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
2 productsSymbolIssuer · ProductWAMAPYUST yieldSpread
- USDMMountain Protocol3M1.69%3.68%-199 bps
- 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 $1.4M TVL across products.