Stablecoin Yield
Stablecoin yield evaluated across what actually pays it, redemption and claim quality, access reality, and the conditions attached to the headline rate.
16providers tracked
8ranked (methodology v2026.11.1)
12 November 2026Ranking snapshot
3 November 2026oldest read · due 18 DecIndependent. Evidence-based.We rank with a published method and sourced evidence. No one can pay to rank.How it works
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Pick a country to see which stablecoin yield products serve it. Nothing is hidden — any that does not is listed with that reason.- 🇺🇸 United States
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BalanceNot priced hereThe cut is a share of the yield, not of your balance; each row shows it.
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Funding & access
8 providers match your requirements
Out of 8 ranked providers. 0 excluded.
What this ranks
Ranked here: stablecoin yield products that pay a yield on dollars, compared on what actually pays the yield, redemption and claim quality, real access and conditions on the rate.Not ranked here: yield products that have wound down or been sunset, and tokenised T-bills, perp house vaults, fixed-rate yield, yield vaults, yield aggregators and private credit, each ranked in another category.8 of the 16 assessed are ranked; 8 were turned away by name. Who, and whyRequirements narrow the list; they never change a published ChainChoice Score. How the ranking works
SP
Spiko (USTBL / EUTBL)
How Spiko (USTBL / EUTBL) was chosen
Leads this ranking on What actually pays the yieldAMF-approved tokenised T-bill money-market funds — open from €1
86 / 100 out of 100published score, #1 of all 8 worldwide
Evidence
High
4/4 criteria scored, with 4 dated sources quoted.Yield sourceRedemptionAccess
Why it leads
- Spiko (USTBL / EUTBL) is 19 points ahead of PayPal PYUSD Rewards, mainly because it scores higher on its yield source and its redemption.
- Best in this ranking on yield source and redemption
- Ahead of PayPal PYUSD Rewards on yield source (+15.0 points) and redemption (+4.9 points)
Tradeoff
Conditions: 2 points below the best in this ranking
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2
4% on PYUSD in PayPal and Venmo
67 / 100 out of 100
3
Tokenised T-bill note
65 / 100 out of 100
4
The largest tokenised Treasury fund
64 / 100 out of 100
5
Governance-set savings rate on USDS
63 / 100 out of 100
6
Basis-trade yield
44 / 100 out of 100
7
Same score, not joint · ordered by weighted total (42.70 against 42.50)
Custodial USDC rewards
44 / 100 out of 100
8
Up to 11.5% headline
≤41 / 100 out of 100
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See key differences in features, fees, security and more.
Yield source
What actually pays the yield
30% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Yield source (0–10) | ChainChoice Score |
|---|---|---|
| Spiko (USTBL / EUTBL) | 10 | 86 |
| BlackRock BUIDL (via Securitize) | 8 | 64 |
| Ondo USDY | 7 | 65 |
| Sky Savings Rate (sUSDS) | 5 | 63 |
| Ethena (sUSDe) | 3 | 44 |
| PayPal PYUSD Rewards | 2 | 67 |
| Nexo Earn (stablecoins) | 2 | 41 |
| Coinbase USDC Rewards | 1 | 44 |
Redemption
Redemption & claim quality
26% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Redemption (0–10) | ChainChoice Score |
|---|---|---|
| Spiko (USTBL / EUTBL) | 9 | 86 |
| BlackRock BUIDL (via Securitize) | 8 | 64 |
| Ondo USDY | 7 | 65 |
| PayPal PYUSD Rewards | 6 | 67 |
| Coinbase USDC Rewards | 5 | 44 |
| Sky Savings Rate (sUSDS) | 3 | 63 |
| Ethena (sUSDe) | 2 | 44 |
| Nexo Earn (stablecoins) | 2 | 41 |
Access
Access reality
24% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Access (0–10) | ChainChoice Score |
|---|---|---|
| Sky Savings Rate (sUSDS) | 9 | 63 |
| Spiko (USTBL / EUTBL) | 8 | 86 |
| PayPal PYUSD Rewards | 7 | 67 |
| Coinbase USDC Rewards | 6 | 44 |
| Nexo Earn (stablecoins) | 6 | 41 |
| Ondo USDY | 3 | 65 |
| Ethena (sUSDe) | 3 | 44 |
| BlackRock BUIDL (via Securitize) | 1 | 64 |
Conditions
Conditions on the headline rate
20% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Conditions (0–10) | ChainChoice Score |
|---|---|---|
| Sky Savings Rate (sUSDS) | 10 | 63 |
| Spiko (USTBL / EUTBL) | 8 | 86 |
| PayPal PYUSD Rewards | 7 | 67 |
| Ethena (sUSDe) | 7 | 44 |
| Ondo USDY | 6 | 65 |
| BlackRock BUIDL (via Securitize) | 3 | 64 |
| Coinbase USDC Rewards | 2 | 44 |
| Nexo Earn (stablecoins) | 1 | 41 |
All 4 published criteria
Every ranked row’s score on each criterion, in the published order. Choose a column to order by it.
