RWAKit (Updated) - Yield.xyz

📘 What changed in this revision RWA endpoints remain on the Yield API (api.yield.xyz) — earlier drafts suggested branching them onto a dedicated api.rwa.yield.xyz surface, but yield-bearing RWAs (treasuries, MMFs, private credit, fixed-income funds, carry strategies, yield-bearing stablecoins, yield-bearing notes) fit cleanly into the existing yield surface and don’t justify a second API. KYC has been extracted into its own API — api.kyc.yield.xyz — to keep PII isolated and to enable regional data segregation (EU persons in the EU, US persons in the US). Tokenized stocks, equity ETFs, and equity-style tokens — including the dividend stream from dividend-paying shares — are owned end-to-end by StockKit on the new Trade API (api.trade.yield.xyz). RWA Kit does not surface any equity instruments. The doc is now organized around three lenses: (1) an issuer-comparison intro, (2) every yield-bearing RWA that requires KYC, and (3) every yield-bearing RWA that does not. Anything equity-shaped — Ondo Global Markets stocks, xStocks, Backed bCSPX, Dinari equity dShares (with or without dividends), Superstate USPY — lives in the StockKit docs and is cross-referenced where useful. RWA Kit also now supports issuers whose yield is delivered off-chain to a KYC’d broker account rather than via on-chain rebase or share-price accrual — Dinari is the first such issuer. See Yield delivery modes for the schema change.

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 issuer in this document is compatible with Yield.xyz Optimized Allocator Vaults (OAVs), Sentinel Vaults, and Meta Vaults out of the box. Eligibility for inclusion in a specific vault still depends on the vault’s risk mandate.

API surfaces

Surface	Base URL	Owns
Yield API (RWA Kit 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`	Identity verification, allowlist enrolment, region-segregated PII storage, issuer KYC handoffs
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 five surfaces share a single API key issued from the Yield.xyz dashboard.

ℹ️ Why RWA Kit stays on the Yield API Yield-bearing RWAs follow a similar lifecycle as DeFi yields — discover, enter, accrue, exit — and integrators already build against that model. The only RWA concerns that genuinely diverge from DeFi (KYC handoffs, off-chain settlement status, distribution feeds) are encoded as additive metadata on the existing yield surface.

ℹ️ Why equities are not in RWA Kit Tokenized equities have a fundamentally different shape from yields: they have a price (not an APY), corporate actions, voting rights, trading windows, order books, and brokerage-style fee schedules. Even when a share pays dividends, the consumer-facing primitive is “I own this stock” — not “I’m earning a rate.” Forcing equities into the yield surface would either pollute every yield response with optional equity fields, or scatter equity-specific subobjects that aren’t discoverable. They live in StockKit on the Trade API.

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`	5% standard distribution fee on yield-paying dShares; USD+: 0% mgmt	✅ Configurable	`primary_and_yield` (Reg D at primary mint/redeem; yield only flows to Dinari Accounts)	✅
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	`always` (OUSG) / `primary_only` (USDY, rUSDY)	✅
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	`always` (Securitize iD)	✅
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	`always` — 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	`primary_only` (Reg S / qualified-investor at primary; permissionless ERC-20 / SPL on secondary)	✅
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	`always` (Benji platform)	✅
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	`primary_only` (KYC at primary mint / fiat redemption; permissionless peer-to-peer transfer)	✅
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	`none` — no on-chain allowlist, but not available to US persons	✅

¹ See Verify before publishing.

Yield delivery modes

Every yield in RWA Kit declares a yieldDelivery.mode in its metadata. This is the single most important field for routing logic — it tells partners whether holding the token in a self-custodied wallet is sufficient to receive yield, or whether an issuer-managed account is required.

