ETH: DeFi Dollar Rate

Included with Plus.

One interest rate for US-dollar stablecoins in Ethereum's lending markets: what a dollar lent earns (the supply rate) and what a dollar borrowed costs (the borrow rate), each the average of every covered market's rate weighted by the dollars in it, with their 7-day averages and the 3-month Treasury bill beside them.

Why use it. It is the price of dollars on chain. Lenders weigh it against what dollars earn elsewhere, such as Treasury bills, and traders pay it to borrow against their crypto: a rising borrow rate means demand for leverage, a falling one deleveraging or new deposits waiting to be lent. How to read it. The supply rate sits below the borrow rate because not every dollar supplied is lent out and the protocols keep a share of the interest. Single hours jump when a large market's utilisation crosses its target; the 7-day averages smooth that. A supply rate below the bill line means lending on chain pays less than the risk-free rate; the gap is charted in DeFi Dollar Rate Spread to 3-Month T-Bills. Each protocol's own rate is in USDC, USDT, and DAI and USDS Supply and Borrow APY by Lending Protocol.

Calculation. Each hour, at its last block: the supply rate is the sum of each market's supply APY times the dollars supplied to it, divided by all the dollars supplied; the borrow rate the same with the borrow APY and the dollars borrowed. Markets: USDC, USDT, DAI and USDS in the main Ethereum markets of Aave v3 and Aave v2, Spark, Compound v3's dollar markets and every Morpho Blue market that lends them; markets with bad debt are left out. Each stablecoin counts one dollar. The APYs are the protocols' own interest rates, read from CryptoKeyhole's own Ethereum archive node; reward and incentive tokens are not included. Maker's (Sky's) stability fee is left out: it is the cost of minting DAI and USDS against collateral, not a rate a lender earns. 7-day averages: the mean of the hourly rates over the 168 hours to each hour, from 26 October 2026. A day is the mean of its hourly rates (the 7-day averages take its last hour); the latest day is a partial. An hour is published once its last block is final on our node, so the latest hour shown ended about one to two hours earlier. History begins on 19 October 2026, 14:00 UTC, the first hour for which every market's size is kept; earlier hours survive only as each protocol's own rate, which cannot be weighted against the others. The bill: the U.S. Treasury's official 3-month par yield for the hour's UTC date, from Treasury's Daily Treasury Par Yield Curve Rates (a simple annual rate over the bill's days), put on the lending rates' compounded basis as if the bill were rolled every 91 days at that yield: (1 + yield x 91/365)^(365/91) - 1, so 4.19% becomes 4.26%. Weekends and bond-market holidays take the latest earlier trading day; until Treasury publishes a day's yield, late in the US afternoon, that day's hours use the previous trading day and are recomputed once it is out. Source for the bill: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates; no Treasury endorsement.