| Provider | ChainChoice Score | |||||
|---|---|---|---|---|---|---|
| 1 | Spiko (USTBL / EUTBL) | 10 | 9 | 8 | 8 | 86 |
| 2 | PayPal PYUSD Rewards | 2 | 6 | 7 | 7 | 67 |
| 3 | Ondo USDY | 7 | 7 | 3 | 6 | 65 |
| 4 | BlackRock BUIDL (via Securitize) | 8 | 8 | 1 | 3 | 64 |
| 5 | Sky Savings Rate (sUSDS) | 5 | 3 | 9 | 10 | 63 |
| 6 | Ethena (sUSDe) | 3 | 2 | 3 | 7 | 44 |
| 7 | Coinbase USDC Rewards | 1 | 5 | 6 | 2 | 44 |
| 8 | Nexo Earn (stablecoins) | 2 | 2 | 6 | 1 | 41 |
How this ranking works
How firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and which stablecoin yield were assessed and left out.
FirmThis verdict holds under every one-point re-read
See the arithmetic
Every published criterion was moved up and down by one point and the ranking re-run. The same product came first each time. The published rankings file
Why this score4 published criteria · leads 2 of 4
Published criterionWtScore, and the best hereGap/10 out of 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
Why it ranks first
Why Spiko (USTBL / EUTBL) leads this category right now
AMF-approved tokenised T-bill money-market funds — open from €1. Strongest on what actually pays the yield (10/10): Spiko's US fund 'Invests exclusively in U.S. T-Bills with maturities under 6 months' and its EUR fund in Eurozone Treasury bills, inside AMF-authorised UCITS money-market funds with a published fee of 0.25% per annum. Weakest on access reality (8/10): Spiko accepts non-professional investors from a 1-unit minimum and onboards 'all countries except' a named list that includes the United States and Vietnam; outside the EEA the funds are distributed only where locally recognised, and the UK recognises Smart Cash only. Published price: The return is the underlying T-bill return minus an annual management fee of "0.25% per annum" on each T-Bills fund (Dollar, Euro, Pound), "calculated and deducted daily on a pro-rata basis" from accrued interest; deposits and withdrawals are "No charge (0%)"…
Best for
Yield source — 10/10
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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The return is the underlying T-bill return minus an annual management fee of "0.25% per annum" on each T-Bills fund (Dollar, Euro, Pound), "calculated and deducted daily on a pro-rata basis" from accrued interest; deposits and withdrawals are "No charge (0%)" (docs.spiko.io fee structure). Spiko's official dashboard (data.spiko.io, read 3 November 2026) shows 30-day net yields of "2.34%" for EU T-Bills (EUTBL), "3.95%" for US T-Bills (USTBL) and "3.52%" for UK T-Bills (UKTBL). The EUR fund pays materially less than the USD fund.
