Nearly Half of US Retail Crypto Holders Haven’t Earned Yield: MoreMarkets

Nearly half of U.S. retail crypto holders have never earned yield on their assets, according to MoreMarkets’ 2025 Crypto Yield Retail Consumer Report.

The report, which surveyed U.S. retail consumers and analyzed on-chain data, estimates that roughly 20-36 million users earn yield through centralized exchanges (CEXs) like Binance and Coinbase, while only 500,000-700,000 use decentralized finance (DeFi) protocols. That equates to around 97% of yield earners preferring to earn on CEXs rather than decentralized alternatives.

Of those not earning yield at all, 68% cited concerns about liquidity, 45% cited security risks, and 28% said they didn’t understand how to participate in DeFi.

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