Highest-Paying Stablecoin Yield Programs for May 2026

Some crypto exchanges offer stablecoin yield programs with high APYs, but they have risks, and could be affected by pending legislation.

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Published Mar 31, 2026 2:15 p.m. PDT · 4 min read Written by Lead Writer + more + more Edited by Managing Editor

Some quick (but important) notes 🤓

Stablecoin yield programs sometimes pay more than traditional banking products, but they generate yield in riskier ways and are not FDIC-insured. Some of these programs require paid subscriptions. Be sure to include the monthly or annual fee in your yield calculation. Proposed legislation could severely affect some stablecoin yield programs but spare others. If you’ve explored the cryptocurrency world, you’ve probably heard of stablecoins: U.S. dollar-pegged cryptocurrencies such as Circle (USDC), Ripple USD (RLUSD) and Tether (USDT). As their name implies, these offer price stability, in contrast to the wild price swings of traditional cryptocurrencies like Bitcoin and Ethereum. If you’ve poked around some more, you may have heard that some crypto platforms pay a yield on stablecoins — but where does that yield come from? yield The answer lies in a relatively new and complicated type of crypto activity called a stablecoin yield program. Here’s an overview of how these savings-account-like products work, their risks, and some of the highest-yielding ones on the market today.

What are stablecoin yield programs?

Stablecoin yield programs are offerings from cryptocurrency trading platforms that let users deposit stablecoins and earn passive income on them. Some stablecoin yield programs require users to lock up their money for a specific period of time in order to earn a yield, making them sort of a crypto equivalent of a certificate of deposit (CD), while others pay out more flexibly, like a savings account. Some crypto platforms offer stablecoin yield programs for free to all users, while others restrict them to paying users with premium subscriptions. In the latter case, investors should keep in mind that the subscription cost will reduce their net yield. Under the hood, stablecoin yield programs generate returns in a variety of ways. Some put investors’ money into decentralized finance (DeFi) lending pools that lend out crypto to traders or financial institutions, who pay interest on those loans that’s then used to pay your yield. These can be risky due to the lack of regulation around them. Other stablecoin yield programs invest funds in safer income investments like Treasury bills, or do a mix of the two. Some crypto platforms that offer free stablecoin yield programs profit from these programs by keeping a portion of the returns, and passing the rest onto investors. Others only offer them to investors who meet minimum deposit or minimum trading activity requirements.

The highest-paying programs

Below is a list of the stablecoin yield programs offered by the crypto platforms reviewed by NerdWallet, ranked from highest to lowest maximum annual yield. Compared to last month, the only changes we've found are in Kraken's Rewards program, which no longer offers a higher yield for locked-up assets. Rather, they offer two different rates for members (Kraken+) and non-members, noted below. Program name Program name Maximum yield Maximum yield Notes Notes Kraken USDC Rewards 4.25% Anyone can earn 1.75% on their USDC with Kraken, however earning the top tier requires Kraken+, which is $4.99/month. Gemini Asset Rewards 4% Uses the RLUSD coin. Crypto.com Earn 3.70% Can use USDC, USDT or USC coins. Only available to paid members: up to 2.70% for Plus members ($4.99/mo or $49.90/yr), up to 3.70% for Pro members ($29.99/mo or $299.90/yr). Coinbase One USDC Rewards 3.50% Requires Coinbase One membership ($4.99/mo or $49.99/yr) Uphold Rewards 3% 3% on RLUSD, 2% on USDC. Requires you to open the app, deposit $50, and trade at least $50 at least once a month. Source: Platform websites. Data is current as of May 20, 2026, and is intended for informational purposes only. Source: Platform websites. Data is current as of May 20, 2026, and is intended for informational purposes only. » More about these platforms: Best crypto exchanges & apps » More about these platforms: Advertisement

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$0 per trade

Fees

0.5%-5.5%

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0% - 5% varies by type of transaction; other fees may apply

Account minimum

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Net APY calculator for paid stablecoin yield programs

The calculator below can help you calculate net annual percentage yield (APY) for stablecoin yield programs that require a paid subscription. If you pay for a subscription and only deposit a small amount of money, the subscription may cost more than you earn in yield. The calculator below will display a negative APY in that case.

What are the risks of these programs?

Some of these stablecoin yield programs have higher APYs than many traditional savings vehicles, such as those featured in NerdWallet’s Best CD Rates and Best High-Yield Savings Accounts roundups. That said, it’s important to note that these things aren’t apples-to-apples. High-yield savings accounts and CDs have Federal Deposit Insurance Corp. protection, while stablecoins do not. The risk of something going wrong on the issuer side isn’t just theoretical, either. There have been some high-profile failures of crypto-based income investment schemes in the past, such as Gemini freezing withdrawals from its Gemini Earn crypto lending program in 2022 amid the FTX crisis. In that case, customers didn’t get their money back for more than a year. Stablecoins may offer an extra percentage point or two of yield over the top CDs and HYSAs, but savers need to consider whether they’re willing to accept the risk of something similar happening. On top of that, the webpages of these stablecoin yield programs usually have fine print that notes that their yields are subject to change without notice, and many have seen their yields fluctuate dramatically over the last year or two. Traditional banking products, on the other hand, tend to have more stable yields that change slowly in response to predictable factors like Federal Reserve action.

How could the Clarity Act affect stablecoin yields?

The future of stablecoin yield programs is uncertain at the moment, because of a federal bill called the Digital Asset Market Clarity Act. The Clarity Act passed the House of Representatives in July 2025, and is currently working its way through the Senate. It’s part of a recent effort to create a national regulatory framework for digital assets such as stablecoins (and other cryptocurrencies), and some of its provisions may spell trouble for stablecoin yield programs. The latest draft of the bill prohibits platforms from paying out passive yields just for holding stablecoins, and only allows them to pay out yields on stablecoin deposits as part of activity-based reward programs. If the bill passes the Senate and is signed into law in its current form, the Uphold Rewards program may be OK, but the others could face an uncertain future. » Another way to earn crypto rewards: Best crypto credit cards » Another way to earn crypto rewards: About the author Sam Taube Sam Taube writes about investing for NerdWallet. He has covered investing and financial news since earning his economics degree in 2016. See full bio. Helpful resources Gemini Review 2026: Pros, Cons and How It Compares Kraken Review 2026: Pros, Cons and How It Compares Coinbase Review 2026: Pros, Cons and How It Compares Uphold Review 2026: Pros, Cons and How It Compares More like this Crypto Bank and Crypto Banking 101 By Spencer Tierney Best High-Yield Savings Accounts of May 2026: Up to 4.03% By Margarette Burnette The 8 Best Crypto Exchanges, Platforms & Apps for 2026 By Chris Davis