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
SP
Spiko (USTBL / EUTBL)
AMF-approved tokenised T-bill money-market funds — open from €1
AMF-approved tokenised T-bill money-market funds — open from €1. Strongest on what actually pays the yield (10/10): Spiko's US fund 'Invests exclusively in U.S. T-Bills with maturities under 6 months' and its EUR fund in Eurozone Treasury bills, inside AMF-authorised UCITS money-market funds with a published fee of 0.25% per annum. Weakest on access reality (8/10): Spiko accepts non-professional investors from a 1-unit minimum and onboards 'all countries except' a named list that includes the United States and Vietnam; outside the EEA the funds are distributed only where locally recognised, and the UK recognises Smart Cash only. Published price: The return is the underlying T-bill return minus an annual management fee of "0.25% per annum" on each T-Bills fund (Dollar, Euro, Pound), "calculated and deducted daily on a pro-rata basis" from accrued interest; deposits and withdrawals are "No charge (0%)"…
Best for: Yield source — 10/10
What actually pays the yield · weight 30%10/10Redemption & claim quality · weight 26%9/10Access reality · weight 24%8/10Conditions on the headline rate · weight 20%8/10
Quick pick
PayPal PYUSD Rewards
4% on PYUSD in PayPal and Venmo — variable, and facing the same OCC rule
4% on PYUSD in PayPal and Venmo — variable, and facing the same OCC rule. Strongest on access reality (7/10): PayPal sets no investor test and a 1 PYUSD minimum; it says rewards are earned 'in eligible markets across the Americas, Europe, Asia-Pacific, and Africa' but publishes no country list, so eligibility outside the US shows only in the app. Weakest on what actually pays the yield (2/10): The 4% is a PayPal-set reward on a stablecoin balance: 'Annual reward rate as of today. Rewards rate is subject to change.' and 'The reward rate is variable.' No asset income is named as its source. Published price: 4% annual rewards paid to the holder in PYUSD. PayPal's PYUSD page (paypal.com/us/digital-wallet/manage-money/crypto/pyusd, read 2026-11-04): "Earn 4% rewards on PayPal" ("Annual reward rate as of today. Rewards rate is subject to change.").
Best for: Access — 7/10
What actually pays the yield · weight 30%2/10Redemption & claim quality · weight 26%6/10Access reality · weight 24%7/10Conditions on the headline rate · weight 20%7/10
Quick pick
Ondo USDY
Tokenised T-bill note for non-US holders — a note, not the Treasuries
Tokenised T-bill note for non-US holders — a note, not the Treasuries. Strongest on what actually pays the yield (7/10): USDY pays Treasury income at a rate Ondo sets: 'APY is set monthly by Ondo in accordance with the USDY governing documents.' The 3.75% APY sits below the 4.05% portfolio yield to maturity, and 13.74% of the book is a tokenised short-Treasury ETF held through an Ondo wrapper. Weakest on access reality (3/10): US persons and Canada are prohibited from subscribing for, acquiring or redeeming USDY; the EEA, the United Kingdom, Switzerland, Brazil, Hong Kong, Malaysia and Singapore are open only to qualified, professional or accredited investors. Published price: ondo.finance/usdy (read 2026-11-03): "Now 3.75% APY." ("APY is set monthly by Ondo in accordance with the USDY governing documents.").
Best for: Yield source — 7/10
What actually pays the yield · weight 30%7/10Redemption & claim quality · weight 26%7/10Access reality · weight 24%3/10Conditions on the headline rate · weight 20%6/10
Quick pick
BlackRock BUIDL (via Securitize)
The largest tokenised Treasury fund — and a $5M door
The largest tokenised Treasury fund — and a $5M door. Strongest on what actually pays the yield (8/10): BUIDL invests '100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements' and pays daily accrued dividends to wallets as new tokens each month; the fund fee is not published. Weakest on access reality (1/10): Shares are issued under Rule 506(c) and Section 3(c)(7) to qualified purchasers only, and 'The Fund's initial investment minimum is $5 million.' Almost no retail buyer can hold it. Published price: No yield figure is published by the issuer or its distributor.
Best for: Yield source — 8/10
What actually pays the yield · weight 30%8/10Redemption & claim quality · weight 26%8/10Access reality · weight 24%1/10Conditions on the headline rate · weight 20%3/10
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 16 products here and rank 8 — 50% 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
What this ranking does not assess
- Contract failure: the code holding the funds is exploited.
- Control failure: a key or vote changes the rules, freezes or mints.
- Liveness failure: the operator stops, censors you or loses data.
