Best stablecoin yield in 2026
Stablecoin yield evaluated across what actually pays it, redemption and claim quality, access reality, and the conditions attached to the headline rate.
#1 of 8 · published ranking
Spiko (USTBL / EUTBL)86ChainChoice Score
Why it leads
Best in the pool on yield source and redemption
Cost
Not priced · No comparable price is published
8 compared Ranking-blind · 392 modules checked 2026-09-18Scored under methodology v2026.09.15 (2026-09-16)
8stablecoin yield · sorted by chainchoice score
ranked before any payout data is seen#ProviderScoreEvidenceKey strengths
2−19
no receipt file
Mainstream access with no crypto knowledge required4% verified on the official page, 1 PYUSD minimum, no fee
Same score, not joint · ordered by weighted total (51.40 against 51.30)
3=
no receipt file
Tokenised Treasury exposure for eligible non-US holdersDaily attestations and bankruptcy-remote structure
4−3
no receipt file
Institutional tokenised Treasury exposure at the largest scaleBNY Mellon custody with a household-name manager
5−1
no receipt file
Largest onchain stablecoin yield poolNo fees, no lockup
6−19
no receipt file
Rewards on existing Coinbase USDC balances from $1No onchain interaction required
7−1
no receipt file
Basis-trade yield exposure for non-EU, non-US holdersDeep liquidity among synthetic-dollar products
8−2
no receipt file
Highest headline rate in the category for users who accept the conditionsBroad jurisdictional availability (200+ jurisdictions, per Nexo)
Ranking-blind — order computed before any payout data is joined
Below the table
How this ranking works
Everything the table draws on continues here: how firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and the full guide to choosing.
Direct answer
What is the best stablecoin yield in 2026?
Spiko (USTBL / EUTBL) ranks #1 overall for stablecoin yield on ChainChoice. AMF-approved tokenised T-bill money-market funds — open from €1. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; full reasoning and the audit receipt are below.
Why this score4 published criteria · leads 2 of 4
Published criterionWtScore, and the best hereGap/10Pts
What actually pays the yield7.2·109.6
Redemption & claim quality6.2·97.5
Access reality5.8−186.1
Conditions on the headline rate4.8−285.1
Σ methodology points28.4/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Considered and not ranked
8 products we looked at and left out
A shortlist is only honest if it says who it turned away. Each of these was assessed against the same published criteria as the ranked table and excluded for a stated reason — not overlooked.
We assessed 12 products here and rank 4 — 33% of what we looked at. That share is of the products we assessed, not of the category: how many exist is not something we can count, so we do not claim a number for it.
Stream Finance (xUSD / sxUSD)· No longer operatingElixir deUSD / sdeUSD· No longer operatingCelsius Earn· No longer operatingOndo OUSG· Ranked elsewhereHyperliquid HLP· Ranked elsewherePendle· Ranked elsewhereYearn (yvUSDC / yvUSDS / yUSD)Huma Finance· Ranked elsewhere
Why it ranks first
Why Spiko (USTBL / EUTBL) leads this category right now
Spiko is the regulated European answer in this category: AMF-approved money-market fund units issued as tokens, with CACEIS Bank (Crédit Agricole) as depositary so Spiko never holds client money, open to retail and businesses from €1 in every country outside a named exclusion list (which includes the United States and Bulgaria) — the retail buyer Ondo USDY and BlackRock BUIDL exclude. Yield is the underlying T-bill rate minus a 0.25% annual management fee, accrued daily with no other fees. Two honest limits: the EUR fund pays euro T-bill rates (a 2.02% 30-day yield against 3.44% for the USD fund, read 14 September 2026); and fund units are not bank deposits, so no deposit-guarantee scheme applies.
Best for
Retail access from €1 where US-structured products exclude you
Main tradeoff
The EUR fund pays euro T-bill rates — a 2.02% 30-day yield against 3.44% for the USD fund
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Check the live in-app yield for the specific fund and currency — EUR and USD funds pay materially different rates.
Recommendation summary
What should decide this category
Do you know what actually generates this yield — T-bills, protocol revenue, a trading spread, or marketing spend?
Do you want a claim on real Treasuries, a protocol-set rate, or a custodial rewards programme?
