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

7 products
  1. BUIDLBlackRock BUIDL1M3.57%3.72%-15 bps
  2. ENAEthena USDtb1M0.96%3.72%-276 bps
  3. FRAXFrax USD3M12.61%3.68%+893 bps
  4. SKYSky RWA3M6.75%3.68%+307 bps
  5. STUSDTstUSDT3M3.47%3.68%-21 bps
  6. USDMMountain Protocol3M8.68%3.68%+500 bps
  7. 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 $3.7B TVL across products.