RWAKit - Yield.xyz

RWA Kit is the Yield API surface for regulated, off-chain assets settled on-chain that pay a yield — US Treasuries, money-market funds, fixed-income funds (IG, HY, muni, CLOs, senior loans, BDCs), private credit pools, yield-bearing notes, basis/carry strategies, and yield-bearing stablecoins. One interface, every issuer, every chain — protocol-specific quirks absorbed inside the integration. Tokenized stocks and equity ETFs are out of scope here; see StockKit for those.

🧱 Every RWA yield is wrapped in a Yield.xyz async vault Users never hold the underlying RWA token and never sign up with the issuer directly. They deposit into a Yield.xyz vault, receive vault shares, and see yield as PPS appreciation on those shares. The vault is the on-chain holder of the underlying, the gateway to primary issuance and redemption, and the destination for every off-chain coupon — all of that is handled at the vault layer. Where the underlying instrument’s require KYC, the user’s wallet is onboarded onto the vault allowlist in one of two ways: a Yield.xyz hosted KYC flow, or — where the issuer accepts reliance on existing KYC — a direct whitelist with no user-facing flow at all.

API surfaces

Surface	Base URL	Owns
Yield API (RWAKit lives here)	`https://api.yield.xyz/v1`	Staking, lending, LP, DeFi, and all yield-bearing RWAs — instrument discovery, positions, enter/exit, off-chain settlement status, dividend & interest distributions
KYC API	`https://api.kyc.yield.xyz/v1`	Single user-facing KYC flow shared across RWA Kit and StockKit (with a reliance path when the underlying issuer accepts existing KYC). Handles identity verification, vault-allowlist enrolment, and region-segregated PII storage. Underlying issuer access controls are absorbed at the vault layer
Trade API (StockKit lives here)	`https://api.trade.yield.xyz/v1`	Tokenized stocks, equity ETFs, equity-style RWA tokens, and the dividend stream from dividend-paying shares. Equity / commodity / forex / index perps via Hyperliquid HIP-3.

All three surfaces share a single API key issued from the Yield.xyz dashboard.

Yield-Type Index

U.S. Treasuries
Credit
Yield-Bearing Notes & Stablecoins
EU Treasuries
Active Strategies

Tokenized US T-Bills, money-market funds, and Treasury ETF wrappers — plus the only EU short-end fixed-income product (bC3M, included here for proximity to short-duration USD exposure).

Ticker	Sub-category	Issuer	Underlying	KYC	RWA Kit launch
`USTB`	Short-duration T-Bills	Superstate	Short-duration US Treasuries + Agency	`true` (US QPs only)	Live today
`USFR.d`	Floating rate	Dinari / WisdomTree	WisdomTree Floating Rate Treasury Fund	`true`	May 2026
`OUSG`	Short-duration T-Bills	Ondo Finance	Short-term US Treasuries + GSE	`true`	May 2026
`mTBILL`	Short-duration T-Bills	Midas	Short-duration US Treasuries (BUIDL-backed basket)	`false`	June 2026
`BUIDL`	Money-market fund	Securitize / BlackRock	USD institutional liquidity (T-Bills + cash + repo)	`true`	June 2026
`BENJI`	Money-market fund	Franklin Templeton	FOBXX — US Government MMF	`true`	July 2026
`VBILL`	Short-duration T-Bills	Securitize / VanEck	Short-term US Treasury Bills	`true`	June 2026
`bIB01`	Short-duration T-Bills	Backed Finance	iShares 0–1yr US Treasury Bond UCITS ETF	`false`	June 2026
`BOXX.d`	Short-duration T-Bills	Dinari / Alpha Architect	Alpha Architect 1-3 Mo Box ETF (T-Bill equivalent)	`true`	July 2026 (sandbox; pending mainnet)
`TLT.d`	Long-duration	Dinari / BlackRock	iShares 20+ Year Treasury Bond ETF	`true`	July 2026 (sandbox; pending mainnet)
`TMF.d`	Leveraged Treasury	Dinari / Direxion	Direxion Daily 20+ Year Treasury Bull 3x ETF	`true`	July 2026 (sandbox; pending mainnet)

Investment grade, high yield, municipals, CLOs, senior loans, BDCs, and private credit. ACRED is the only allowlist-gated private-credit fund on-chain; everything else is a Dinari fixed-income dShare.

Ticker	Sub-category	Issuer / Asset manager	Underlying	KYC	RWA Kit launch
`CLOA.d`	CLO — AAA	Dinari / BlackRock	iShares AAA CLO Active ETF	`true`	May 2026
`FBND.d`	Investment grade (aggregate)	Dinari / Fidelity	Fidelity Total Bond ETF	`true`	May 2026
`ACRED`	Diversified private credit	Securitize / Apollo	Apollo Diversified Credit Fund	`true`	June 2026
`USHY.d`	High yield	Dinari / BlackRock	iShares Broad USD HY Corporate Bond ETF	`true`	July 2026 (sandbox; pending mainnet)
`HYMB.d`	Municipals	Dinari / SPDR Nuveen	SPDR Nuveen ICE HY Municipal Bond ETF	`true`	July 2026 (sandbox; pending mainnet)
`JAAA.d`	CLO — AAA	Dinari / Janus Henderson	Janus Henderson AAA CLO ETF	`true`	July 2026 (sandbox; pending mainnet)
`JBBB.d`	CLO — B-BBB	Dinari / Janus Henderson	Janus Henderson B-BBB CLO ETF	`true`	July 2026 (sandbox; pending mainnet)
`SRLN.d`	Senior loans	Dinari / SPDR Blackstone	SPDR Blackstone Senior Loan ETF	`true`	July 2026 (sandbox; pending mainnet)
`BXSL.d`	BDC (specialty finance)	Dinari / Blackstone	Blackstone Secured Lending Fund	`true`	July 2026 (sandbox; pending mainnet)
`MSDL.d`	BDC (specialty finance)	Dinari / Morgan Stanley	Morgan Stanley Direct Lending Fund	`true`	July 2026 (sandbox; pending mainnet)

Two product shapes that look like stablecoins but settle differently: Reg S Cayman secured notes (Ondo), SEC-registered face-amount certificates (Figure), and a yield-bearing ERC-20 stablecoin (Dinari).

