Institutional DeFi Research
Stablecoin yield, liquidity, and market structure analysis designed for allocators, treasury teams, and institutional investors.
Latest issue
March 2026
Strategy
Archive
12 published notes
8 min typical read since Jan 13, 2026
Focus areas
Market Structure, Strategy, Research, Regulation
Institutional stablecoin yield is not one trade but a layered stack of cashflow engines, from T-bill wrappers to on-chain lending, basis...
From the Desk
By Arkenyield
Stablecoin CLMM yield looks clean on headline APY, but realised returns are shaped by arbitrage, LVR, and JIT liquidity that systematically tax passive LPs.
Stablecoin CLMMs are not passive fee machines. Net LP yield is fee income minus adversarial extraction, and that difference compounds.
Open article
By Arkenyield
Displayed lending APYs on Aave and Morpho are not risk-adjusted returns. A rigorous framework prices smart contract, oracle, liquidity, bad debt, and governance risk separately before comparing yield.
On-chain lending rates price utilisation. They do not fully price the protocol, oracle, governance, and liquidity risks embedded in the position.
Open article
By Arkenyield
On March 22, 2026, an attacker deposited approximately $100,000 to $200,000 in USDC into Resolv Labs' USR Counter contract and minted roughly 80 million unbacked USR, triggering a rapid depeg and exposing...
The exploit was not a failure of delta-neutral design alone, but a failure to harden issuance and collateral controls around it.
Open article
By Arkenyield
Stablecoin liquidity is increasingly fragmented across chains, and the friction of moving capital between them quietly eats into institutional realised yield...
Cross-chain yield differences only matter if the desk can move size efficiently enough to capture them.
Open articleData
