What this is
Most yield stablecoins pay a floating rate that moves with the underlying mechanism: funding rates compress, governance votes reset savings rates, treasury yields drift. sUSDe, for example, has ranged from double digits down to around 4% as funding conditions changed. Nothing in the protocol guarantees today’s rate tomorrow.
What it means for your yield
Anchoring on the headline number overstates what you will earn whenever the rate is near a local peak. The honest read is the distribution: where has the rate spent the last 90 days, and is today’s number above or below that average.
Where it appears on Pennyworth
Detail pages mark every floating rate as such next to the APY, chart the real history span, and print the low / high / average underneath. The calculator’s range row reuses the same span.