On-Chain Cash Rates

See what parking dollars on-chain really pays right now, and what extra risk buys.

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On-chain T-bill rate

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Median of 0 tokenized treasury pools. This is what cash parked on-chain in T-bills earns right now; everything below is measured against it.

Private credit (median)

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Across the tokenized credit pools tracked.

Stablecoin savings (median)

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Savings products backed by T-bills or run by a protocol. The protocol is one more thing that can break.

What each product pays, and what for

The yield each product really pays (token bonuses left out), how it compares with the on-chain T-bill rate, and what you would actually be holding. Paying more than T-bills means you are being paid for some extra risk; the note says which.

Reading live rates…

Only pools above $10M with a reported APY are shown. Structure tags summarise each issuer's own documentation — read it before you hold anything. Want to test a specific yield? Run the Real Yield Check, then audit the project.

How to read the spread

Treasuries should sit within about 25 bps of the on-chain T-bill rate. Below it, you are paying for convenience or integrations; above it, ask where the extra comes from.
Private credit pays more than T-bills. The extra is the price of borrowers not paying back and of waiting to get your money out. In 2026 the safest lending pools pay a few points over T-bills; riskier pools pay far more, for a reason.
Stablecoin savings are usually backed by T-bills, but the yield reaches you through a protocol. The extra is what you are paid for the risk that the protocol or its code breaks.
Rates drift. The board refreshes every 10 minutes, and the Real Yield Check uses these same live numbers.

Live data, not financial advice. Projects report these yields to DefiLlama, and they can change without notice. Tokenized assets carry issuer, custody, legal and code risk.