Stablecoin yield evaluated across what actually pays it, redemption and claim quality, access reality, and the conditions attached to the headline rate.
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.
SP
#1 of 8 · published ranking
Spiko (USTBL / EUTBL)
86ChainChoice Score
4199
Why it leads
Spiko (USTBL / EUTBL) scores higher than everything else in this ranking on its yield source and its redemption.
Show the arithmetic
Best in this ranking on yield source and redemption
Cost
Not priced· Only 1 of 8 publish a comparable price
ReviewedNext review by Published Methodology v2026.11.1
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.
No provider can pay for a position in this table. The code that computes this order cannot read which links carry a referral code, and every build proves it. Every score below rebuilds from the published criteria.Ranking v2026.11.1 · 4 criteria · 8 products · same inputs, same order
How we review · 8 ranked of 16 assessed · 4 criteria · 0 sponsor weight
How we review
8ranked
16assessed
4criteria
0sponsor weight
Recommendation first, comparison only if needed.
Reviewed and rechecked on the current cycle.
Commercial relationships disclosed before clickout.
Personal comparison
Stablecoin Yield ranked comparison
Only 1 of 8 providers publish a comparable price; ranking still uses verified product evidence.
Yield source — 10/10Trade-off: The EUR fund pays euro T-bill rates — a 2.02% 30-day yield against 3.44% for the USD...
86score
Check availability for your country
Spiko (USTBL / EUTBL) · spiko.io. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
2
PayPal PYUSD Rewards4% on PYUSD in PayPal and Venmo — varia...
Access — 7/10Trade-off: Explicitly a variable rate PayPal can change at any time
67score
Check availability for your country
PayPal PYUSD Rewards · paypal.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
3
Ondo USDYTokenised T-bill note for non-US holder...
Yield source — 7/10Trade-off: You own a note on a BVI issuer, not the underlying Treasuries
65score
Check availability for your country
Ondo USDY · ondo.finance. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
4
BlackRock BUIDL (via Securitize)The largest tokenised Treasury fund — a...
Yield source — 8/10Trade-off: $5M initial minimum for qualified purchasers — retail cannot access it
64score
Check availability for your country
BlackRock BUIDL (via Securitize) · securitize.io. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
5
Sky Savings Rate (sUSDS)Governance-set savings rate on USDS — a...
Conditions — 10/10Trade-off: The rate is a governance policy lever and can be cut at any time
63score
Check availability for your country
Sky Savings Rate (sUSDS) · sky.money. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
6
Ethena (sUSDe)Basis-trade yield — a variable trading...
Conditions — 7/10Trade-off: Yield is a trading spread that can print ZERO in negative funding
44score
Check availability for your country
Ethena (sUSDe) · ethena.fi. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
2 more assessed and ranked below — none of them hidden for commercial reasons.
Ranked on 4 published criteria weighted 30/26/24/20, which set goal alignment — 30 of the 86 points. The rest: regional access 20 (constant here), evidence depth 18 (constant here), ease of use 10, institutional trust 8. Profile match is shown in breakdowns but carries no weight.
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%).
Audit
Infrastructure
Methodology
2026.11.1
published 10 November 2026
Providers tracked
860+
across 121 categories
Last verified
3 November 2026
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
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.
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?
Current engine lead
The #1 overall and the scoring weights
SP
Spiko (USTBL / EUTBL)Data checked Nov 2026
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 forYield source — 10/10
Main tradeoffThe EUR fund pays euro T-bill rates — a 2.02% 30-day yield against 3.44% for the USD fund
Verify before signupThe 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.
Weighted criteria
What actually pays the yield30%
Redemption & claim quality26%
Access reality24%
Conditions on the headline rate20%
Methodology
How this category is reviewed
Reviewed on what actually pays the yield, redemption & claim quality, access reality, and conditions on the headline rate.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
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.
Reviewed3 November 2026Method4 criteriaCategorystablecoin_yield
Not financial advice · For informational purposes only · Always do your own research