Ticker	Sub-category	Issuer / Asset manager	Underlying	KYC	RWA Kit launch
`USD+`	Treasury-backed stablecoin	Dinari	Short-term US Treasuries + USD reserves	`true`	May 2026
`USDY`	Note-backed (non-rebasing)	Ondo Finance	Yield-bearing secured note (US Treasuries collateral)	`false`	May 2026
`rUSDY`	Note-backed (rebasing)	Ondo Finance	Same underlying as USDY	`false`	May 2026
`YLDS`	SOFR-linked	Figure Markets / Figure Certificate Company	SEC-registered face-amount certificate	`false`	July 2026

EUR-denominated short-end government bond exposure.

Ticker	Sub-category	Issuer / Asset manager	Underlying	KYC	RWA Kit launch
`bC3M`	EU Short-End Govt Bonds	Backed Finance	€STR / short EUR government bonds	`false`	June 2026

Performance-fee-based strategies — crypto carry / basis, structured yield, MEV arbitrage, BTC-denominated yield. No recurring management fee on Midas; Superstate’s USCC is for US Qualified Purchasers only.

Ticker	Sub-category	Issuer / Asset manager	Underlying	KYC	RWA Kit launch
`USCC`	Crypto basis / carry	Superstate	Long-spot BTC/ETH + short-perp futures	`true` (US QPs only)	Live today
`mBASIS`	Market-neutral basis	Midas	Delta-neutral basis trade (crypto)	`false`	June 2026
`mEDGE`	Structured yield	Midas / Edge Capital	Edge Capital diversified yield strategies	`false`	June 2026
`mRE7YIELD`	Structured yield	Midas / RE7 Capital	RE7 Capital structured yield strategy	`false`	June 2026
`mMEV`	MEV arbitrage	Midas / MEV Capital	MEV arbitrage strategy	`false`	June 2026
`mBTC`	BTC strategy (BTC-denominated)	Midas	BTC-denominated structured yield	`false`	June 2026

Issuer comparison (all issuers side-by-side)

This is the canonical at-a-glance view of every RWA issuer Yield.xyz supports for yield-bearing instruments. Equity-side coverage per issuer (tokenized stocks, equity ETFs, equity dShares, dividend streams) lives in StockKit. Per-issuer detail lives in the Issuer directory below.

Issuer	Yield-bearing products on RWA Kit	Yield delivery mode	RWA issuer fees	Partner fee passthrough	KYC posture	Vault-compatible
Dinari	13 fixed-income dShares (TLT, TMF, USFR, BOXX, FBND, USHY, HYMB, JAAA, JBBB, CLOA, SRLN, BXSL, MSDL); USD+ yield-bearing stablecoin. (All equity dShares — non-dividend and dividend-paying — covered in StockKit.)	`off_chain_account_credit` (absorbed by the vault)	5% standard distribution fee on yield-paying dShares; USD+: 0% mgmt	✅ Configurable	`true` — user KYCs once via Yield.xyz to deposit; issuer primary handled at the vault layer	✅
Ondo Finance	OUSG (T-Bills); USDY / rUSDY (yield-bearing notes). (Ondo Global Markets — 260+ tokenized US stocks & ETFs — covered in StockKit.)	`on_chain_price_accrual` (OUSG, USDY) / `on_chain_rebase` (rUSDY)	OUSG: 0% mint/redeem; 0.15% mgmt cap, waived until 1 Jul 2026. USDY: 0% mint/redeem on primary	✅ Configurable	`true` for OUSG; `false` for USDY / rUSDY (vault handles primary onboarding)	✅
Securitize	BUIDL (BlackRock T-Bills / cash); VBILL (VanEck T-Bills); ACRED (Apollo private credit); others per fund	`on_chain_share_growth`	BUIDL: 0.50% mgmt (0.20% on Avalanche / Aptos / Polygon); $5M USDC min. VBILL / ACRED / others: per prospectus	❌ Issuer-set	`true` — single Yield.xyz hosted flow; issuer onboarding handled at the vault layer	✅
Superstate	USTB (T-Bills); USCC (crypto carry). (USPY tokenized US equity — when launched — will be served from StockKit.)	`on_chain_share_growth`	USTB: 0.15% mgmt (10 bps rebate above $25M avg.); 100K USDC subscription min. USCC: 0.75% mgmt	❌ Issuer-set	`true` — US Qualified Purchasers only	✅
Backed Finance	bIB01, bC3M (UCITS bToken trackers — short-duration USD/EUR fixed income). (bCSPX, xStocks, and other equity trackers covered in StockKit.)	`on_chain_price_accrual` (bTokens)	0.20% issuance/redemption on primary; underlying ETF expense ratio passes through	✅ Configurable on secondary¹	`false` — vault handles primary onboarding; user-facing vault share is unrestricted	✅
Franklin Templeton	BENJI / FOBXX (US Government money-market fund)	`on_chain_share_growth`	0.20% net (after waivers) / 0.22% gross expense ratio; 0% mint/redeem fee; daily redemption	❌ Issuer-set	`true` — single Yield.xyz hosted flow; issuer onboarding handled at the vault layer	✅
Figure Markets	YLDS (SEC-registered yield-bearing note); PRIME / CASH upcoming	`on_chain_price_accrual` (peer-to-peer)	YLDS: yield = SOFR − 35 bps; 0% mgmt or redemption fee; per-tx gas in fractions of a cent	❌ Issuer-set; partner builder fees TBC for PRIME / CASH¹	`false` — vault handles primary onboarding; user-facing vault share is unrestricted	✅
Midas	mTBILL, mBASIS, mEDGE, mRE7YIELD, mMEV, mBTC (liquid yield tokens)	`on_chain_share_growth`	mTBILL: 0.07% instant redemption fee; 10% perf fee on interest. Others: per-product perf fee	✅ Configurable	`false` — fully permissionless; not available to US persons (partner-side Geoblocking)	✅

Yield delivery modes

Every yield in RWA Kit declares a yieldDelivery.mode in its metadata describing how the underlying token accrues yield. Partners do not need to route on this — the async vault absorbs every mode and exposes a single uniform interface (deposit, hold vault share, PPS appreciates, exit via the withdrawal queue). The field is exposed so partners can reason about NAV update cadence, reporting, and reconciliation.

