Yield-bearing stablecoins
4 yield-bearing stablecoins and tokenized Treasury funds worth $7.17B combined, including BUIDL, USYC, USDY and sUSDS-style savings tokens.
Yield-bearing stablecoins make up $7.17B, or 2% of the $314B stablecoin market, spread across 4 tokens. The largest is Circle USYC (USYC), with $2.40B in circulation.
Top 4 yield-bearing stablecoins by market cap
- Circle USYC $2.40B
- BlackRock USD $2.21B
- Ondo US Dollar Yield $2.06B
- YLDS $500M
Yield-bearing stablecoins by market cap
Methodology| Peg | Type | ||||||
|---|---|---|---|---|---|---|---|
| 9 | USYCCircle USYC | $2.40B | -8.6% | $1.1396 | Accrues yield | Fiat-backed % | 2 |
| 10 | BUIDLBlackRock USD | $2.21B | -21.5% | $1.0000 | On peg | Fiat-backed % | 6 |
| 11 | USDYOndo US Dollar Yield | $2.06B | -7.0% | $1.1485 | Accrues yield | Fiat-backed % | 14 |
| 21 | YLDSYLDS | $500M | -5.0% | $0.9999 | On peg | Fiat-backed % | 3 |
How yield-bearing stablecoins pay
Interest on reserves can reach holders in three ways:
- Rising price — the token's value grows over time, so it trades above $1 by design (USYC, USDY).
- New tokens — the price stays at $1 and holders receive extra tokens as dividends (BUIDL).
- Savings wrappers — you deposit a plain stablecoin into a vault and receive a token that earns the protocol's rate (sUSDS for USDS, sUSDe for USDe).
Because paying interest makes a token look like a security, most yield-bearing coins are registered funds or notes, restricted to qualified or non-US investors. Payment stablecoins issued under the US GENIUS Act cannot pay interest to holders directly.
Frequently asked questions
What is a yield-bearing stablecoin?
A yield-bearing stablecoin passes interest from its reserves, usually short-term US Treasuries, through to holders. Some raise their token price over time (USYC, USDY). Others pay out new tokens (BUIDL) or offer a savings wrapper (sUSDS, sUSDe). Many are securities, or are restricted to non-US or qualified investors.
Are tokenized Treasuries the same as stablecoins?
Not quite. Tokenized Treasury funds such as BUIDL and USYC are fund shares on a blockchain. They are used like dollar stablecoins as collateral and for settlement, but they are regulated as securities and usually restricted to qualified investors.
What is the largest yield-bearing stablecoin?
Circle USYC (USYC) is the largest by market cap. The top five are Circle USYC (USYC, $2.40B), BlackRock USD (BUIDL, $2.21B), Ondo US Dollar Yield (USDY, $2.06B), YLDS (YLDS, $500M).
How is this list ranked and updated?
Coins are ranked by circulating supply in US dollars, with non-dollar coins converted at daily FX rates. Data comes from DefiLlama and refreshes twice a day. A coin appears once it has more than $1 million in circulation.
How we track stablecoins
- Coverage: every stablecoin with more than $1 million in circulation in the open DefiLlama stablecoins dataset.
- Supply is circulating supply, excluding unreleased issuer inventory, summed across chains. Non-dollar coins are converted to US dollars at the day's FX rate.
- Peg status compares the latest market price with one unit of the peg currency. Some feeds return a generic placeholder price, and we show those as "no reliable price" rather than guessing.
- Issuer, backing and yield notes are written and checked by CoinScoop editors. Everything else updates automatically twice a day.
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