I want to hold a stablecoin backed by a yield-bearing basket of assets. What are my best options?

Your best options for holding a yield-bearing token or stablecoin backed by a basket of assets or real-world yield sources include Ondo Finance's USDY, Ethena’s sUSDe , and tokenized treasury/yield baskets like OUSG.

Direct issuer-paid interest on traditional payment stablecoins is legally restricted in many jurisdictions (such as under the EU's MiCA or proposed U.S. frameworks), meaning most yield-bearing products operate as tokenized notes, rebasing tokens, or wrapped staked versions rather than standard 1:1 transactional stablecoins.

Detailed Options

• Ondo US Dollar Yield (USDY): A token secured by a short-term U.S. Treasury bills and bank demand deposits. It functions similarly to a high-yield digital note where the token price appreciates daily to reflect accrued interest (currently around 3.60% APY ). You can learn more directly on the Ondo Finance USDY Platform.
• Ethena Staked USDe (sUSDe): If you prefer a crypto-native yield basket rather than traditional fiat/treasuries, sUSDe is the staked version of USDe. It derives its yield from a delta-neutral hedging strategy combining staked Ethereum (stETH) and short perpetual swap positions on exchanges. Yields fluctuate dynamically based on market funding rates.
• Tokenized Fund Baskets (e.g., Ondo OUSG): This option invests short-term capital into a diversified institutional basket of liquid U.S. Treasuries and regulated cash equivalents. It is designed for accredited or verified participants seeking institutional-grade risk profiles with 24/7 utility.

If you want to narrow this down, let me know:

• Are you looking for crypto-native yields (like delta-neutral trading) or traditional real-world asset yields (like Treasuries)?
• Are you an accredited investor , or do you need a permissionless DeFi-accessible asset?

If by “stablecoin backed by a yield-bearing basket of assets” you mean a dollar-denominated token where the underlying collateral itself earns yield, ideally diversified across several issuers/assets, there are a few materially different approaches.

My shortlist

1. USD0 / sUSD0 — closest to what you're describing

This is probably the most interesting match.

Usual's USD0 aggregates tokenized Treasury/RWA products from multiple providers rather than relying on a single reserve manager. Current documentation identifies Hashnote USYC as the primary collateral, with additional exposure through M^0 and Spiko, and describes the collateral as short-duration Treasuries and repo.

The important distinction is that USD0 itself doesn't simply pass the yield straight to your wallet. sUSD0 is the savings version: you deposit USD0 and receive an ERC-4626 vault token whose exchange rate rises as yield is allocated to the vault.

So the structure is roughly:

Treasuries/repo → multiple RWA providers → USD0 → sUSD0 → you

That gives you both asset diversification and a yield-bearing wrapper.

One caveat: the yield is ultimately distributed according to Usual's protocol/governance economics, so this isn't quite the same thing as owning a Treasury fund directly.

2. USDY / rUSDY — simplest Treasury-backed choice

Ondo's USDY is a very clean product if you want “cash-like dollar token + Treasury yield.” As of August 25, 2026, its disclosed portfolio was about 97.8% U.S. Treasuries, with roughly $2.19B of underlying assets against $2.14B of USDY outstanding. The disclosed portfolio yield-to-maturity was about 3.71%.

You can choose:

• USDY — accumulating; the token's value rises.
• rUSDY — rebasing; stays around $1 while the token balance increases.

The catch is important: USDY is technically a tokenized secured note, not a stablecoin, and it is currently restricted to qualifying non-U.S. investors.

So if you're a U.S. person, this probably isn't your option.

3. USDe / sUSDe — if you're willing to take substantially more risk

This is a completely different beast.

USDe is backed by a mixture of BTC, ETH, SOL, liquid-staking assets, stablecoins and offsetting derivatives positions. Ethena Documentation The yield comes substantially from the economics of those hedged positions/funding markets rather than simply clipping Treasury coupons. sUSDe distributes that revenue to stakers.

That makes it much more interesting if your objective is maximizing sustainable crypto-native yield, but I wouldn't treat it as equivalent to a Treasury-backed stablecoin.

Its risk stack includes:

• derivatives/counterparty risk
• funding-rate risk
• crypto collateral risk
• exchange/custodian risk
• smart-contract/protocol risk
• potential periods of negative funding

Ethena does maintain a reserve fund intended to absorb periods of negative funding.