Mode	What it means at the underlying level	How the vault reflects it
`on_chain_rebase`	Underlying token balance grows over time	Vault PPS picks up the rebase automatically
`on_chain_price_accrual`	Underlying token quantity constant; redemption value grows	Vault NAV tracks the underlying’s redemption price
`on_chain_share_growth`	ERC-4626-style underlying share whose NAV grows inside the share contract	Vault PPS flows through 1:1 with the underlying share NAV
`off_chain_account_credit`	Underlying is a settlement instrument only; yield is credited off-chain to an issuer-side account associated with the vault	Coupon is funneled back into the vault as fresh underlying tokens (or fresh USD+); PPS goes up on the next NAV update
`wrapped_off_chain_distribution`	Wrapper holds the underlying and pulls off-chain distributions via API	Same as `off_chain_account_credit` from the user’s perspective — PPS appreciation

🧱 The user never sees these modes Partners surface the vault share as a single balance, and yield as PPS appreciation, regardless of mode. There is no “self-custody receives yield” question to answer for the end user — the vault is always the holder of the underlying, and the vault always receives the yield. Mode-specific quirks are operational concerns absorbed inside the integration.

KYC model

kycRequired is a boolean on every yield: true if the wallet must be on the vault allowlist before depositing, false if the vault is permissionless from the user’s perspective.

`kycRequired`	What the vault requires from the user	What happens at the vault layer
`true`	The wallet must end up on the vault allowlist. There are two paths to get there — see callout below. After the wallet is synced (next daily refresh), deposit / withdraw work normally.	Issuer-side onboarding and allowlist requirements are absorbed by the vault — operational details the user never sees.
`false`	Nothing. Deposit immediately.	Where the underlying issuer requires primary-side onboarding, the vault handles it on the user’s behalf, so the user-facing vault share is unrestricted. Where the underlying is fully permissionless, the vault matches.

Two paths onto the vault allowlist When kycRequired: true, the wallet is added to the vault allowlist via one of two paths:

Yield.xyz hosted flow — the user completes a single Yield.xyz hosted KYC flow (api.kyc.yield.xyz). This is the default and works for every issuer.

Reliance whitelist — where the underlying issuer accepts reliance on an existing KYC (e.g. KYC already performed by the partner, an existing accredited-investor attestation), Yield.xyz whitelists the wallet directly. There is no user-facing flow.

Either path lands the wallet on the same vault allowlist on the next daily sync, and the user never enrols with the issuer directly or receives an issuer-specific account or onboarding link.

The two sections below split every yield on this boolean. This is the practical question for product flows.

Yields requiring KYC

Yields where the wallet must be on the vault allowlist before depositing. The underlying issuer’s access controls are absorbed at the vault layer — onboarding goes through either the Yield.xyz hosted flow or a reliance-based whitelist where the issuer accepts existing KYC (see KYC model). Either way, the wallet is synced onto the vault allowlist on the next daily refresh and the user never enrols with the issuer directly.

Yield	Issuer	Underlying	Wrapper	Delivery mode	Fees	Networks	Notes
OUSG	Ondo	Short-term US Treasuries + GSE	Tokenized fund share	`on_chain_price_accrual`	0% mint/redeem; 0.15% mgmt cap (waived until 1 Jul 2026)	Ethereum, Solana, Polygon, others	$5K min; 24/7 instant USDC mint/redeem
USTB	Superstate	Short-duration US Treasuries	Tokenized fund share	`on_chain_share_growth`	0.15% mgmt (10 bps rebate above $25M avg.)	Ethereum	100K USDC min; US QPs only; T+1 `offchainRedeem`
USCC	Superstate	Long-spot / short-perp crypto carry	Tokenized fund share	`on_chain_share_growth`	0.75% mgmt	Ethereum	US QPs only; Bitwise becomes investment manager 1 Jun 2026
BUIDL	BlackRock via Securitize	USD institutional liquidity (T-Bills + cash)	Tokenized MMF share	`on_chain_share_growth`	0.50% mgmt (0.20% on Avalanche / Aptos / Polygon)	Ethereum, Avalanche, Aptos, Polygon, Arbitrum, others	$5M USDC min; T+0–T+1 atomic redemption to USDC via Circle
VBILL	VanEck via Securitize	Short-term US Treasuries	Tokenized fund share	`on_chain_share_growth`	Per prospectus	Ethereum, Avalanche, Solana, BNB Chain	Per-fund minimums
ACRED	Apollo via Securitize	Apollo Diversified Credit Fund (private credit)	Tokenized fund share	`on_chain_share_growth`	Per prospectus	Ethereum	Allowlist-gated
BENJI (FOBXX)	Franklin Templeton	US Government MMF (FOBXX)	SEC-registered ‘40 Act mutual-fund share	`on_chain_share_growth`	0.20% net / 0.22% gross expense ratio; 0% mint/redeem	Stellar, Ethereum, Solana, Aptos, Avalanche, Base, Arbitrum, BNB Chain, Polygon	$5M on Ethereum; $100 on Solana / Aptos / Base (retail-tier chains)
USFR.d	Dinari	WisdomTree Floating Rate Treasury Fund	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Monthly USD coupon funneled into the vault → PPS appreciation
BOXX.d	Dinari	Alpha Architect 1-3 Mo Box ETF (T-bill equivalent via options box)	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Sandbox; mainnet pending
TLT.d	Dinari	iShares 20+ Year Treasury Bond ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Long-duration. Sandbox; mainnet pending
TMF.d	Dinari	Direxion Daily 20+ Year Treasury Bull 3x ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Leveraged long-duration. Sandbox; mainnet pending
FBND.d	Dinari	Fidelity Total Bond ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Aggregate IG bond
USHY.d	Dinari	iShares Broad USD High Yield Corporate Bond ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Sandbox; mainnet pending
HYMB.d	Dinari	SPDR Nuveen ICE High Yield Municipal Bond ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Sandbox; mainnet pending
JAAA.d	Dinari	Janus Henderson AAA CLO ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Sandbox; mainnet pending
JBBB.d	Dinari	Janus Henderson B-BBB CLO ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Sandbox; mainnet pending
CLOA.d	Dinari	BlackRock iShares AAA CLO Active ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	—
SRLN.d	Dinari	SPDR Blackstone Senior Loan ETF	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Sandbox; mainnet pending
BXSL.d	Dinari	Blackstone Secured Lending Fund (BDC)	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Sandbox; mainnet pending. See “BDCs are a judgment call” below
MSDL.d	Dinari	Morgan Stanley Direct Lending Fund (BDC)	ERC-20 dShare	`off_chain_account_credit`	5% distribution fee	Plume	Sandbox; mainnet pending. See “BDCs are a judgment call” below
USD+	Dinari	100% short-term US Treasuries + USD	Plain ERC-20 (non-rebasing)	`off_chain_account_credit`	0% mgmt (interest credited off-chain)	Ethereum, Base, Arbitrum, Plume	Vault holds USD+; vault PPS appreciates as off-chain interest is credited to the vault