Mode	What it means	Self-custody receives yield?	Examples
`on_chain_rebase`	Token balance grows over time	✅ Yes	`rUSDY`
`on_chain_price_accrual`	Token quantity constant; redemption value grows	✅ Yes	`USDY`, `OUSG`, `YLDS`, Backed bTokens
`on_chain_share_growth`	ERC-4626-style vault share; NAV grows inside the vault	✅ Yes	`BUIDL`, `USTB`, `mTBILL`, `BENJI`
`off_chain_account_credit`	Token is a settlement instrument only; yield is credited as USD (or USD+) to an issuer-managed account, gated by KYC	❌ No	Dinari dShares, Dinari USD+
`wrapped_off_chain_distribution`	On-chain wrapper vault holds the underlying token; pulls off-chain distributions via API and auto-compounds or accrues claimable USD+	✅ Yes (via wrapper)	Future Dinari wrapper vaults

🚨 Critical UX implication Yields with mode: "off_chain_account_credit" will silently fail if surfaced in a self-custodial wallet without a linked issuer account. Partners must check yieldDelivery.requiresIssuerAccount before exposing these yields, and either (a) route users through the issuer’s KYC + account-creation flow, or (b) hide the yield from self-custody surfaces.

KYC model

KYC is a tri-state enum rather than a boolean, because token transferability and yield entitlement can be decoupled (Dinari being the canonical example).

State	Meaning	Examples
`kycRequired: "always"`	Allowlist-gated on contract; token cannot be held without KYC	BUIDL, USTB, BENJI, OUSG
`kycRequired: "primary_only"`	Permissionless secondary; primary mint/redeem gated	Backed bTokens, Ondo USDY (secondary DEX access), YLDS
`kycRequired: "primary_and_yield"`	Permissionless secondary; yield only accrues to KYC’d issuer-account holders	Dinari dividend-paying dShares, Dinari USD+
`kycRequired: "none"`	Fully permissionless; no allowlist; no yield gating	mTBILL, mBASIS, mMEV

The two sections below split every yield by whether the end user must complete KYC to receive the yield. This is the practical question for product flows.

Yields requiring KYC

Yields where the end user must complete KYC — either to hold the token at all (always) or to receive the yield (primary_and_yield).

`kycRequired: "always"` — allowlist-gated on contract

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 retail chains; daily T+1; USD wire or USDC payout

`kycRequired: "primary_and_yield"` — yield only flows to KYC’d Account holders

⚠️ Self-custody does NOT receive yield These yields are tokens-as-settlement-instruments. The token transfers freely on secondary ERC-20 rails, but the cash coupon/interest leg is credited off-chain to a KYC’d Dinari Account. Surface these only after verifying yieldDelivery.requiresIssuerAccount and confirming the user has a linked Account.

Yield	Issuer	Underlying	Underlying yield source	Delivery mode	Fees	Mainnet token	Notes
USFR.d	Dinari	WisdomTree Floating Rate Treasury Fund	`treasuries`	`off_chain_account_credit`	5% distribution fee	`0x9E7D5830c6ce73326742db7F7e49846B5F0F899B` (Plume)	Monthly USD distribution to Dinari Account
BOXX.d	Dinari	Alpha Architect 1-3 Mo Box ETF (T-bill equivalent via options box)	`treasuries`	`off_chain_account_credit`	5% distribution fee	TBD	Mainnet token TBD
TLT.d	Dinari	iShares 20+ Year Treasury Bond ETF	`treasuries`	`off_chain_account_credit`	5% distribution fee	TBD	Long-duration
TMF.d	Dinari	Direxion Daily 20+ Year Treasury Bull 3x ETF	`treasuries`	`off_chain_account_credit`	5% distribution fee	TBD	Leveraged long-duration
FBND.d	Dinari	Fidelity Total Bond ETF	`ig_bonds`	`off_chain_account_credit`	5% distribution fee	`0x2C5c46fCe70E366f8255ed2725b7F988b8433aec` (Plume)	Aggregate IG bond
USHY.d	Dinari	iShares Broad USD High Yield Corporate Bond ETF	`high_yield`	`off_chain_account_credit`	5% distribution fee	TBD	—
HYMB.d	Dinari	SPDR Nuveen ICE High Yield Municipal Bond ETF	`munis`	`off_chain_account_credit`	5% distribution fee	TBD	—
JAAA.d	Dinari	Janus Henderson AAA CLO ETF	`clo`	`off_chain_account_credit`	5% distribution fee	TBD	—
JBBB.d	Dinari	Janus Henderson B-BBB CLO ETF	`clo`	`off_chain_account_credit`	5% distribution fee	TBD	—
CLOA.d	Dinari	BlackRock iShares AAA CLO Active ETF	`clo`	`off_chain_account_credit`	5% distribution fee	`0x5FA77434c3d3664a66b121C26e06D54Db61611CA` (Plume)	—
SRLN.d	Dinari	SPDR Blackstone Senior Loan ETF	`senior_loans`	`off_chain_account_credit`	5% distribution fee	TBD	—
BXSL.d	Dinari	Blackstone Secured Lending Fund (BDC)	`bdc`	`off_chain_account_credit`	5% distribution fee	TBD	See “BDCs are a judgment call” below
MSDL.d	Dinari	Morgan Stanley Direct Lending Fund (BDC)	`bdc`	`off_chain_account_credit`	5% distribution fee	TBD	See “BDCs are a judgment call” below
USD+	Dinari	100% short-term US Treasuries + USD	`treasuries` (cash leg)	`off_chain_account_credit`	0% mgmt (interest credited off-chain)	`0xC9E3df3D230980B45adC623C81C3DF4A73a5350f` (Ethereum, Base, Arbitrum, Plume)	Plain ERC-20, not rebasing. Self-custodied USD+ does not accrue

