Spotlight · On-chain vs off-chain

Yield curve

Tokenized US Treasuries plotted against the live Treasury yield curve. Eyeball the on-chain premium or discount per maturity bucket — a comparison nobody else surfaces despite roughly $10B in tokenized treasuries on-chain.

As ofApril 30, 2026Source · Federal Reserve H.15
US Treasury (constant maturity)Tokenized treasury · APY

On-chain spread vs nearest-maturity Treasury

3 products
  1. BUIDLBlackRock BUIDL1M3.78%3.72%+6 bps
  2. USDMMountain Protocol3M14.83%3.68%+1115 bps
  3. LAYERSolayer USD1M0.00%3.72%-372 bps

Methodology · WAM (weighted-average-maturity) sourced from issuer attestations. UST yield uses the nearest-maturity bucket from H.15. Spread expressed in basis points (1 bp = 0.01%). Σ $3.1B TVL across products.