ℹ️ Contract addresses are exposed in the issuer directory Per-instrument mainnet token addresses (where confirmed — USFR.d, CLOA.d, FBND.d, USD+) and the per-issuer operational details live in the Issuer directory below. The table above stays slim — partners only need it to scope which yields force a user-side KYC step.

Yields without KYC

Yields where the user can deposit into the vault without any KYC handoff. Where the underlying issuer requires primary-side onboarding, the vault handles it and mints on the user’s behalf. Where the underlying is fully permissionless, the vault matches.

Yield	Issuer	Underlying	Wrapper	Delivery mode	Fees	Networks	Notes
mTBILL	Midas	Basket of short-duration US Treasury ETFs (IB01, BUIDL)	Liquid yield token	`on_chain_share_growth`	0.07% instant redemption fee; 10% perf fee on interest	Ethereum, Base, Etherlink	~3.3% APY. Not available to US persons (apply Geoblocking)
mBASIS	Midas	Delta-neutral basis trade	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	Ethereum, Base, Etherlink	~4.8% APY. Not available to US persons
mEDGE	Midas	Edge Capital diversified yield	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	Ethereum, Base, Etherlink	~5.5% APY. Not available to US persons
mRE7YIELD	Midas	RE7 Capital structured yield	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	Ethereum, Base, Etherlink	~9.9% APY. Not available to US persons
mMEV	Midas	MEV Capital market-neutral arbitrage	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	Ethereum, Base, Etherlink	~12% APY. Not available to US persons
mBTC	Midas	BTC-denominated yield	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	Ethereum, Base, Etherlink	~3.3% APY. Not available to US persons
USDY	Ondo	Yield-bearing secured note (US Treasuries collateral)	ERC-20 (price-accruing)	`on_chain_price_accrual`	0% mint/redeem on primary	Ethereum, Arbitrum, Solana	Vault handles primary onboarding. 40–50 day primary lockup absorbed by the vault; user-facing exit goes through the withdrawal queue
rUSDY	Ondo	Same underlying as USDY (rebasing variant)	ERC-20 (rebasing, $1 peg)	`on_chain_rebase`	0% mint/redeem on primary	Ethereum, Arbitrum, Solana	Vault handles primary onboarding
bIB01	Backed Finance	iShares 0–1yr Treasury Bond UCITS ETF	Tracker certificate (Swiss DLT Act)	`on_chain_price_accrual`	0.20% primary issuance/redemption; underlying ETF expense ratio passes through	Ethereum, Solana, others	Vault handles primary onboarding. UCITS wrapper over US T-Bills
bC3M	Backed Finance	€STR / short EUR govt bonds	Tracker certificate (Swiss DLT Act)	`on_chain_price_accrual`	0.20% primary issuance/redemption	Ethereum, Solana, others	Vault handles primary onboarding. EUR-denominated short-end
YLDS	Figure Markets	Unsecured debt obligation; SOFR-linked yield	SEC-registered face-amount certificate	`on_chain_price_accrual` (peer-to-peer)	0% mint/redeem fee	Provenance Blockchain, Solana, Stellar, Sui	Vault handles primary onboarding. Yield = SOFR − 35 bps with 0.00% floor; accrued daily, paid monthly

ℹ️ Equity-style trackers and stocks live in StockKit bCSPX (S&P 500 UCITS tracker), xStocks (TSLAx, NVDAx, etc.), Ondo Global Markets stocks (ondoAAPL, ondoTSLA, …), and all Dinari equity dShares are tokenized equities. They are served end-to-end from StockKit on the Trade API, including the dividend stream for dividend-paying shares. StockKit uses the same boolean kycRequired model and the same KYC handoff to api.kyc.yield.xyz.

The integration model

Every RWA Kit position follows the same three-phase model regardless of KYC posture or settlement style — and it matches the existing Yield API lifecycle exactly:

Discover — GET /yields (RWA Kit yields appear inline with DeFi yields, filterable by assetClass, issuer, kycRequired, yieldDeliveryMode, network).
Enter — POST /actions/enter returns unsigned transactions and/or an off-chain subscription handle.
Exit — POST /actions/exit returns either an on-chain redemption tx, an offchainRedeem ticket, or both.

For KYC-gated instruments, a 412 Precondition Failed response from actions/enter carries a kycUrl pointing at api.kyc.yield.xyz — the user completes verification there and the call is retried.

Identifying RWA instruments

GET https://api.yield.xyz/v1/yields
  ?type=real-world-asset
  &assetClass=treasury,money-market,private-credit,structured,fixed-income
  &issuer=ondo,securitize,superstate,backed,franklin-templeton,figure,midas,dinari
  &kycRequired=true|false
  &yieldDeliveryMode=on_chain_rebase|on_chain_price_accrual|on_chain_share_growth|off_chain_account_credit|wrapped_off_chain_distribution
  &network=ethereum,solana,base,arbitrum,plume,…

Each Yield returns the updated metadata schema below. For tokenized equities — stocks, equity ETFs, equity dShares — and equity / commodity / forex / index perps, use GET https://api.trade.yield.xyz/v1/markets (StockKit) instead.

Yield metadata schema

All RWA yields carry the following additive metadata blocks on top of the existing YieldDto. Existing yields default to on-chain modes; the new fields are additive and non-breaking.