Can you legally hold this given your jurisdiction and investor class?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
Spiko (USTBL / EUTBL)
AMF-approved tokenised T-bill money-market funds — open from €1
Spiko is the regulated European answer in this category: AMF-approved money-market fund units issued as tokens, with CACEIS Bank (Crédit Agricole) as depositary so Spiko never holds client money, open to retail and businesses from €1 in every country outside a named exclusion list (which includes the United States and Bulgaria) — the retail buyer Ondo USDY and BlackRock BUIDL exclude. Yield is the underlying T-bill rate minus a 0.25% annual management fee, accrued daily with no other fees. Two honest limits: the EUR fund pays euro T-bill rates (a 2.02% 30-day yield against 3.44% for the USD fund, read 14 September 2026); and fund units are not bank deposits, so no deposit-guarantee scheme applies.
Best for: Retail access from €1 where US-structured products exclude you
What actually pays the yield · 30%
10/10
Redemption & claim quality · 26%
9/10
Access reality · 24%
8/10
Conditions on the headline rate · 20%
8/10
Quick pick
PayPal PYUSD Rewards
4% on PYUSD in PayPal and Venmo — variable, and facing the same OCC rule
PayPal pays a 4% annual rewards rate on PYUSD held in PayPal and Venmo wallets, accrued on the average daily balance and paid monthly in PYUSD, opt-in, 1 PYUSD minimum, no fee. The terms say the rate is determined 'in our sole discretion and is not guaranteed' and may be changed by email notification, SSN or TIN may be requested for tax purposes, and rewards are credited at the latest within 30 days after the next month starts. It carries the same structural exposure as Coinbase: the OCC's GENIUS Act proposed rule would presume prohibited yield paid through an issuer's arrangement with an affiliate or related third party, including arrangements under that party's branding, and the balance is a custodial claim on PayPal — not FDIC-insured deposits.
Best for: Mainstream access with no crypto knowledge required
What actually pays the yield · 30%
2/10
Redemption & claim quality · 26%
6/10
Access reality · 24%
7/10
Conditions on the headline rate · 20%
7/10
Quick pick
Same score, not joint · ordered by weighted total (51.40 against 51.30)
Ondo USDY
Tokenised T-bill note for non-US holders — a note, not the Treasuries
USDY is a tokenised note backed by short-term US Treasuries (96.29% of the portfolio in US Treasuries, 130.9-day WAM as of 10 September 2026) issued for a bankruptcy-remote BVI entity with a first-priority security interest and daily third-party attestations — roughly $2.1B outstanding across 10+ chains at 3.60% APY, a rate Ondo sets monthly. Two things the marketing softens: the holder owns a NOTE on a BVI issuer, not the Treasuries themselves; and although it looks like a yield-bearing stablecoin, it is restricted to qualified/professional investors in the EEA, UK and Switzerland and barred entirely to US persons and Canada — an EU retail buyer cannot legally subscribe.
Best for: Tokenised Treasury exposure for eligible non-US holders
What actually pays the yield · 30%
8/10
Redemption & claim quality · 26%
7/10
Access reality · 24%
3/10
Conditions on the headline rate · 20%
6/10
Quick pick
BlackRock BUIDL (via Securitize)
The largest tokenised Treasury fund — and a $5M door
BUIDL is BlackRock's tokenised Treasury fund and the largest of its kind at roughly $3.5B across 8+ chains, with dividends accruing daily and paid monthly in new tokens at $1 NAV, BNY Mellon custodying the portfolio and Securitize as transfer agent. It is institutional by construction: a $5M initial minimum for qualified purchasers, transfer-restricted to whitelisted wallets. Two honest caveats — no single yield is quotable (3.23–3.57% across chains and share classes), and no management fee is published on Securitize's fee schedule or its BUIDL press release, so the net rate cannot be verified from public sources.
Best for: Institutional tokenised Treasury exposure at the largest scale
What actually pays the yield · 30%
8/10
Redemption & claim quality · 26%
8/10
Access reality · 24%
1/10
Conditions on the headline rate · 20%
3/10
Frequently asked
Questions people ask before choosing stablecoin yield
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How this ranking is built
Reviewed on what actually pays the yield, redemption & claim quality, access reality, and conditions on the headline rate.
Data checked Sep 2026 · Independent rankings · We show our work
Not financial advice · For informational purposes only · Always do your own research