What I'd choose

If your priority is “I want a dollar-like asset, but I want the underlying yield and some diversification”, my ranking would be:

1. sUSD0 — best conceptual match 2. USDY/rUSDY — cleaner and more conservative, but less diversified and unavailable to U.S. investors 3. sUSDe — potentially much higher yield, but you're taking a fundamentally different risk profile

One especially important distinction: “yield-bearing” does not mean “risk-free.” With these products, you're trading the simplicity of USDC/USDT for exposure to Treasury duration, RWA issuers/custodians, smart contracts, redemption mechanisms, governance, or derivatives depending on the product.

Also, USDM is not a candidate I'd use now: Mountain's documentation says it is being wound down, with the Treasury-backed structure replaced by USDC liquidity in the final phase.

If you tell me (a) whether you're a U.S. person, (b) roughly how much you want to hold, and (c) whether “stable” means you absolutely need $1 redemption or you're okay with a floating NAV, I can narrow this down to the 2–3 best structures and compare yield, backing, redemption, smart-contract, and depeg risk side-by-side.

Your best option for holding a yield-bearing token backed by a diversified or asset-backed basket is a rebasing or savings wrapper token (such as sUSDS, sDAI , or sUSDe ) that automatically accrues yield while maintaining a stable principal reference.

Top Yield-Bearing Stablecoin Options

• sUSDS (Sky Savings Rate) : Backed by Sky’s decentralized basket of real-world assets (RWAs), overcollateralized crypto vaults, and traditional liquid reserves . It automatically grows in redemption value relative to USDS.
• sDAI (Maker Savings Rate) : The classic predecessor wrapper to sUSDS, backed by MakerDAO’s diversified multi-collateral backing including USDC, RWA institutional loans, and decentralized debt.
• sUSDe (Ethena Staked USDe) : Backed by a delta-neutral basket of staked Ethereum (stETH) and corresponding short perpetual futures positions, capturing protocol-generated staking and funding-rate yield.
• USDY (Ondo US Dollar Yield) : A tokenized note backed strictly by short-term U.S. Treasury bills and bank demand deposits, designed to pay explicit yields directly to non-US or qualified holders.

If you'd like, let me know:

• Your preferred risk tolerance (decentralized crypto-backed vs. short-term U.S. Treasuries)
• Whether you need a token accessible from a specific jurisdiction

I can help you select the exact protocol and review the associated smart contract risks.

If by “stablecoin backed by a yield-bearing basket” you mean a dollar-denominated token where the underlying collateral itself earns yield, and you want that yield to accrue to you, there are a few materially different choices.

My shortlist as of August 2026:

1. USDY — my pick for conservative exposure

ondo.finance is probably the closest match if your priority is “I want something that behaves like a stablecoin but has real-world yield behind it.”

As of August 24, USDY's reserves were about $2.19B versus $2.14B of USDY outstanding, or roughly 105.7% collateralization. About 97.8% of the portfolio was short-term U.S. Treasuries, with a portfolio YTM of 3.72%; Ondo currently advertises approximately 3.55% APY.

There are two versions:

• USDY — accumulating; its dollar value increases as yield accrues.
• rUSDY — rebasing; intended to remain around $1 while your token balance increases.

The important catch: USDY isn't legally a conventional stablecoin. It's a tokenized secured note, with a bankruptcy-remote structure and security interest in its underlying assets.

Also, USDY is currently aimed at non-U.S. individuals and institutions, so eligibility matters.

2. eUSD — best match for your “basket” requirement

Reserve Protocol's eUSD is more literally what you described: an overcollateralized stablecoin whose backing consists of a basket of yield-generating DeFi positions.

The Q2 2026 report says its basket yield increased from 2.68% to 3.32%, with the system using multiple DeFi strategies rather than simply holding Treasuries.

Reserve has also been working on a new basket methodology with:

• Core strategies for conservative baseline yield
• Enhanced strategies capped at 30%
• Opportunistic strategies capped at 10%

That architecture is specifically intended to diversify sources of yield rather than relying on a single asset/protocol.

The downside is important: you're exchanging Treasury/issuer risk for DeFi protocol, liquidity, governance and RSR-related risks. eUSD is also much smaller than USDY, so liquidity and adoption are weaker.

3. sUSDe — if you're willing to take substantially more risk

ethena.fi is an interesting alternative.

USDe isn't a conventional asset-backed stablecoin. It's a synthetic dollar backed by crypto collateral and corresponding short futures positions. sUSDe is the yield-bearing version.