{
  "id": "plume-dinari-usfr",
  "issuer": "dinari",
  "assetClass": "fixed-income",
  "wrapper": "async-rwa-vault",
  "network": "plume",
  "yieldDelivery": {
    "mode": "off_chain_account_credit",
    "settlementAsset": "USD",
    "distributionsEndpoint": "/v1/yields/{yieldId}/distributions",
    "accrualsEndpoint":      "/v1/yields/{yieldId}/accruals",
    "cadence": "monthly"
  },
  "underlyingYieldSource": "treasuries",
  "taxTreatment": "interest",
  "kycRequired": true,
  "vault": {
    "address": "0xVaultContract",
    "share": "stkUSFR",
    "allowlist": "yieldxyz_daily_sync"
  },
  "fees": {
    "issuerDistributionFee": 0.05,
    "vaultFees": { "deposit": 0, "management": 0, "performance": 0 }
  }
}

Field	Type	Purpose
`yieldDelivery.mode`	enum	Describes how the underlying accrues yield. The vault absorbs every mode. See Yield delivery modes.
`yieldDelivery.settlementAsset`	string	`USD`, `USD+`, `USDC`, `USDon`, or the underlying token — what the vault receives when a coupon is paid
`yieldDelivery.cadence`	enum	`daily` / `monthly` / `quarterly` / `event_driven` — coupon cadence at the underlying issuer
`underlyingYieldSource`	enum	`treasuries` / `ig_bonds` / `high_yield` / `munis` / `clo` / `senior_loans` / `bdc` / `private_credit` / `basis_carry`
`taxTreatment`	enum	`interest` / `return_of_capital` (`qualified_dividends` and `ordinary_dividends` apply only on the StockKit dividend feed)
`kycRequired`	bool	`true` if the user must complete a Yield.xyz KYC flow before depositing into the vault; `false` if the vault is permissionless from the user’s perspective. See KYC model.
`vault.address`	address	The async vault contract that wraps this yield — what partners actually transact against
`vault.share`	string	Vault share token symbol surfaced to users

Integration walkthrough — Ondo OUSG (KYC-gated)

POST https://api.yield.xyz/v1/actions/enter
Content-Type: application/json

{
  "integrationId": "ethereum-usdc-ondo-ousg",
  "address": "0xUserWallet",
  "arguments": { "amount": "10000" }
}

If the wallet isn’t yet on the OUSG vault’s allowlist you’ll receive a 412:

{
  "error": "PRECONDITION_FAILED",
  "message": "Address 0xUserWallet is not on the OUSG vault allowlist",
  "details": {
    "address": "0xUserWallet",
    "yieldId": "ethereum-usdc-ondo-ousg",
    "kycUrl": "https://api.kyc.yield.xyz/v1/onboard?yieldId=ethereum-usdc-ondo-ousg&address=0xUserWallet"
  }
}

Hand the user off to kycUrl (a Yield.xyz hosted flow — they never see Ondo’s portal). On completion, the wallet is synced into the OUSG vault allowlist on the next daily refresh, after which actions/enter succeeds. Partners with an existing KYC that the issuer accepts under reliance can skip the hosted flow entirely — request a direct whitelist via the dashboard / API and the wallet lands on the same allowlist on the next daily sync without ever seeing a 412. See KYC model for the two paths.

Integration walkthrough — Dinari USFR.d (off-chain coupon, vault-absorbed)

From the partner’s perspective Dinari is identical to OUSG — same actions/enter shape, same 412 + kycUrl if the user isn’t yet on the vault allowlist, same vault-share balance. The off-chain coupon mechanic is absorbed by the vault.

POST https://api.yield.xyz/v1/actions/enter
Content-Type: application/json

{
  "integrationId": "plume-dinari-usfr",
  "address": "0xUserWallet",
  "arguments": { "amount": "1000" }
}

If the wallet isn’t yet on the USFR.d vault allowlist (USFR.d is kycRequired: true), you’ll get the same 412 shape as OUSG, with a kycUrl pointing at the Yield.xyz hosted flow. Once KYC completes and the next daily allowlist sync runs, the deposit succeeds. As with OUSG, partners with an existing KYC the issuer accepts under reliance can request a direct whitelist instead of running the hosted flow — see KYC model. What’s happening behind the scenes:

The vault holds the USFR.d dShare on-chain.
The monthly USD coupon is delivered off-chain to the vault. It’s funneled back in as fresh underlying (or fresh USD+), and the vault’s PPS appreciates.
The user holds a vault share. They never see issuer accounts, dividend_payments calls, or coupon-claim flows.

New Yield API endpoints

To support off_chain_account_credit yields, the Yield API exposes two RWA-specific endpoints that proxy and normalize issuer-side distribution data. These are partner-side reporting endpoints — users do not interact with them. The user-facing primitive is the vault share balance, which already reflects every coupon as PPS appreciation.

`GET /v1/yields/{yieldId}/distributions`

Historical declaration schedule for a yield (ex-date, pay-date, cash amount per share). Lets partners chart APY and reconcile expected vs. realised coupon. For Dinari yields, proxies GET /api/v2/market_data/stocks/{stock_id}/dividends. Example response (Dinari USFR.d):

{
  "yieldId": "plume-dinari-usfr",
  "distributions": [
    { "exDate": "2026-04-01", "payDate": "2026-04-03", "amountPerShare": "0.1612", "currency": "USD", "type": "CD" },
    { "exDate": "2026-03-01", "payDate": "2026-03-03", "amountPerShare": "0.1548", "currency": "USD", "type": "CD" },
    { "exDate": "2026-02-01", "payDate": "2026-02-03", "amountPerShare": "0.1421", "currency": "USD", "type": "CD" }
  ]
}

`GET /v1/yields/{yieldId}/accruals?vaultAddress=…`

Vault-level paid distribution events. Required for partner reconciliation when yieldDelivery.mode = "off_chain_account_credit" — shows when the coupon was actually received at the vault layer and how it was funneled back into the vault. Returns a flat list keyed by the vault address. Example response:

{
  "yieldId": "plume-dinari-usfr",
  "vaultAddress": "0xVaultContract",
  "accruals": [
    {
      "stockId": "0196ea6d-b6e7-75b6-b40d-031ae7a715c2",
      "paymentDate": "2026-04-03",
      "grossAmount": "16412.00",
      "issuerDistributionFee": "820.60",
      "netToVault": "15591.40",
      "currency": "USD",
      "funneledAs": "USD+"
    }
  ]
}

Issuer directory

Superstate — USTB, USCC (Live)

Two live tokenized funds, both restricted to US Qualified Purchasers. Superstate is the only RWA Kit issuer already enabled on Yield.xyz today — partners can ship USTB and USCC immediately.

