Ethena USDe vs Morpho Blue: USDe yields compared
Ethena USDe has 1 qualifying USDe pool ($1.17B) and Morpho Blue has 2 ($712.8M). The best 30-day average is 4.98% on Ethena USDe (Ethereum) versus 4.81% on Morpho Blue (Base).
Typical pools pay about 4.98% on Ethena USDe and 4.81% on Morpho Blue; Ethena USDe holds more USDe in pools that pass our filters.
Last updated · refreshes hourly · Data: DefiLlama ↗
Ethena USDe best
4.98%
SUSDE · Ethereum
Morpho Blue best
4.81%
USDE · Base
Ethena USDe TVL
$1.17B
1 pools · median 4.98%
Morpho Blue TVL
$712.8M
2 pools · median 4.81%
Every qualifying pool, ranked
3 options match
- 1
Ethena USDe
SUSDE · Ethereum
4.98%30d avg
Now 5.09%TVL $1.17BSteadyDetails
- Note
- 7 days unstaking
- Source
- DefiLlama pool page ↗Ethena USDe website ↗
- 2
Morpho Blue
USDE · Base
4.81%30d avg
Now 5.00%TVL $351.9MSteadyDetails
- Reward tokens
- 5.00% of the rate is paid in reward tokens, which can fall in price.
- Source
- DefiLlama pool page ↗Morpho Blue website ↗
- 3
Morpho Blue
USDE · Robinhood Chain
4.81%30d avg
Now 5.00%TVL $360.9MSteadyDetails
- Reward tokens
- 5.00% of the rate is paid in reward tokens, which can fall in price.
- Source
- DefiLlama pool page ↗Morpho Blue website ↗
Education, not financial advice. Rates change; DeFi carries smart-contract and depeg risk. Do your own research.
Questions
Which pays more on USDe, Ethena USDe or Morpho Blue?
Right now Ethena USDe's best USDe pool has the higher 30-day average (4.98%, SUSDE on Ethereum) against 4.81% for Morpho Blue. Comparing typical pools instead of the best one: Ethena USDe 4.98%, Morpho Blue 4.81%.
Which has more USDe deposited?
Across pools that pass our filters, Ethena USDe holds $1.17B and Morpho Blue holds $712.8M. More deposits mean more people trust the pool, but not that it is safe.
How are the pools chosen?
We include every USDe pool from either protocol that passes our standard filters: single-asset stablecoin pools with no impermanent loss, at least $10.0M deposited, 30+ days of history and a rate no higher than 25%. Both protocols' versions are grouped together.
How often is this comparison updated?
Hourly, from DefiLlama. Last updated Nov 2, 2026, 03:27 UTC. If the two protocols stop having 3+ qualifying pools between them, this page is removed.
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