Every Yield Bearing Stablecoin On Solana (2026)

Every Yield Bearing Stablecoin follows a clear shift across chains. Ethereum is where stablecoins are issued. Tron is where stablecoins are hoarded. Meanwhile, Solana is where stablecoins actually work.

i mapped every yield-bearing stablecoin on solana : what backs them, what you earn, and what you’re actually taking on

the only framework you need:

• treasury backed: yield from us t-bills. 4-5%. closest thing to risk-free in crypto.
• institutional lending: yield from real loans to real businesses. 6-13%. exists whether markets are up or down.
• delta neutral: funding rate arbitrage. 10-30% when conditions are good. requires understanding what you own.
• rwa and specialized: reinsurance, private credit, novel yield. newest category & the highest upside

know your bucket before you chase the number

Treasury-Backed Yield Bearing Stablecoins

With every yield bearing stablecoin, your dollar flows into US T-bills. Then, the government pays interest, and you receive most of it. As a result, every yield bearing stablecoin delivers 4–5% APY with no market dependency. Moreover, every yield bearing stablecoin remains stable regardless of SOL price. Therefore, every yield bearing stablecoin becomes the baseline for all other yields.

usdy by @OndoFinance
$175M+ TVL on Solana. It offers ~4% APY. Moreover, it is backed by BlackRock, State Street, and Galaxy. As a result, Ondo will bring tokenized US stocks and ETFs to Solana in 2026.

ylds by @figuremarkets
The only SEC-registered yield-bearing stablecoin. Issued as a tokenized face-amount certificate under a registered investment company. Figure is Nasdaq-listed. It has $19B+ in onchain loan originations. Rated AAA by S&P.

wylds by @hastrafi
A DeFi wrapper for YLDS. It makes SEC-registered yield composable on Solana. For the first time, this becomes possible. Moreover, it uses Figure’s infrastructure underneath. As a result, it works permissionlessly across protocols. Therefore, it combines regulatory compliance with DeFi composability.

susd by @solayer_labs
Solana’s first permissionless T-bill stablecoin. It offers 4–4.5% APY. They also launched the Emerald Visa debit card. It pays 4% yield on your balance. This is one of the few tokens that feels usable for everyday users.

cusdo by @openeden_x
Custodied by BitGo and Coinbase Prime. Treasuries are managed by BNY Mellon, State Street, VanEck, and BlackRock. Structured as a bankruptcy-remote segregated accounts company. Your capital remains protected even if OpenEden ceases to exist.

usds / susds by @skyecosystem
dai’s successor and the third largest stablecoin globally with $2.5b+ allocated into solana lending markets via keel. integrated with @kamino, drift and save. susds yield accrual currently lives on ethereum but the integration roadmap points directly at native solana yield.

usd+ by @streamflow_fi
t-bill backed yield at 3.6% apy paid daily to your wallet with no staking and no lockups. powered by @m0 protocol with reserves held by licensed custodians and independently verified. built on streamflow’s existing solana user base so the distribution is already there.

jupusd by @JupiterExchange
Backed by BlackRock’s BUIDL. Jupiter Lend is the fastest-growing money market on Solana. Deposit JUPUSD into Jupiter Lend. Mint jljupusd, the yield-bearing version. It remains fully composable across DeFi.

crt by @deficarrot
Composable yield infrastructure for Solana apps. It embeds treasury-grade yield by default. It auto-optimizes across Kamino, Marginfi, Drift, and more. Features a liquid CRT token. Zero fees. Fully composable. A quiet infra play that could become essential within 18 months.

Institutional lending

the yield here doesn’t come from market dynamics or funding rates. it comes from real economic activity. people send money across borders every day. businesses borrow every day. none of that stops because sol dumps.

pst by @humafinance
8% apy(classic) from cross-border payments and trade finance with $150m+ in deposits and zero bad debt since inception. backed by circle, galaxy and solana foundation with tala bringing 13m users across emerging markets into the ecosystem. the yield exists irrespective of sol price

syrupusdc by @maplefinance
Maple scaled from $513M to $2.2B TVL in 2025. It did this through fixed-rate, overcollateralized loans to institutional borrowers. Moreover, Drift now accepts syrupUSDC as margin collateral. As a result, your collateral earns 6.5–8% while you keep positions active.