Its yield comes from things such as:

• perpetual/futures funding and basis
• Treasury-backed/stablecoin collateral
• other protocol revenue

The 30-day sUSDe APY was around 3.8–3.9% in the latest 2026 governance reporting.

This can be considerably more attractive during favorable crypto funding environments, but I would not put it in the same risk bucket as a Treasury-backed yield token. Ethena itself explicitly describes USDe as having risks fundamentally different from fiat stablecoins.

What I'd choose

If your objective is preserving dollar value + earning relatively boring yield, I'd rank them:

USDY > eUSD > sUSDe

If your objective is specifically “I want the collateral to be a diversified basket rather than almost entirely Treasuries”, then:

eUSD > sUSDe > USDY

And if you're looking for something that can serve as DeFi collateral while continuously accruing yield, I'd pay particular attention to rUSDY and sUSDe, because their mechanics are designed around composability.

One thing I'd avoid: USDM/Mountain Protocol. Older comparisons often recommend it, but Mountain has since entered an orderly wind-down following its acquisition agreement with Anchorage Digital, and minting was disabled.

The big question is what kind of risk you actually want. If you tell me your target amount (e.g. $10k vs. $1M), whether you're a U.S. person, and whether you need the token to be DeFi-composable, I can narrow this to the 2–3 best choices and compare yield, liquidity, depeg risk, custody/legal structure, and smart-contract risk.

If by “yield-bearing basket” you mean one dollar-denominated token whose value accrues from a diversified pool of yield-producing assets, I’d separate the market into three buckets. The important point is that the source of the yield matters more than the headline APY.

*Yields move frequently; these are indicative ranges rather than promised returns.

What I'd choose

1. For the best balance: sUSDS

sUSDS is probably my default choice if you want something you can actually use as a DeFi dollar. It's a value-accruing ERC-4626 token, so your number of tokens stays roughly constant while each token becomes worth more USDS. Its yield comes from Sky's underlying protocol economics and real-world-asset exposure rather than relying primarily on crypto derivatives.

The big advantage is composability: you can potentially use it as collateral, in lending markets, or in other DeFi strategies.

2. For “I want a digital Treasury fund”: USDY

USDY is closer to what I'd want if your priority is asset-backed yield rather than DeFi yield. The underlying portfolio consists primarily of short-duration U.S. Treasuries and bank deposits, with the yield passed through to holders.

The tradeoff is that it's not as permissionless/composable as something like sUSDS, and redemption/eligibility mechanics matter.

3. For maximum yield: sUSDe

sUSDe is a completely different animal. The yield comes from ETH staking plus the funding received on delta-neutral perpetual-futures positions. That can generate substantially more than Treasury yields when funding is favorable.

But I would not call it a low-risk stablecoin. You're taking derivatives-market, exchange-counterparty, funding-rate, liquidity and implementation risks. The attractive APY is compensation for those risks, not free interest.

If you specifically want a basket

There's an interesting distinction here.

A token such as OUSD is literally designed around a basket of stablecoins (USDC/USDT/DAI) and yield strategies.

But if your goal is:

“I want one token representing a diversified portfolio of dollar assets that earns yield, without me having to manage the underlying positions” I'd actually lean toward sUSDS or a diversified RWA product, rather than optimizing for the word “basket.” Diversification across different sources of risk is much more valuable than simply holding several stablecoins.

For example, a portfolio could conceptually combine:

• Treasury/RWA yield
• DeFi lending revenue
• A smaller allocation to crypto basis-trade yield

That gives you diversification in yield source, not merely diversification in token wrappers.

The risks I'd focus on

Don't treat these as equivalents to a money-market fund or bank deposit. You need to evaluate:

• Underlying assets: Treasuries vs. crypto collateral vs. derivatives.
• Peg/redemption risk: Can you actually redeem near NAV during a crisis?
• Counterparty risk: Custodians, exchanges, banks and issuers.
• Smart-contract risk: Especially for DeFi-native wrappers.
• Liquidity: A token can have $1 NAV and still trade below it when liquidity disappears.
• Yield sustainability: 10%+ yield deserves a very different risk analysis from 4% Treasury yield.
• Regulatory/access restrictions: Some RWA tokens have meaningful KYC, geographic or redemption constraints.

My rough ranking for a long-term holder would be: sUSDS → USDY → OUSD/sfrxUSD → sUSDe, with sUSDe moving to #1 only if you're deliberately accepting substantially more risk for substantially more yield.

