Euler Finance has maintained its leading position in the yield market, according to data shared by crypto analyst Michael Bentley. The data highlighted top DeFi USDC lending platforms that enable users to optimize their earnings through USDC yield farming.
These DeFi platforms allow users to lend their USDC for passive interest in a more predicable manner due to the stability of the USDC stablecoin.
Top 5 platforms for lending USDC
According to data, Euler Yield USDC, a vault built on top Ethereum network, has consistently led in the USDC yield farming. With 7.65% APY, Euler has remained as the top DeFi USDC lending platform offering with best interest rates in the market. A TVL of $61.16 million highlights Euler as a prominent player in the DeFi lending sector.
The next is Smokehouse USDC, a vault operating on Binance Smart Chain network. With an interest rate of 6.43% APY, Smokehouse took the second best position.
MEV Capital Usual USDC, another vault running on Ethereum, emerged as the third-best DeFi USDC lending marketplace with an interest rate of 6.31% APY.
Fourth on the list is Relend USDC, a protocol on Ethereum, with an interest rate of 6.27% APY. Gauntlet USDC Core on Ethereum occupied the firth position with an interest rate of 5.76% APY.
Spark USDC, a vault on Ethereum, clinched the sixth position with a 5.76% APY. Lastly, Aave v3 USDC, a vault on Polygon, settled on the seventh position with a 4.72% APY.
The growth of DeFi lending
Since 2020, DeFi has experienced a tremendous surge in use. As of March 2025, people using DeFi applications, like lending and others, has risen to 15 million. That is 426 times bigger than the 2020 customer base.
DeFi has revolutionized the modern finance. By eradicating the need for intermediaries and embracing the use of blockchain technology, DeFi protocols have expanded the accessibility of financial services, introduced new asset classes, and created advanced economic models. From decentralized exchanges, lending and borrowing, derivatives assets, insurance, and many others, these DApps continue to open up new horizons for what’s possible in the investment landscape.
In the lending sector, DeFi offers a way for people to maintain personalized, cold wallets for holding tokens while earning reward on them. Within the DeFi ecosystem, users can choose which marketplaces they prefer to lend to and earn interest from, depending on platforms’ APYs. Such platforms provide users with a new asset (for the above case is USDC) that represents the value of the initial loaned asset and its gained interest.
Such lending marketplaces are globally available, without depending on personal data like socio-economic background or credit scores. This shows that DeFi is a more equitable system than TradFi (traditional finance). DApps offer financial access for unbanked population, people who commonly cannot open bank account or access loans.