Instrument ID	Underlying	Reward token	Mgmt fee
`ethereum-usdc-superstate-ustb-vault`	Short-duration US Treasuries	`USTB`	0.15% (10 bps rebate above $25M avg.)
`ethereum-usdc-superstate-uscc-vault`	Crypto carry strategy	`USCC`	0.75%

Detail	Value
Networks	Ethereum
Minimum subscription	100,000 USDC (USTB)
Redemption	T+1 via `offchainRedeem`; daily market-day liquidity
KYC	`true`; US Qualified Purchasers only (issuer onboarding absorbed at the vault layer)
Vault-compatible	✅

Manager transitions in 2026.

USTB: Invesco Advisers, Inc. became investment manager in Q2 2026 (announced 24 March 2026).
USCC: Bitwise Investment Manager, LLC becomes investment manager on 1 June 2026.

Fund mechanics remain unchanged through both transitions.

Upcoming: USPY — Superstate’s tokenized US equity product. Because it is a tokenized equity (price-tracking, no recurring yield in the staking sense), it will launch on StockKit rather than RWA Kit.

Dinari — fixed-income dShares & USD+ (May 2026)

Dinari issues dShares — ERC-20 wrappers tracking US-listed equities, ETFs, and fixed-income funds 1:1 — plus USD+, a non-rebasing yield-bearing stablecoin backed 100% by short-term US Treasuries and USD. Primary mint and redemption are gated; once issued, dShares are freely transferable ERC-20s on Ethereum, Base, Arbitrum, Plume (eip155:179205), and Avalanche (Dinari Financial Network).RWA Kit surfaces only Dinari’s fixed-income product line and USD+: 13 fixed-income dShares wrapping treasury, IG, HY, muni, CLO, senior-loan, and BDC ETFs, plus the USD+ stablecoin. All equity dShares — single-name stocks (with or without dividends), equity ETFs (SPY.d, IAU.d, SIVR.d, SLX.d, ETHE.d) — are served from StockKit, including the dividend stream for dividend-paying stocks. The user’s single Yield.xyz hosted KYC flow covers both surfaces — no issuer portal, no per-issuer onboarding.

Dinari yield flows into the vault, not the user’s wallet.Dinari’s tokens are settlement instruments, not yield-bearing instruments. Yield is delivered off-chain as USD (or fresh USD+) into the vault. The monthly coupon is funneled back into the vault address as fresh underlying (or fresh USD+), and the vault’s PPS appreciates on the next NAV update. The user holds a vault share and never needs to claim a coupon — the asynchronous coupon is reflected in the vault NAV. Encoded as yieldDelivery.mode = "off_chain_account_credit" and kycRequired = true; partners only ever transact against the vault contract.

Detail	Value
Yield-bearing asset classes (RWA Kit)	Fixed-income dShares (treasuries, IG, HY, muni, CLOs, senior loans, BDCs); USD+ yield-bearing stablecoin
Networks	Ethereum, Base, Arbitrum, Plume (`eip155:179205`), Avalanche (Dinari Financial Network)
Yield delivery mode	`off_chain_account_credit` (absorbed by the vault)
Primary mint / redeem	Issuer-side onboarding handled at the vault layer; users never enrol with Dinari directly
User-facing surface	Async vault contract (one per dShare); users only ever hold the vault share
Underlying secondary trading	Permissionless ERC-20 on DEXs (operationally relevant to the vault, not to users)
Trading fee model	`fee_buy = fee_flat + fee_variable × x_paid`; `fee_sell = fee_flat + fee_variable × (x_proceeds − fee_flat)`
Distribution fee	5% standard fee on yield-paying dShares (skimmed at the vault → underlying issuer boundary)
USD+ mgmt fee	0% (interest credited off-chain into the vault)
Partner vault-fee passthrough	✅ Deposit / management / performance fees configurable per project

USD+ — yield-bearing stablecoin.

Detail	Value
Standard	Plain ERC-20, 6 decimals, ERC1967 proxy. Not rebasing
Contract (multi-chain, same address)	`0xC9E3df3D230980B45adC623C81C3DF4A73a5350f` (Ethereum, Base, Arbitrum, Plume)
Minter	`0x500c1B2F2ce1Cb64c53cc7759d8110EFf5dE93cE`
Redeemer	`0xC22E4A78B8aD3fa027c3be66387a4067947a7C45`
Backing	100% short-term US Treasuries + USD
Yield mechanism	Off-chain accounting. Interest accrued at broker/custody level; credited to the vault as fresh USD+; vault PPS appreciates on the next NAV update
User-facing yield	✅ Delivered via vault-share PPS appreciation. Users hold the vault share, not raw USD+

Integration model — async vault, single path.

Layer	What it does
User	Deposits USDC into the vault, receives the vault share, sees yield as PPS appreciation, exits via the withdrawal queue. Completes one Yield.xyz hosted KYC if the yield is `kycRequired: true`.
Vault contract	Holds the dShare on-chain (one vault per dShare, ERC-4626-shaped). Primary mint / redeem and the monthly coupon flow are absorbed at the vault layer. Daily allowlist sync mirrors completed Yield.xyz KYCs onto the vault’s depositor list.
Dinari	Issues the dShare and runs the primary. Sees the vault as the on-chain counterparty — not individual users.

Ondo Finance — OUSG, USDY, rUSDY (May 2026)

Ondo runs the broadest product line of any issuer on Yield.xyz. RWA Kit covers the yield-bearing products below; Ondo Global Markets — Ondo’s tokenized equities surface (260+ NYSE / NASDAQ stocks and ETFs settled in USDon) — is served from StockKit.OUSG — short-term US Government Treasuries.

Detail	Value
Underlying	Short-term US Treasuries + GSE securities
Networks	Ethereum, Solana, Polygon, others
Yield delivery mode	`on_chain_price_accrual`
Mint / redeem	24/7 instant in USDC
Minimum	$5,000
Mint / redeem fees	0%
Management fee	Capped at 0.15%; waived until 1 July 2026
KYC	`true` (issuer onboarding absorbed at the vault layer)

USDY / rUSDY — yield-bearing secured note.