ℹ️ Dividend-paying equity dShares are not in this list Dinari issues dividend-paying equity dShares (US single-name stocks that distribute quarterly dividends). Those instruments — including the cash dividend leg — are surfaced end-to-end by StockKit on the Trade API, alongside non-dividend equity dShares. They are not duplicated here even though they technically pay a yield, because the consumer-facing primitive is equity ownership, not a fixed-income coupon.

🚧 BDCs are a judgment call BXSL.d and MSDL.d are publicly-traded BDCs. They distribute loan interest as “dividends” for tax purposes, but the underlying yield source is loan interest, not corporate equity profit. RWA Kit surfaces them as fixed-income (underlyingYieldSource: "bdc"). If a vault’s risk mandate requires “fund-structured fixed-income only,” exclude them via the underlyingYieldSource filter.

Yields without KYC

Yields where the end user does not need to complete KYC to hold the token and receive its yield. These fall into two camps: fully permissionless (none) and “primary-gated, but secondary is open” (primary_only).

`kycRequired: "none"` — fully permissionless on-contract

Yield	Issuer	Underlying	Wrapper	Delivery mode	Fees	Indicative APY	Networks
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	~3.3%	Ethereum, Base, Etherlink
mBASIS	Midas	Delta-neutral basis trade	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	~4.8%	Ethereum, Base, Etherlink
mEDGE	Midas	Edge Capital diversified yield	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	~5.5%	Ethereum, Base, Etherlink
mRE7YIELD	Midas	RE7 Capital structured yield	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	~9.9%	Ethereum, Base, Etherlink
mMEV	Midas	MEV Capital market-neutral arbitrage	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	~12%	Ethereum, Base, Etherlink
mBTC	Midas	BTC-denominated yield	Liquid yield token	`on_chain_share_growth`	Per-product perf fee	~3.3%	Ethereum, Base, Etherlink

🚧 US persons (Midas) Midas tokens are open ERC-20s, but Midas does not market or sell to US persons. Use Yield.xyz Geoblocking to align integration eligibility with Midas’s distribution policy.

`kycRequired: "primary_only"` — KYC at primary, permissionless on secondary

End users acquire these on secondary markets (DEX swap or peer-to-peer transfer) without ever touching the issuer’s KYC portal. Yield accrues to whoever holds the token.

Yield	Issuer	Underlying	Wrapper	Delivery mode	Fees	Secondary access	Notes
USDY	Ondo	Yield-bearing secured note	ERC-20 (price-accruing)	`on_chain_price_accrual`	0% mint/redeem on primary	Permissionless via DEX (Ethereum, Arbitrum, Solana)	Primary mint requires KYC + allowlist; 40–50 day lockup; $500 min
rUSDY	Ondo	Yield-bearing secured note (rebasing variant)	ERC-20 (rebasing, $1 peg)	`on_chain_rebase`	0% mint/redeem on primary	Permissionless via DEX	Same underlying as USDY; daily rebase
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	Permissionless on DEXs	UCITS wrapper over US T-Bills, not direct T-Bill
bC3M	Backed Finance	€STR / short EUR govt bonds	Tracker certificate	`on_chain_price_accrual`	0.20% primary issuance/redemption	Permissionless on DEXs	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	Permissionless peer-to-peer transfer on Provenance, Solana (Nov 2025), Stellar (May 2026), Sui	Yield = SOFR − 35 bps with 0.00% floor; accrued daily, paid monthly. KYC required for fiat redemption

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 kycRequired enum, the same KYC handoff to api.kyc.yield.xyz, and the same actors/regulatory metadata blocks.