Delta-Neutral Yield Bearing Stablecoins

the yield here comes from funding rates : the payments longs make to shorts on perp markets. when markets are bullish, funding is positive and shorts collect. when conditions shift, so does the yield.

the risk is liquidity depth and what happens to peg on secondary markets when things get thin. the teams that understand the difference between those two things are the ones worth watching.

the teams that actually understand funding rate mechanics are easy to spot. here’s who does:

usx / eusx by @solsticefi
Backed by Deus X Capital, Galaxy, and Susquehanna. Moreover, the team includes talent from Solana Labs, Coinbase, BlackRock, and UBS. As a result, it is one of the most credentialed teams building stablecoins today.

susde by @ethena_labs
The benchmark for this category. It has $6.1B in supply. It ranks as the fourth-largest stablecoin globally. Moreover, it delivers pure market yield with no token emissions. Notably, USDe or sUSDe makes up 41% of Pendle’s TVL. Therefore, if you use Solana DeFi, you likely already have exp

dusd by @standx_official
A perps DEX where your margin earns yield by default. Moreover, it offers 3–11% APY. The team comes from ex-Binance Futures and Goldman Sachs. Notably, it is self-funded with no VC pressure. As a result, it sets a new standard for perps venue design.

usd* by @perena__
10.4% apy split 80% delta neutral and 20% overcollateralized lending, also providing the infra. every new stablecoin launching on solana potentially routes through perena’s liquidity layer.

usdc+ by @reflectmoney
Backed by a16z. Moreover, it offers non-custodial yield on USDC. This is achieved via curated DeFi strategies. Each strategy is insured by an onchain pool using Jito restaked assets. Furthermore, any developer can issue yield-bearing dollars through Reflect’s SDK. As a result, there is no need to build custom infrastructure.

susdv by @solomon_labs
26% apy ytd 2025 from a team that ran a full year in private beta with zero social presence and found real users through defillama and onchain analytics alone. no points. no hype. just monthly onchain distributions and a product that earned trust before asking for attention.

shyusd by @hylo_so
overcollateralized by jitosol at 13-18% apy with a liquidation-minimalized design that is one of the most architecturally interesting experiments in decentralized stablecoins on solana. tvl $100m and if it holds through a real sol drawdown the design conversation shifts.

RWA and specialized

The yield comes from reinsurance premiums, consumer credit, and cross-chain liquidity. Moreover, some of these are structurally uncorrelated with markets. This is unlike anything else on this list. However, it has the least historical data. That is the trade-off.

onyc by @onrefinance
16% APY from Bermuda-regulated reinsurance contracts. Here, premium payments flow back as yield. Moreover, the $7T insurance market remains largely untapped by DeFi. Therefore, ONYC is building the onramp. Additionally, it is structurally uncorrelated with crypto markets. It is also accepted as collateral on Loopscale.

susdu by @unitaslabs
multichain yield-bearing stablecoin designed to make every liquid asset productive across chains. built for a world where yield is the default state of a dollar instead of an opt-in feature. early on solana but the architecture is built for scale.

lss vb by @lincefinance
An automated yield vault on the Solana Seeker dApp Store. It offers strategies from conservative to aggressive. Therefore, users can choose based on risk. The core bet is simple. Most people want yield without becoming DeFi power users. As a result, LSS VB is built for them.

prime by @hastrafi & @Figure
backed by american consumer debt including home equity and personal loans, $19b+ in originations, aaa-rated by s&p. consortium includes @phantom, raydium, chainlink, kamino and @privy_io stripe).

Three things happening next

• yield becomes invisible within 18 months. @JupiterExchange is already doing it inside their lending product. wallets will compete on default yield, apps will embed it as infra, and zero-yield stablecoins will feel like storing cash under a mattress.
• distribution beats apy every time. the stablecoin that wins won’t have the highest number. it will be on kamino, @DriftProtocol, phantom and @raydium. watch the integration maps, not the yield charts.
• Solana is becoming the global settlement layer for yield-bearing dollars. First, regulated yield comes via YLDS. Next, PayFi rails are enabled by Huma. Then, consumer credit is powered by Prime. Meanwhile, tokenized insurance is brought by ONYC. Additionally, Firedancer has demonstrated 1M+ TPS in benchmarks. Therefore, this stack does not exist anywhere else.
  

not all of these would survive though.

Funding rates will compress. As a result, strategies will underperform. Inevitably, some will make mistakes that do not recover. However, the category is real. Therefore, it will consolidate.

The direction is irreversible. After all, $308B in idle stablecoin capital is not temporary. Moreover, every builder sees the opportunity. As a result, Solana is where the fastest iteration is happening.

most of these won’t survive. the ones that do will be infrastructure.

$308b in idle stablecoin capital is not a temporary inefficiency. it’s the largest open problem in crypto. and solana is where it gets solved. i’m watching integration maps instead of yield charts.

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Note:

• data approx feb 24–25, 2026. yields/apys variable
• this is independent research. nfa. dyor
• s/o @Ayushjhax for data viz. help

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