If you tell me (a) how much you want to hold, (b) whether you're in the U.S., and (c) whether you need the token to remain freely transferable/DeFi-composable, I can narrow this to the 2–3 best options and compare their current yield, backing, redemption mechanics, fees, and failure scenarios.

2. For “I want a digital Treasury fund”: USDY

USDY is closer to what I'd want if your priority is asset-backed yield rather than DeFi yield. The underlying portfolio consists primarily of short-duration U.S. Treasuries and bank deposits, with the yield passed through to holders.

The tradeoff is that it's not as permissionless/composable as something like sUSDS, and redemption/eligibility mechanics matter.

3. For maximum yield: sUSDe

sUSDe is a completely different animal. The yield comes from ETH staking plus the funding received on delta-neutral perpetual-futures positions. That can generate substantially more than Treasury yields when funding is favorable.

But I would not call it a low-risk stablecoin. You're taking derivatives-market, exchange-counterparty, funding-rate, liquidity and implementation risks. The attractive APY is compensation for those risks, not free interest.

If you specifically want a basket

There's an interesting distinction here.

A token such as OUSD is literally designed around a basket of stablecoins (USDC/USDT/DAI) and yield strategies.

But if your goal is:

“I want one token representing a diversified portfolio of dollar assets that earns yield, without me having to manage the underlying positions”

If by “stablecoin backed by a yield-bearing basket” you mean one dollar-like token whose collateral is diversified across multiple yield-producing assets, rather than simply a stablecoin that earns yield from one strategy, the shortlist is narrower.

My top options

eUSD is probably the most literal fit. Reserve's RToken architecture lets the stablecoin be collateralized by a basket of yield-bearing assets. Current descriptions identify eUSD's basket as Aave/Compound USDC and USDT positions, with RSR providing a first-loss buffer.

OUSD is another close fit: it uses a basket of USDC, USDT and DAI and routes the underlying assets through multiple DeFi strategies. The important distinction is that you're taking smart-contract and strategy-manager risk on top of the underlying stablecoin risks.

If your priority is capital preservation rather than maximum diversification, I'd lean toward sUSDS. Its yield is sourced from a mixture of Treasury/RWA exposure, lending and the Sky savings mechanism. Recent market data put its yield around the mid-3% range, versus substantially higher but more variable yields for synthetic products.

The key distinction I'd make

There are really three different things you could mean:

1. Diversified collateral + yield → eUSD / OUSD
2. Mostly traditional fixed-income assets + yield → sUSDS / USDY
3. Higher-yield synthetic dollar → sUSDe

For example, syrupUSDC isn't actually backed by USDC despite the name. It represents a share of institutional loans on Maple, with yield coming from borrower interest. That's fundamentally credit exposure rather than a diversified cash/Treasury basket.

And sUSDe is a different animal again: its yield is substantially dependent on derivatives funding/basis economics, so I wouldn't treat it as equivalent to a Treasury-backed savings dollar.

What I'd choose

If I were optimizing for your stated objective:

🥇 eUSD — closest structural match: dollar + diversified yield-bearing collateral.

🥈 OUSD — similar concept, with a longer-established DeFi strategy architecture.

🥉 sUSDS — my choice if “stable” matters more than maximizing yield; you're giving up some diversification of yield sources in exchange for a more conservative underlying economic profile.

I would not choose based on APY alone. The important questions are whether the collateral can actually be redeemed at par, how quickly it can be liquidated, who takes the first loss, whether the yield is endogenous or subsidized, and what happens if one collateral component depegs.

One particularly interesting point: the market has been moving toward hybrid yield-bearing stablecoins, combining Treasury/RWA returns with DeFi lending and other sources rather than relying on a single yield engine.

If you tell me (a) how much you want to hold, (b) whether you need instant liquidity, and (c) your acceptable risk level, I can narrow this to the 2–3 best tokens and compare their actual collateral, yield, liquidity, smart-contract risk, and depeg history.

Holding a yield-bearing stablecoin—or an interest-accruing wrapper token tied to a stable value—allows you to earn passive income without manually moving funds in and out of lending protocols . Instead of the issuer keeping all the revenue generated by the underlying reserves, these tokens distribute or accrue the yield directly.