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=always|primary_only|primary_and_yield|none
  &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": "erc20-tokenised-share",
  "network": "plume",
  "yieldDelivery": {
    "mode": "off_chain_account_credit",
    "requiresIssuerAccount": true,
    "settlementAsset": "USD",
    "discoveryEndpoint": "/v1/yields/{yieldId}/distributions",
    "interestEndpoint":  "/v1/positions/{userId}/{yieldId}/accruals",
    "cadence": "monthly"
  },
  "underlyingYieldSource": "treasuries",
  "taxTreatment": "interest",
  "kycRequired": "primary_and_yield",
  "fees": {
    "distributionFee": 0.05,
    "issuanceFee": { "flat": "...", "variable": "..." }
  }
}

Field	Type	Purpose
`yieldDelivery.mode`	enum	See Yield delivery modes
`yieldDelivery.requiresIssuerAccount`	bool	If `true`, self-custodied tokens do not receive yield
`yieldDelivery.settlementAsset`	string	`USD`, `USD+`, `USDC`, `USDon`, or the underlying token
`yieldDelivery.cadence`	enum	`daily` / `monthly` / `quarterly` / `event_driven`
`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`	enum	See KYC model

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 is not yet allowlisted you’ll receive a 412:

{
  "error": "PRECONDITION_FAILED",
  "message": "Address 0xUserWallet is not allowlisted for ondo",
  "details": {
    "address": "0xUserWallet",
    "issuer": "ondo",
    "kycUrl": "https://api.kyc.yield.xyz/v1/onboard?issuer=ondo&address=0xUserWallet"
  }
}

Hand the user off to kycUrl, then retry — the KYC API completes the allowlist enrolment with Ondo and returns when the wallet is live.

Integration walkthrough — Dinari USFR.d (off-chain account credit)

Off-chain account credit needs an extra step before actions/enter: the user must have a linked Dinari Account so coupons can flow to them.

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

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

If no Dinari Account is linked to the wallet, you’ll get a 412 with an accountLinkUrl:

{
  "error": "PRECONDITION_FAILED",
  "message": "Wallet 0xUserWallet has no linked Dinari Account; yield cannot be delivered",
  "details": {
    "address": "0xUserWallet",
    "issuer": "dinari",
    "yieldDelivery": "off_chain_account_credit",
    "accountLinkUrl": "https://api.kyc.yield.xyz/v1/onboard?issuer=dinari&address=0xUserWallet&purpose=account-link"
  }
}

Post-link, the user holds USFR.d in self-custody but receives monthly USD coupons into their Dinari Account. Read coupons via GET /v1/positions/{userId}/{yieldId}/accruals.

New Yield API endpoints

To support off_chain_account_credit yields, the Yield API exposes three RWA-specific endpoints that proxy and normalize issuer-side distribution data. They sit alongside the existing yield endpoints.

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

Historical declaration schedule for a yield (ex-date, pay-date, cash amount per share). Lets partners chart APY without holding the position. 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/positions/{userId}/{yieldId}/accruals`

Per-user paid distribution events. Required for accurate portfolio P&L when yieldDelivery.mode = "off_chain_account_credit". Proxies /api/v2/accounts/{account_id}/dividend_payments and /interest_payments. Example response:

{
  "userId": "u_abc123",
  "yieldId": "plume-dinari-usfr",
  "accruals": [
    {
      "stockId": "0196ea6d-b6e7-75b6-b40d-031ae7a715c2",
      "paymentDate": "2026-04-03",
      "grossAmount": "16.12",
      "partnerFee": "0.806",
      "netAmount": "15.314",
      "currency": "USD"
    }
  ]
}

Issuer directory

Dinari

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 KYC-gated under an SEC Reg D exemption; 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. One Dinari Account link via the KYC API covers both surfaces.

