Nearly Half of U.S. Retail Crypto Holders Haven’t Earned Yield: MoreMarkets

Why It Matters

The split underscores a bifurcated market where trust, usability and withdrawal access—not top APYs—will determine which platforms capture mainstream retail flows and whether DeFi can expand beyond crypto-native users.

Summary

A MoreMarkets report finds nearly half of U.S. retail crypto holders have never earned yield, estimating 20–36 million earn yield via centralized exchanges while only 500,000–700,000 use DeFi—meaning about 97% of yield earners favor CEXs. The survey cites liquidity concerns (68%), security fears (45%), and lack of DeFi knowledge (28%) as top barriers, with flexible withdrawals and insured/staked-fund guarantees ranked highest by users. The split underscores a bifurcated market where trust, usability and withdrawal access—not top APYs—will determine which platforms capture mainstream retail flows and whether DeFi can expand beyond crypto-native users.