derivatives markets & volatility exposure | Lower risk: stable traditional assets |
| Best For | High-yield seekers with risk tolerance | Conservative, stable passive income |
Regulatory headwinds loom too. As stablecoins draw scrutiny, Ethena’s synthetic model might face derivatives classification hurdles, while Sky’s RWA pivot aligns better with compliance trends. Still, both operate permissionlessly, empowering users over institutions.
Getting Started: Practical Paths to Passive Income
Entering these ecosystems is straightforward. Bridge fiat or USDC to Ethereum, swap via Uniswap or Curve for sUSDe or sUSDS, then deposit into Pendle or Morpho for amplified yields. Ethena’s app handles sUSDe minting seamlessly, while Sky’s portal simplifies sUSDS entry. Track accruals via Dune dashboards; expect daily compounding without manual claims.
For conservative plays, allocate via Yearn vaults that auto-optimize between them. I’ve modeled portfolios where a 50/50 split yields 8-12% blended APY, outpacing high-yield savings by multiples while preserving capital. Monitor top yield bearing stablecoins TVL shifts weekly, as inflows signal conviction.
Explore further comparisons in our guides like top yield-bearing stablecoins for passive income in 2025 and sUSDe vs sRUSD 2025.
Looking ahead to late 2025, Pendle’s dominance in yield tokenization positions both as composability kings. If funding rates normalize post-halving, sUSDe could reclaim double digits; sUSDS, meanwhile, benefits from RWA tokenization boom. Patient allocators who blend these anchors will harvest compounding magic, turning DeFi’s volatility into generational tailwinds.