Detail	Value
Format	Accumulating (`USDY`, `on_chain_price_accrual`) or rebasing (`rUSDY`, `on_chain_rebase`)
Networks	Ethereum, Arbitrum, Solana
Primary mint	KYC + allowlist; 40–50 day lockup; $500 minimum
Secondary access	Permissionless via DEX (no KYC)
Yield mechanic	USDY: price-accruing. rUSDY: daily rebase, $1 peg
KYC	`false` (vault handles primary onboarding; user-facing vault share is unrestricted)

Backed Finance — bToken trackers (June 2026)

Acquired by Kraken in December 2025. RWA Kit covers the yield-bearing bToken trackers (bIB01, bC3M). The equity trackers — bCSPX and the xStocks family (TSLAx, NVDAx, AAPLx, …) — live in StockKit.

Detail	Value
Yield-bearing asset classes (RWA Kit)	US T-Bill exposure via UCITS wrapper (`bIB01`), EU short-end (`bC3M`)
Networks (bTokens)	Ethereum, Solana, others
Primary mint / redeem	Issuer-side onboarding handled at the vault layer; users never enrol with Backed directly
Primary fee	0.20% issuance / redemption
Secondary trading	Permissionless on DEXs (Raydium, Uniswap, etc.)
KYC	`false` (vault handles primary onboarding; user-facing vault share is unrestricted)
Vault-compatible	✅

Securitize — BUIDL, VBILL, ACRED (June 2026)

Distribution and compliance platform for institutional asset managers — not an issuer of its own funds. Issuer-side onboarding is handled at the vault layer; the user only ever sees api.kyc.yield.xyz.

Fund	Asset manager	Underlying	Management fee	Minimum
`BUIDL`	BlackRock	USD institutional liquidity (T-Bills + cash)	0.50% (0.20% on Avalanche / Aptos / Polygon)	$5,000,000 USDC
`VBILL`	VanEck	Short-term US Treasuries	Per prospectus	Per fund
`ACRED`	Apollo	Diversified Credit Fund (private credit)	Per prospectus	Per fund
Others	Various	Various	Per fund	Per fund

Midas — liquid yield tokens (June 2026)

Permissionless liquid yield tokens — open ERC-20s on-contract; mint and redeem flow through Midas’s Issuance Vault.

Detail	Value
Networks	Ethereum, Base, Etherlink
Yield delivery mode	`on_chain_share_growth`
Mint	Atomic via `depositInstant(...)` on the Issuance Vault
Redemption	Instant (subject to MSL pool liquidity) or Standard (T+1–3 days)
Instant redemption fee	0.07%
KYC	`false` — no on-chain allowlist, but not available to US persons (partner-side Geoblocking)
Vault-compatible	✅

Contracts (Ethereum mainnet, verified as of 2026-05-16).

Contract	Address
Issuance Vault	`0x99361435420711723aF805F08187c9E6bF796683`
mTBILL token	`0xDD629E5241CbC5919847783e6C96B2De4754e438`

Franklin Templeton — BENJI / FOBXX (July 2026)

BENJI is the on-chain share class of FOBXX — the Franklin OnChain US Government Money Fund.

Detail	Value
Underlying	US Government money-market fund (FOBXX)
Regulatory wrapper	SEC-registered ‘40 Act mutual fund
Networks	Stellar, Ethereum, Solana, Aptos, Avalanche, Base, Arbitrum, BNB Chain, Polygon
Yield delivery mode	`on_chain_share_growth`
Expense ratio	0.20% net (after waivers) / 0.22% gross
Mint / redeem fee	0%
Redemption	Daily, T+1; USD wire or USDC payout
KYC	`true` on all chains (issuer onboarding absorbed at the vault layer)
Vault-compatible	✅

USDC funding rails. Franklin Templeton operates 24/7/365 USDC subscription and redemption via a partnership with Zero Hash. This shortens the user-visible flow even though fund accounting remains T+1.

Figure Markets — YLDS (July 2026)

YLDS is an SEC-registered yield-bearing transferable stablecoin, structured as a face-amount certificate from Figure Certificate Company.

Detail	Value
Underlying	Unsecured debt obligation of issuer; SOFR-linked yield
Yield mechanic	SOFR − 35 bps, 0.00% floor; accrued daily, paid monthly
Yield delivery mode	`on_chain_price_accrual` (peer-to-peer)
Networks	Provenance Blockchain, Solana (Nov 2025), Stellar (May 2026), Sui
KYC	`false` (vault handles primary onboarding and fiat-redemption flow; user-facing vault share is unrestricted)
Secondary transfer	✅ Permissionless peer-to-peer
Mint / redeem fee	0%
Redemption	Instant peer-to-peer or USDC/stablecoin; USD fiat off-ramp during US banking hours
Vault-compatible	✅

Upcoming. Figure’s PRIME (prime money-market exposure) and CASH (USD operating cash) products are on the roadmap.

Position lifecycle & balance states

State	Meaning
`Active`	Vault shares held; PPS appreciating from underlying yield (any delivery mode)
`Pending`	Deposit tx submitted but not yet confirmed, or the vault’s daily allowlist sync hasn’t picked the wallet up yet
`Unstaking`	Exit submitted; vault has queued an off-chain redemption with the issuer (Superstate T+1 NAV strike, Franklin BENJI daily strike, Ondo USDY 40–50 day lockup, Apollo ACRED monthly liquidity)
`Claimable`	Vault settlement complete; user can pull settled USDC/USD via `actions/exit` follow-on
`Paused`	Issuer has paused the underlying (regulatory hold, end-of-life, fund liquidation); vault deposits suspended

KYC API

api.kyc.yield.xyz provides a single user-facing flow. Each underlying issuer has its own access-control posture. Those issuer relationships are held at the vault layer — users either complete one Yield.xyz hosted flow, or — where the underlying issuer accepts reliance on existing KYC — are whitelisted directly with no user-facing flow at all. Either way, the result is mapped onto whichever vault allowlists the wallet is approved for. The KYC API is shared across Yield API (RWA Kit) and Trade API (StockKit) — a wallet that’s completed KYC once for a given jurisdictional / accreditation tier is recognised by both surfaces, and re-used across every vault that gates on the same tier.