The best options fall into distinct categories based on their underlying asset baskets and mechanics:

• sUSDS (Sky Savings Rate) : The successor to MakerDAO's sDAI via the Sky Protocol , sUSDS wraps USDS/DAI and routes it into a diversified decentralised balance sheet of real-world assets (RWAs) and overcollateralized crypto loans. It adjusts dynamically and is one of the deep liquidity baselines in DeFi.
• sUSDe (Ethena Staked USDe) : A synthetic dollar backed by a delta-neutral position (long staked liquid-staking tokens like stETH combined with short perpetual futures positions on centralized exchanges). It targets higher variable yields derived from funding-rate arbitrage rather than traditional fixed-income bonds.
• USDY (Ondo US Dollar Yield) : A tokenized, yield-bearing note issued by Ondo Finance that is bankruptcy-remote and backed by a short-duration basket of U.S. Treasury bills and bank demand deposits (note: typically restricted for U.S. retail holders).
• sfrxUSD (Frax Staked USD) : Utilizes Frax Protocol's algorithmic market operations (AMO) and RWA strategies to accrue yield into an ERC-4626 share-price token, blending decentralized stablecoin architecture with real-world yield generation.
• Tokenized Money Market Fund BUIDL (BlackRock / Securitize) : For institutional allocators, BlackRock's BUIDL token represents an on-chain share of a traditional short-term Treasury and cash equivalent fund, serving as a conservative institutional gold standard.

Real Experiences

To help narrow down which option matches your risk profile, tell me:

• What is your geographic jurisdiction (e.g., U.S. vs. international) since regulatory access changes options like USDY?
• Are you comfortable with delta-neutral/synthetic risk (like Ethena) or do you prefer conservative RWA/Treasury baskets?

If by “stablecoin” you mean a dollar-denominated token you can hold while the backing assets themselves generate yield, I’d divide the market into three buckets. The key distinction is where the yield comes from.

*Yields move constantly; these are approximate recent figures, not guaranteed returns.

If your priority is a basket, I'd look hardest at sUSDS and sUSDe

1. sUSDS — my conservative pick

sUSDS is essentially a yield-accruing dollar token whose economics are tied to Sky's broader collateral/RWA system. Its yield is considerably less exciting than sUSDe, but the source of return is much easier to underwrite than a derivatives-based strategy. Recent comparisons put it around 3.6–3.75%.

The tradeoff: you're taking Sky/protocol/governance and smart-contract risk, rather than simply owning Treasury bills.

2. sUSDe — my higher-return pick

sUSDe is considerably more interesting if you specifically want a basket/strategy rather than a Treasury wrapper. Ethena's USDe ecosystem combines crypto collateral, hedged derivatives positions and staking; the yield primarily comes from perp funding plus staking. Recent figures have been around 9–12%, but that yield is highly variable.

That's an important distinction: 9–12% isn't “free Treasury yield.” You're being compensated for funding-rate volatility, exchange/counterparty exposure and the mechanics of maintaining the hedge. Funding can fall dramatically.

If you want the backing to be genuinely boring

Then I'd actually consider a tokenized Treasury/money-market product rather than a conventional DeFi stablecoin.

USDY is particularly interesting because it packages short-duration Treasury/bank-deposit exposure into a token that accrues value. Recent data puts its yield around 4.4–4.7%.

BENJI, from Franklin Templeton, is another compelling structure: it's tied to a registered U.S. government money-market fund rather than a synthetic crypto strategy. That's much closer to “I want my dollar token backed by boring assets that earn interest.”

BUIDL and similar products are also worth considering, but eligibility/minimum-investment restrictions make them much less convenient for an ordinary holder.

One important clarification

There isn't really a single product that simultaneously gives you:

1. diversified backing → 2. very low volatility → 3. permissionless liquidity → 4. high yield → 5. minimal smart-contract/counterparty risk.

You have to choose which risk you're willing to take.

My rough hierarchy would be:

• “I want the safest reasonable on-chain yield” → Treasury-backed token / BENJI
• “I want DeFi composability but relatively conservative yield” → sUSDS
• “I want the highest sustainable yield and accept substantially more risk” → sUSDe
• “I want something in between” → sfrxUSD
• “I want an actual diversified basket of yield sources” → consider a basket/allocator rather than putting everything into one token

If you tell me (a) how much you're looking to hold, (b) whether you're a U.S. person, and (c) whether you care about being able to use the token in DeFi, I can narrow this to the 2–3 best choices and compare their backing, yield, liquidity, depeg risk, smart-contract risk, and regulatory/tax considerations.

