2025-12-02 16:33:21

Recently, Stablewatch has come up with a rather interesting new indicator - YPO (yield paid out), specifically designed to track how much yield has actually been paid out by stablecoins.

This is different from the APY we commonly see. APY estimates how much you can earn in the future, while YPO refers to the actual cash that has already been received. One looks at expectations, while the other looks at reality.

The data is quite astonishing: Ethena's sUSDe has accumulated payments of over 400 million USD, far ahead of all stablecoins. In other words, most of the profits earned by DeFi players in this cycle are basically supported by it.

From this perspective, sUSDe has indeed shouldered half of the burden in terms of yield payments.

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GateUser-bd883c58

· 12h ago

sUSDe is indeed impressive this time, $400 million is a staggering figure... All that APY fancy talk, YPO is still more solid.

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BoredWatcher

· 20h ago

Is sUSDe that impressive? $400 million in real funds—how can other stablecoins keep up?

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MetaEggplant

· 12-02 17:03

sUSDe is really amazing, 400 million USD has been invested, how can other stablecoins compare? --- Those APY numbers are all deceiving, YPO is the real deal --- So, this cycle is mainly sUSDe feeding everyone, the others are just supporting roles --- Damn, Ethena's operation this time has left everyone far behind, the landscape has opened up --- YPO's indicator came out just in time, finally able to see who is really dishing out money --- 400 million USD, just asking who else dares to say their stablecoin yields are strong? --- Expectations vs reality, turns out the gap is so big, I was deceived before --- sUSDe holding up half the sky is not an exaggeration, the data is right here --- Once this indicator comes out, how many projects will be exposed?

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BridgeNomad

· 12-02 16:53

ngl, finally someone tracking *actual* payouts instead of those fantasy apy numbers. seen too many protocols promise 500% then rug—this ypo metric hits different. sUSDe carrying the whole scene though? that's what concerns me, not excited about concentration risk.

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ApeDegen

· 12-02 16:52

Did sUSDe really get dumped with 400 million USD? This isn't a numbers game, it's really harsh. --- I love the comparison between YPO and APY; finally someone has distinguished between unrealistic expectations and actual gains. --- Wait, is the yield in this round of DeFi basically all supplied by sUSDe? How disappointing must other stablecoins be? --- Ethena's move is brilliant; they're using cash flow to directly take market share, let's see how long they can hold up. --- 400 million USD... how disastrous will it be if this crashes? --- YPO's indicator came out just in time; APY has deceived me for so long.

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WalletDetective

· 12-02 16:48

sUSDe this number is a bit outrageous, 400 million? It feels like the entire DeFi is relying on it to survive. --- YPO this indicator is indeed absolute, finally something can expose the hype of APY. --- But speaking of which, with so much money being poured in to sustain the returns, will it collapse later... --- Ethena's move directly rubs other stablecoins on the ground, a bit ruthless. --- The gap between the real numbers and the expected numbers, how big can it be, it's a bit mind-boggling. --- It feels like watching who can burn money to attract attention the best, how long can this last? --- The emergence of YPO shows that APY has indeed deceived too many people. --- The returns generated from 400 million, how much real money is backing this up? --- It's true that it supports the scene, but I'm afraid one day it will suddenly stop, how many people will be caught off guard then?

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CodeAuditQueen

· 12-02 16:47

The logic of YPO is actually a reverse verification of the promise of APY smart contracts, with a payment record of 400 million USD linking the chain... However, I still want to see if there are any potential reentrancy attack vulnerabilities missed in the audit report of sUSDe.

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