Endpoint	Purpose
`POST /v1/onboard`	Initiate the Yield.xyz hosted KYC flow for a wallet; returns the hosted-flow URL. Optional `yieldId` parameter pre-scopes the flow to a specific vault’s requirements
`POST /v1/reliance`	Submit existing KYC evidence (or signal that the partner has KYC’d the wallet under an issuer-acceptable program) and request a direct whitelist. Approved wallets are synced onto the relevant vault allowlist on the next daily refresh — no user-facing flow runs
`GET /v1/status?address=…`	Check current KYC tier and which vault allowlists the wallet has been synced into
`POST /v1/webhooks`	Subscribe to KYC-completion and vault-allowlist-sync events

Async RWA vaults

Every RWA Kit yield is delivered through a Yield.xyz async RWA vault — a wrapper contract that absorbs the off-chain settlement cadence, allowlist requirements, and yield-delivery mechanics of the underlying RWA, and exposes a single uniform deposit / withdraw interface to the partner integration.

How yield flows into the vault

The vault holds the underlying RWA token on-chain (BUIDL, OUSG, USFR.d, mTBILL, etc.) and issues vault share tokens to depositors. All yield — on-chain or off-chain — accrues as price-per-share appreciation:

Underlying yield delivery mode	How vault PPS reflects it
`on_chain_rebase`	Underlying token’s rebasing balance flows through to vault NAV automatically
`on_chain_price_accrual`	Underlying token’s price increases against the deposit asset; vault NAV picks it up via oracle / direct redemption price
`on_chain_share_growth`	Underlying ERC-4626 share’s NAV growth flows through 1:1 to the vault’s NAV
`off_chain_account_credit`	Issuer’s off-chain coupon is funneled back into the vault as fresh underlying tokens (or fresh USD+) credited to the vault address; PPS goes up on the next NAV update

Partners surface the vault share as a single balance in their UI — no separate “claimable distributions” stream is required for the user. Distribution events remain available via GET /v1/yields/{yieldId}/distributions and GET /v1/positions/{vaultAddress}/{yieldId}/accruals for partner reporting and reconciliation.

Daily allowlist refresh

Yields with kycRequired: true require the vault contract to enforce a per-wallet allowlist on deposits. The flow is the same for every issuer:

Wallet is cleared via one of two paths:
- Hosted flow — the user completes the Yield.xyz hosted KYC flow at api.kyc.yield.xyz. One flow, regardless of which underlying issuer is being satisfied.
- Reliance whitelist — where the underlying issuer accepts reliance on an existing KYC (partner-side KYC, prior accredited-investor attestation, etc.), Yield.xyz whitelists the wallet directly. There is no user-facing flow.
Yield.xyz reconciles internally against each underlying issuer’s access-control posture. These issuer-side relationships are held at the vault layer — the user never enrols with an issuer directly and never has a per-issuer account.
Daily allowlist sync — Yield.xyz pushes a batched allowlist update to each KYC-gated vault contract once per day, adding all newly-cleared wallets (from either path).
User deposits on next sync — once the allowlist update lands on-chain, the user’s wallet can call deposit() / mint() against the vault.

For yields with kycRequired: false, there is no user-level allowlist — the vault handles issuer-side onboarding (where applicable) and users deposit immediately, subject to partner-side Geoblocking.

Withdrawal queue (async exits)

RWA exits are rarely atomic — settlement cadences range from 24/7 instant (Ondo OUSG via Circle) to T+1 NAV strikes (Superstate, BENJI), 40–50 day primary lockups (Ondo USDY), and monthly liquidity windows (Apollo ACRED). The vault absorbs this with a withdrawal queue:

User submits exit — POST /v1/actions/exit with integrationId (the vault) and address. The vault contract escrows the user’s shares and queues the off-chain redemption.
Vault triggers off-chain redemption — submits an offchainRedeem ticket to the issuer (or an on-chain redemption tx where supported).
Settlement lands — issuer settles in USDC, USD, or fresh underlying back to the vault.
User claims — POST /v1/actions/exit with the follow-on intent (or POST /v1/actions/manage for yields that model claim as a separate manage-action) pulls the settled funds to the user’s wallet.

Mapping to the queue: while the issuer is still settling, the user’s vault shares appear with BalanceType: "exiting". Once settlement lands, that status flips to BalanceType: "withdrawable" and the user can claim. Both balance types are exposed alongside the active share balance.

Client-configurable vault fees

Partners can configure three layers of vault-level fees on top of the issuer-side fee schedule. All are optional and configured per project in the Yield.xyz dashboard:

Fee	When charged	How
Deposit fee	On `deposit()` / `mint()`	Charged in the deposited asset before vault shares are issued
Management fee	Continuously on assets-under-management	Deducted from PPS (streamed accrual)
Performance fee	On yield earned	High-watermark accounting; deducted from PPS at the next accrual checkpoint

​API surfaces

​Yield-Type Index

​Issuer comparison (all issuers side-by-side)

​Yield delivery modes

​KYC model

​Yields requiring KYC

​Yields without KYC

​The integration model

​Identifying RWA instruments

​Yield metadata schema

​Integration walkthrough — Ondo OUSG (KYC-gated)

​Integration walkthrough — Dinari USFR.d (off-chain coupon, vault-absorbed)

​New Yield API endpoints

​GET /v1/yields/{yieldId}/distributions

​GET /v1/yields/{yieldId}/accruals?vaultAddress=…

​Issuer directory

​Position lifecycle & balance states

​KYC API

​Async RWA vaults

​How yield flows into the vault

​Daily allowlist refresh

​Withdrawal queue (async exits)

​Client-configurable vault fees

API surfaces

Yield-Type Index

Issuer comparison (all issuers side-by-side)

Yield delivery modes

KYC model

Yields requiring KYC

Yields without KYC

The integration model

Identifying RWA instruments

Yield metadata schema

Integration walkthrough — Ondo OUSG (KYC-gated)

Integration walkthrough — Dinari USFR.d (off-chain coupon, vault-absorbed)

New Yield API endpoints

`GET /v1/yields/{yieldId}/distributions`

`GET /v1/yields/{yieldId}/accruals?vaultAddress=…`

Issuer directory

Position lifecycle & balance states

KYC API

Async RWA vaults

How yield flows into the vault

Daily allowlist refresh

Withdrawal queue (async exits)

Client-configurable vault fees