Yield Dashboard
Zephyr's APY consistently outperforms every major stablecoin yield.
4.63%
Current ZYS APY
+98.81% since Oct 2024
Live
Live.Paid from mining rewards.
Redeem 1 ZSD for $1 of ZEPH from the Reserve.
No lock-ups.
No lenders, no leverage, just mining rewards_
Compare
Against six major yields
ZYS against the six major stablecoin yields we track, every day since it launched. Theirs come from lending, Treasuries and funding rates. ZYS's comes from mining.
- days ZYS's APY beat every tracked competitor reporting that day
- 728 of 734
- ZYS's average APY over the last 12 months
- 13.27%
- the best of them, syrupUSDC at 5.21%
- 2.5×
Stablecoin yields, ranked
Ranked by 12-month average APY, so a one-day spike can't top the table.
- Tap a row to see where its yield comes from.
| Rank | Asset | 12-month avg | Today | Paid from | Depends on | TVL |
|---|---|---|---|---|---|---|
| #1 | ZYSZephyr Yield Share | 13.27% | 4.63% | ZEPH in the Reserve (275% now) | $314.7K | |
| #2 | syrupUSDCMaple | 5.21% | 5.06% | Borrowers repaying | $2.6B | |
| #3 | sUSDeEthena | 4.29% | 5.07% | Perp funding rates | $1.2B | |
| #4 | sUSDSSky (MakerDAO) | 3.83% | 3.80% | Sky governance | $4.8B | |
| #5 | USDYOndo Finance | 3.58% | 3.74% | A US custodian, with KYC | $1.3B | |
| #6 | Aave USDCAave V3 | 3.45% | 3.76% | Borrowing demand | $156M | |
| #7 | Aave USDTAave V3 | 3.09% | 3.58% | Borrowing demand | $271M |
What backs each $1
Each issuer's own figure, on the date shown. The collateral differs: ZEPH is a volatile mined coin, which is why Zephyr only mints new ZSD while the Reserve holds at least 400%.
Track record
The track record
What ZYS has paid since it launched in October 2024, read from the chain.
Bull or bear
Built for bull and bear markets
ZEPH's price on top, and what ZYS paid through its rises and falls below.
Reserve status
What stands behind ZSD, and which conversions are open.
Reserve ratio
275%
moving average 276%
In the Reserve
4,890,373 ZEPH
$1.02M today
Minting new ZSD: New ZSD paused · reopens at 400% (ZEPH ≈ $0.305)
ZYS yield: Yield on · pauses only below 200% (ZEPH ≈ $0.152)
ZSD supply
372,419
ZSD staked as ZYS
314,727
85% of all ZSD
ZYS supply
158,045
1 ZYS
1.9914 ZSD
ZEPH $0.2094
Crash-tested
ZSD stayed backed through ZEPH's fall from its November 2023 peak: no liquidations, and no new ZEPH minted to defend it.
The APY follows ZEPH
The APY rises and falls with ZEPH's price.It can't go negative, the way funding-rate yields can, and no vote sets it. High yields draw in new ZYS holders, who split each block's reward more ways. But getting ZYS usually starts with buying ZEPH and converting it: that adds buying pressure on ZEPH, and a higher ZEPH price lifts the yield. The two pull against each other.A self-balancing system.
Yield strengthens the system
Every block, 30% of the mining reward goes into the Reserve, and the ZEPH behind the 5% paid as yield stays there too. So every $1 of yield adds $7 of ZEPH to the Reserve: paying the yield makes the backing stronger.
Calculator
What your ZSD could earn
At today's APY, and at prices ZEPH has really traded at. Stake ZSD, the Zephyr Stable Dollar, as ZYS, the Zephyr Yield Share, and the yield is paid in ZSD.
Yield calculator
Enter an amount of ZSD. See what it earns as ZYS at today's APY, or at a price ZEPH has really traded at.
In a year: +$463.29in ZSD
1 week
+$8.88
+0.09%
1 month
+$38.08
+0.38%
3 months
+$114.24
+1.14%
6 months
+$228.47
+2.28%
Solid: the price picked. Dashed: the others.
The APY moves with ZEPH's price. These figures hold the price and today's pool size for the whole period, and ZYS doesn't compound, so each line is straight. Not a forecast.
Model any price in the SimulatorHow we checked
Private, and it pays
Here is every private stablecoin and private-yield product we found, and where the others fall short. Zephyr is the only decentralized stablecoin system that's private by default and pays its holders a native yield.
Who else pays private yield
Private stablecoins and private-yield products, checked in Oct 2026 against each project's own site, docs or press. Only Zephyr ticks all five.
Marks, in order: decentralized dollar, private by default, can't be frozen, native yield, paid in the stablecoin.
ZSD + ZYSZephyr5 of 5
- Decentralized dollarNo issuer: minted against ZEPH in the Reserve
- Private by defaultTransfers hide sender, receiver and amount
- Can't be frozenNo issuer, no blacklist
- Native yield5% of every block reward
- Paid in the stablecoinPaid in ZSD
Live sinceOct 2023ZYS since Oct 2024
zephyrprotocol.comfUSDFreedom Dollar, on Zano3 of 5
- Decentralized dollarBacked by public ZANO reserves
- Private by defaultZano transfers are private by default
- Can't be frozen
- Native yieldReserve staking yield goes to the buffer, not holders
- Paid in the stablecoinNo staked fUSD
Live sinceMay 2025
freedomdollar.comNPHNephrite, on Beam3 of 5
- Decentralized dollarBorrowed against BEAM, Liquity-style
- Private by defaultConfidential on Beam
- Can't be frozenNo governance or admin
- Native yieldOnly the stability pool earns, in BEAMX and BEAM
- Paid in the stablecoinPaid in BEAMX and BEAM
Live sinceApr 2023
nephrite.netUSADPaxos Labs, on Aleo1 of 5
- Decentralized dollarIssued by Paxos, backed 1:1 by USDG
- Private by defaultEncrypted by default; the issuer keeps view keys
- Can't be frozenPaxos enforces a freeze list
- Native yieldNo holder yield
- Paid in the stablecoin
Live sinceFeb 2026
aleo.org/usadShielded USDCNamada1 of 5
- Decentralized dollarCircle's USDC, bridged in through Noble
- Private by defaultOpt-in: you shield it first
- Can't be frozenCircle can freeze it outside Namada
- Native yieldShielding rewards from NAM inflation
- Paid in the stablecoinPaid in NAM
Live sinceJul 2025
Namada governance, proposal #36
Get started
Buy ZEPH, then earn with ZYS
Buy ZEPH
Pick an exchange and buy ZEPH with USDT.
Get the wallet
Withdraw your ZEPH to your own Zephyr wallet, on the web or as a download.
Earn with ZYS
Convert ZEPH to ZSD in the wallet, then stake it as ZYS. It earns from the next block.
Not ready yet? Follow @zephyr_org on X or join the Discord for news, like the Ethereum bridge launch.