Conservative stablecoin yields for institutional-grade allocation

How we picked these. Pools below are filtered from the live public on-chain pool universe by (a) stablecoin-to-stablecoin pair (no impermanent-loss exposure to volatile assets), (b) TVL ≥ $25.0M (institutional liquidity floor), (c) APY ≤ 12% (defensible conservative upper bound), (d) real-yield ratio > 0 (some component of yield comes from base interest, not pure token emissions), and (e) not an algorithmic stablecoin protocol. Sorted by TVL descending. This is methodology classification, not investment advice — see methodology for the full scoring framework.