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Market Map/Yield & RWA

Yield & RWA

Protocols generating yield on stablecoins and issuers of tokenized real-world assets.

10 companies tracked

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Aave

Largest decentralized lending protocol where users earn yield by supplying stablecoins.

DeFi LendingPermissionless

TVL

$38B

APY

3-7%

Chains

7

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BlackRock (BUIDL)

Tokenized USD Institutional Digital Liquidity Fund. $2.7B AUM. Largest tokenized treasury product.

Tokenized TreasuryKYC Required

TVL

$2.5B

APY

~4%

Chains

6

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Ethena (sUSDe)

Staking USDe for sUSDe generates yield from funding rate arbitrage and staking returns.

Yield AggregatorPermissionless

TVL

$5.5B

APY

4-10%

Chains

5

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Ether.fi Stake

Liquid restaking protocol. $5.6B TVL. eETH and weETH yield-bearing tokens. Largest restaking platform.

Liquid StakingPermissionless

TVL

$7.8B

APY

3-8%

Chains

5

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Franklin Templeton

Tokenized US Government Money Fund (BENJI). $935M AUM. On Ethereum, Stellar, Polygon.

Tokenized TreasuryKYC Required

TVL

$1B

APY

~4.3%

Chains

8

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Hashnote (USYC)

Institutional tokenized US Treasury product. $2.6B AUM. On-chain settlement.

Tokenized TreasuryKYC Required

TVL

$2.6B

APY

~4.2%

Chains

5

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Maker SSR

Sky Savings Rate offers yield on USDS/DAI deposits from protocol revenue and RWA returns.

DeFi LendingPermissionless

TVL

$7.5B

APY

4-4.5%

Chains

3

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Maple

Institutional lending. Syrup USDC vault $3.4B TVL. Fixed-rate stablecoin yields 4-8%.

DeFi LendingPermissionless

TVL

$3.2B

APY

4.7-8%

Chains

3

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Ondo Finance

Tokenized US Treasuries via OUSG ($446M) and USDY. Bridging TradFi yield into DeFi.

Tokenized TreasuryPermissioned

TVL

$2.5B

APY

~4.5%

Chains

6

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Superstate

SEC-registered tokenized short-duration US Treasuries (USTB). $356M AUM.

Tokenized TreasuryKYC Required

TVL

$967M

APY

~3.4%

Chains

1

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