Do you mean a stablecoin LP? So for instance DAI-USDC or something? They're definitely much much safer from what I can see due to the lack of impermanent loss... But there's still the counterparty risk, as the protocols which govern them could fail, however unlikely that may be. A lot of people have been worried about USDT for instance, but then if that goes, the effects would cause real problems throughout the entire space. The thing with stablecoin pairs is that everyone's aware they're safer due to no IL, so the pools are generally incredibly well subscribed and the APYs drop so low that only the most conservative / whale investors will be LPing those pairs. The higher rewards are always a payoff for the risk we're taking, so the stablecoin pairs usually offer the lowest yields in any given farm. Also depends on the farm itself - I'm so so much more wary now. Watch out for rugpulls - if there's a farm with a stablecoin pair offering high apys, it MAY* (obviously I cannot know) be a sign that people don't trust the actual farm itself, so few are investing , so the APY is still high despite the apparent low-risk opportunity.
