Institutions Earn 4.5%–18% APY From Tokenized Funds

In the second quarter of 2026 institutional investors recorded yields ranging from about 4.5% to 18% APY across tokenized funds and on‑chain credit products. The tokenized asset market reached more than $21 billion in combined assets under management and active loan volume in Q2 2026. Reported yields varied by product type, counterparty risk, liquidity terms and regulatory access.

Three tokenized Treasury products reported the lowest yields. BlackRock’s BUIDL held short‑term U.S. Treasuries and distributed about 4.8%–5.0% APY in USDC to whitelisted on‑chain addresses, with institutional KYC and minimums required. Franklin Templeton’s BENJI distributed roughly 4.5%–4.8% APY across eight blockchain networks with daily payouts. Ondo Finance’s USDY returned about 4.8% APY by accruing interest into the token’s exchange rate, allowing holders to use USDY as yield‑bearing collateral in DeFi lending.

Fixed‑rate structured instruments sat in the middle of the yield spectrum. Pendle Finance principal tokens locked a fixed APY of about 7%–9% to maturity by buying principal legs at a discount; holders accept smart contract and liquidity risk and capital is locked until expiry. Centrifuge senior tranches delivered roughly 6%–10% APY on pools of asset‑backed loans where collateral is tokenized as NFTs, with collateral recovery procedures defined for defaults.

Higher yields were reported from on‑chain private credit and receivables facilities. Maple Finance Cash Management pools returned about 9%–12% APY to lenders under a Pool Delegate underwriting model, with 30 to 90 day redemption windows. Maple’s higher‑risk pools offered 13%–15% APY. Goldfinch’s Senior Pool, lending to fintech and microfinance institutions across more than 20 countries, yielded about 10%–14% APY. Credix, focused on Brazilian and Latin American consumer and fintech credit on Solana, posted 12%–18% APY for junior tranche investors. Huma Finance provided short‑duration receivables facilities yielding 10%–15% APY, with self‑liquidating collateral such as invoices and earned‑wage claims.

Institutional deployment patterns reflected product tiers and operational constraints. Treasuries shifted portions of idle stablecoin reserves into tokenized Treasury products for yield while retaining liquid stablecoins for operations. Some allocators constructed yield ladders combining Treasury products for liquidity, Pendle or Centrifuge for fixed or asset‑backed needs, and Maple, Goldfinch or Credix for higher yield. DeFi treasuries used USDY as collateral to borrow against yield‑bearing assets.

Access and risk profiles differed across products. Some funds required institutional KYC, whitelisted addresses or accredited status; others offered broader access. Reported risks included borrower credit default, country and currency concentration in private credit pools, smart contract and platform risk, and transfer restrictions tied to securities classifications. Institutional custody providers and whitelisting practices were commonly used for operational control and regulatory compliance.