Tokenized funds deliver 4.5%–18% APY in Q2 2026

Institutional investors earned between 4.5% and 18% annual percentage yield from ten audited tokenized funds in the second quarter of 2026. The category included US Treasury-backed products at the low end of the range and private-credit and structured pools at the high end. Combined assets under management and active loan volume exceeded $21 billion in Q2 2026.

Three tokenized Treasury products delivered roughly 4.5%–5% APY. BlackRock’s BUIDL reported about 4.8%–5.0% APY, distributes yield daily in USDC to whitelisted institutional addresses and does not permit free on-chain composability. Franklin Templeton’s BENJI returned about 4.5%–4.8% APY across integrations on eight blockchains and targets broader accredited and non-U.S. distribution. Ondo Finance’s USDY accrued about 4.8% APY into its exchange rate and can be used as collateral in decentralized finance lending protocols.

Structured products and fixed-yield instruments occupied the middle of the spectrum. Pendle Finance principal tokens locked in fixed APYs of about 7%–9% at purchase and redeem at face value at maturity. Centrifuge senior tranches, backed by NFT-tokenized real-world assets such as trade receivables and commercial mortgages, returned roughly 6%–10% APY on senior slices and include collateral recovery mechanisms that unsecured pools do not have.

On-chain private credit produced the highest yields. Maple Finance offered cash management pools at about 9%–12% APY and higher-yield pools at about 13%–15% APY, lending to institutional corporate borrowers with 30–90 day redemption windows. Goldfinch’s Senior Pool returned roughly 10%–14% APY while lending across more than 20 emerging-market countries. Credix, focused on Brazilian and wider Latin American credit, showed junior tranche yields of about 12%–18% APY for accredited investors. Huma Finance used receivables-backed facilities to deliver about 10%–15% APY with shorter effective durations.

Institutional allocations reflected distinct access and operational requirements. Typical yield-ladder allocations put 30%–40% into Treasury-grade tokenized funds for liquidity and baseline yield, 30%–40% into mid-tier structured or senior private-credit positions for higher returns with limited lock-ups, and 20%–30% into longer-duration higher-yield pools. Access conditions varied: some products require institutional KYC and whitelists, others are DeFi-composable or require accreditation.

Market participants identified common risks: smart contract and platform risk across all on-chain products; credit default risk for private credit pools; geographic and currency concentration in Latin American exposures; and collateral valuation and liquidation complexity for asset-backed pools. Institutional custody providers such as Fireblocks and Anchorage were used to manage custody and operational integration. Regulatory developments, including a proposed FDIC anti-money-laundering rule for stablecoin issuers and the GENIUS Act framework, reduced some compliance uncertainty for issuers and buyers in Q2 2026.