🚧 Dinari yield does not accrue on-chain Dinari’s tokens are settlement instruments, not yield-bearing instruments. Yield is delivered off-chain as USD (or fresh USD+) credited to the holder’s Dinari Account. A user holding a Dinari token in a self-custodied wallet without a linked Dinari Account will never receive yield. This is encoded as yieldDelivery.mode = "off_chain_account_credit" and kycRequired = "primary_and_yield".

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`
Primary mint / redeem	KYC + KYB required at Dinari’s portal
Secondary trading	Permissionless ERC-20 on DEXs
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
USD+ mgmt fee	0% (interest credited off-chain)
Partner-fee passthrough	✅ Configurable per project
Vault-compatible	✅ Hybrid leg — see Vault compatibility

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 via `GET /api/v2/accounts/{account_id}/interest_payments` (most likely as a fresh USD+ mint to the user’s Dinari Account balance)
Self-custody yield	❌ Not delivered

Integration paths.

Path	Description	Trust model
A — Custodial / API-mediated (`yieldType: "off_chain_distribution"`) — recommended for v1	Yield.xyz holds the dShare or USD+ inside a Yield.xyz-operated Dinari Account; backend polls `/dividend_payments` and `/interest_payments`; 5% distribution fee skimmed before crediting users	Dinari Account is the source of truth for entitlements
B — On-chain wrapper vault (`yieldType: "wrapped_off_chain_distribution"`) — deferred	Custom ERC-4626-shaped vault holds dShares; back-end Dinari Account bound to the vault address; distributions either re-mint more dShares (auto-compound) or accrue claimable USD+	Off-chain Account is still the source of truth; ERC-4626 abstraction wrapped on top

📘 Reg D context Dinari’s primary issuance relies on a Reg D exemption. The on-chain transfer restriction is enforced only at the mint/redeem boundary — dShare tokens themselves are unrestricted ERC-20s once minted. Yield entitlement, however, is enforced at the Account boundary — a non-Account holder of a transferred dShare gets the token but not the cash coupons.

Ondo Finance

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	`always`

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	`primary_only`

Securitize

Distribution and compliance platform for institutional asset managers — not an issuer of its own funds. KYC handled via Securitize iD (proxied through 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

ℹ️ BUIDL pricing nuance BUIDL’s fee differs by deployment chain. When constructing OAVs that span multiple BUIDL deployments, surface the effective fee per leg in your reporting layer.

Superstate

Two live tokenized funds, both restricted to US Qualified Purchasers.

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	`always`; US Qualified Purchasers only
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.

Backed Finance

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	Reg S / qualified-investor KYC via Backed
Primary fee	0.20% issuance / redemption
Secondary trading	Permissionless on DEXs (Raydium, Uniswap, etc.)
KYC	`primary_only`
Vault-compatible	✅

👍 Why Backed sits in both buckets Backed’s primary issuance is permissioned, but every issued token is a freely transferable ERC-20 / SPL token on secondary. Treat Backed as permissionless from the integration standpoint — most end-user flows route through DEX swap, not primary mint.

Franklin Templeton

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%
Minimum	$5M on Ethereum;$ 100 on Solana / Aptos / Base (retail-tier chains)
Redemption	Daily, T+1; USD wire or USDC payout
KYC	`always` on all chains via Benji platform
Vault-compatible	✅

ℹ️ 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 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	`primary_only` (required at primary mint / fiat redemption)
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.

Midas

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	`none` — no on-chain allowlist, but not available to US persons
Vault-compatible	✅

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

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

Position lifecycle & balance states

State	Meaning
`Active`	Tokens held and accruing yield (on-chain rebase, share growth, NAV uplift, or off-chain dividend feed)
`Pending`	On-chain enter/exit tx submitted but not yet confirmed, or an off-chain subscription is in flight
`Unstaking`	Exit submitted; off-chain settlement in progress (e.g. Superstate T+1 NAV strike, Franklin BENJI daily strike)
`Claimable`	Settlement complete; user can claim USDC/USD via `actions/claim`
`Paused`	Issuer has paused the instrument (regulatory hold, end-of-life, fund liquidation)

The off-chain distribution feed (Position.distributions[]) is independent of state — distributions can accrue against an Active position and are surfaced regardless of issuer.