- Custody failure: whoever holds the assets loses or withholds them.
- Execution failure: you get a worse price, later, or nothing.
- Information failure: the number is wrong or bought, or your data leaks.
These can still cost you money here; the ranking does not measure them, so a high place says nothing about them. Which criterion scores each family, and why the others do not apply, is in /data/risk-coverage.json.
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 Nov 2026 · Independent rankings · We show our work
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
Direct answer
What is the best stablecoin yield product 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; the full reasoning and the audit receipt are under Methodology.
How you can lose money here, and what the ranking scores
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by What actually pays the yield · 30% (Spiko (USTBL / EUTBL) 10/10, PayPal PYUSD Rewards 2/10, Ondo USDY 7/10)
- Regulatory failure: no licence where you are, or a forced market exit.Scored by Access reality · 24% (Spiko (USTBL / EUTBL) 8/10, PayPal PYUSD Rewards 7/10, Ondo USDY 3/10)
- Exit failure: you cannot get out at par, on time, or with what is yours.Scored by Redemption & claim quality · 26% (Spiko (USTBL / EUTBL) 9/10, PayPal PYUSD Rewards 6/10, Ondo USDY 7/10)
Not assessed by this ranking: Contract failure, Control failure, Liveness failure, Custody failure, Execution failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: Conditions on the headline rate (20%).
FAQs
3 questions readers ask before choosing stablecoin yield.
Frequently asked
Questions people ask before choosing stablecoin yield
What actually pays a stablecoin yield, and can it stop?
Something has to, and the honest answer differs enormously between products advertising near-identical rates. It may be interest on short-dated government debt, the spread on lending your deposit out, trading strategy returns, or token emissions the issuer is funding from its own treasury. The first pays as long as rates hold; the last stops whenever the issuer decides. It can also stop because the redemption right behind it was never contractual, or because the rate carried conditions — a promotional window, a balance cap, a tier. This page scores the source, the claim, the access and the conditions separately for exactly that reason.
Why do advertised stablecoin yields differ so much?
Because the number is the output of four different things and the page scores all of them. What actually pays the yield varies from T-bill interest to lending spreads to token emissions that can stop; the redemption right behind it varies from a contractual claim to none; access varies from open to accredited-only; and the headline rate itself usually carries conditions - a promotional window, a balance cap, or a tier you have to qualify for. A high advertised rate with an unnamed source and a capped balance is not the same product as a lower one paid from disclosed collateral, and this ranking is built to keep those apart
What matters most when choosing a stablecoin-yield?
What pays the yield and whether there is a real path back to a dollar at par. The advertised rate is the least informative number on the page, because token holdings, lockups, tiers and payout currency routinely separate it from the rate received.
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Best picks
Best stablecoin yield in 2026
Weighted on what actually pays the yield (30), redemption & claim quality (26), access reality (24), and conditions on the headline rate (20). The heaviest is what actually pays the yield: T-bill claim, protocol revenue, trading spread, or marketing spend — and whether it can be switched off.
Best overall
SP
Spiko (USTBL / EUTBL)
AMF-approved tokenised T-bill money-market funds — open from €1
Data checked Nov 2026
AMF-approved tokenised T-bill money-market funds — open from €1. Strongest on what actually pays the yield (10/10): Spiko's US fund 'Invests exclusively in U.S. T-Bills with maturities under 6 months' and its EUR fund in Eurozone Treasury bills, inside AMF-authorised UCITS money-market funds with a published fee of 0.25% per annum. Weakest on access reality (8/10): Spiko accepts non-professional investors from a 1-unit minimum and onboards 'all countries except' a named list that includes the United States and Vietnam; outside the EEA the funds are distributed only where locally recognised, and the UK recognises Smart Cash only. Published price: The return is the underlying T-bill return minus an annual management fee of "0.25% per annum" on each T-Bills fund (Dollar, Euro, Pound), "calculated and deducted daily on a pro-rata basis" from accrued interest; deposits and withdrawals are "No charge (0%)"…
Best for: Yield source — 10/10
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Written and reviewed by Mathias Siemonsmeier, Founder
Not financial advice · For informational purposes only · Always do your own research