Holding a yield-bearing stablecoin—or a wrapped tokenized savings vault backed by a basket of assets—allows you to earn native interest without actively managing lending pools or harvesting rewards.

The primary options span conservative real-world assets (RWAs), DeFi-native savings rates, and more complex delta-neutral strategies.

Conservative / Real-World Asset (RWA) Baskets

• Sky Protocol (sUSDS / sDAI) : The evolution of MakerDAO. By wrapping your USDS or DAI into sUSDS or sDAI , you tap into the Sky Savings Rate. The underlying engine is backed by a diversified basket of overcollateralized crypto assets, decentralized credit (SparkLend), and short-duration U.S. Treasury investments. It is widely considered a decentralized blue-chip standard, with variable yields typically tracking between 5% and 8% depending on market demand.
• Ondo Finance (USDY) : A yield-bearing note backed by a bankruptcy-remote basket of short-term U.S. Treasuries and bank demand deposits. It functions like a stablecoin substitute and auto-accrues yield, though it is generally restricted to non-U.S. individual and institutional allocators.
• Mountain Protocol (USDM) : A regulated stablecoin issued out of Bermuda that pays a daily rebased yield directly to holders. Its reserve basket consists heavily of ultra-short-term U.S. government securities and cash equivalents, targeting traditional short-end fixed income yields (~4%–5%).

DeFi-Native & Alternative Baskets

• Ethena Labs (sUSDe) : A "synthetic dollar" architecture rather than a traditional fiat-backed coin. Staking USDe into sUSDe yields a variable return (often ranging from 8% to 11% or higher) generated via a delta-neutral basket strategy—holding liquid-staked Ethereum (stETH) combined with short perpetual futures positions on centralized exchanges. This trades regulatory/RWA safety for higher crypto-native returns driven by funding rates.
• Frax Finance (sfrxUSD / sfrxETH strategies) : Frax utilizes algorithmic and AMOs (Algorithmic Market Operations) to channel revenue from decentralized lending, AMM fees, and real-world assets into its staked wrappers, providing another battle-tested DeFi-native yield stream.

If you'd like to narrow this down, let me know:

• What is your geographic eligibility (U.S. vs. international)?
• What is your preferred risk profile (conservative T-bills vs. higher-yield crypto delta-neutral strategies)?

I can help map out the exact chains and integration steps for your chosen path.

When looking for a stablecoin backed by a yield-bearing basket of assets, you are moving past plain fiat-backed tokens (like standard USDC or USDT) into assets that natively bundle real-world assets (RWAs), decentralized credit, or delta-neutral strategies into an automatically compounding token.

The top options vary by their underlying backing, risk profile, and structure:

Conservative / Real-World Asset (RWA) Baskets

• Sky Protocol (sUSDS / sDAI): The evolution of MakerDAO, Sky lets you wrap USDS or DAI into sUSDS or sDAI , which accrues the Sky Savings Rate. The backing is a diversified decentralized balance sheet consisting of real-world assets, overcollateralized crypto loans, and short-term U.S. government bonds.
• Ondo Finance (USDY): A tokenized note backed by a bankruptcy-remote basket of short-term U.S. Treasuries and bank demand deposits. It provides a clean, predictable yield track that mirrors short-term interest rates (though it is restricted for U.S. retail purchasers).
• Mountain Protocol (USDM): A regulated, permissioned stablecoin utilizing a daily rebase mechanism where the token price remains pegged to $1.00 while the quantity in your wallet increases based on a basket of short-term U.S. Treasuries.

DeFi-Native / Crypto-Backed Strategies

• Ethena Labs (sUSDe): If you are open to a synthetic dollar rather than a fiat peg, USDe is backed by a delta-neutral basket of crypto assets (staked ETH/BTC) paired with matching short perpetual futures positions. Staking it into sUSDe captures yields derived from protocol staking rewards and funding-rate arbitrage. It yields higher returns but carries different structural market risks than T-bill baskets.

Institutional Tokenized Funds

• BlackRock’s BUIDL (Securitize): Though designed strictly for institutional on-chain treasuries rather than everyday retail trading, the BlackRock USD Institutional Digital Liquidity Fund represents the gold standard for a fully transparent, on-chain basket of cash, U.S. Treasury bills, and repurchase agreements paying daily yields directly to holders.

If you'd like to narrow this down, tell me:

• What is your risk tolerance (conservative T-bill baskets vs. higher-yield crypto derivatives)?
• Are you looking for self-custody DeFi accessibility or regulated institutional access?