Error handling reference

HTTP code	Meaning	Recovery
`400`	Bad input (e.g. amount below minimum subscription)	Fix the input
`404`	Instrument or position not found	Re-run discovery
`412`	KYC / allowlist precondition not met; or missing linked issuer account (off-chain delivery)	Redirect to `details.kycUrl` or `details.accountLinkUrl`
`423`	Instrument locked (e.g. USDY 40–50 day primary lockup)	Surface `details.lockExpiresAt` in UI
`503`	Issuer upstream down	Retry with backoff

All error bodies follow the shared StakeKitError shape with error, message, and details.

KYC API

KYC moved to api.kyc.yield.xyz for three reasons:

PII isolation. Identity documents, addresses, and accreditation evidence are stored separately from instrument data.
Regional segregation. EU records stored in EU; US in US; APAC in APAC.
Issuer handoff abstraction. Each issuer (Ondo, Securitize, Superstate, Franklin, Figure, Backed, Dinari) has its own KYC portal; the KYC API normalises the handoff.

The KYC API is shared across Yield API (RWA Kit) and Trade API (StockKit) — wallets that complete KYC once for a given issuer are recognised by both surfaces. A user who’s already KYC’d via Dinari for USFR.d does not need to re-KYC to buy AAPL.d on StockKit, and vice versa.

Endpoint	Purpose
`POST /v1/onboard`	Initiate KYC for a `(wallet, issuer)` pair; returns hosted-flow URL. Use `purpose=account-link` for Dinari-style account linkage
`GET /v1/status?address=…&issuer=…`	Check current KYC + allowlist + account-link status
`POST /v1/webhooks`	Subscribe to allowlist / account-link state changes
`DELETE /v1/records/{recordId}`	Right-to-erasure (GDPR / CCPA)

Vault compatibility

Every issuer above is supported as a leg inside:

Optimized Allocator Vaults (OAVs) — multi-issuer routing across RWA + DeFi
Sentinel Vaults — risk-monitored allocator vaults with policy guardrails
Meta Vaults — composite vaults aggregating multiple OAVs / Sentinel Vaults

Where a vault is multi-issuer (e.g. a US T-Bill OAV blending BUIDL, USTB, OUSG, mTBILL, BENJI, USFR.d), RWA Kit handles the issuer-specific KYC handoffs through the KYC API and allowlist checks per leg.

Hybrid legs (off-chain account credit)

Dinari legs are hybrid: the vault contract holds the dShare or USD+ token on-chain, but the cash-yield leg is reconciled off-chain via Yield.xyz’s Dinari Account integration. Vault NAV is computed as:

NAV = (tokenBalance × oraclePrice) + accruedOffChainYield

where accruedOffChainYield is sourced from GET /v1/positions/{vaultAddress}/{yieldId}/accruals. Surface this composition in the vault’s nav.components so partners can audit the on-chain vs. off-chain split.

👍 Building an OAV across permissioned, permissionless, and hybrid legs If a vault includes KYC-gated (e.g. BUIDL), permissionless (e.g. mTBILL), and hybrid-off-chain (e.g. USFR.d) legs, three checks apply per leg:

Allowlist check — for kycRequired: "always" legs, on-chain allowlist gating.

Account-link check — for kycRequired: "primary_and_yield" legs, verify the user has a linked Dinari Account so yield can flow.

Geographic check — for kycRequired: "none" legs with distribution restrictions (Midas → no US persons).

​API surfaces

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

​Yield delivery modes

​KYC model

​Yields requiring KYC

​kycRequired: "always" — allowlist-gated on contract

​kycRequired: "primary_and_yield" — yield only flows to KYC’d Account holders

​Yields without KYC

​kycRequired: "none" — fully permissionless on-contract

​kycRequired: "primary_only" — KYC at primary, permissionless on secondary

​The integration model

​Identifying RWA instruments

​Yield metadata schema

​Integration walkthrough — Ondo OUSG (KYC-gated)

​Integration walkthrough — Dinari USFR.d (off-chain account credit)

​New Yield API endpoints

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

​GET /v1/positions/{userId}/{yieldId}/accruals

​Issuer directory

​Dinari

​Ondo Finance

​Securitize

​Superstate

​Backed Finance

​Franklin Templeton

​Figure Markets

​Midas

​Position lifecycle & balance states

​Error handling reference

​KYC API

​Vault compatibility

​Hybrid legs (off-chain account credit)