> ## Documentation Index > Fetch the complete documentation index at: https://yieldxyz.mintlify.site/llms.txt > Use this file to discover all available pages before exploring further. # RWAKit > Production-ready guide for integrating tokenized real-world asset yields (permissioned and permissionless) β€” through the Yield.xyz API. RWA Kit is the Yield API surface for **regulated, off-chain assets settled on-chain that pay a yield** β€” 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 β€” protocol-specific quirks absorbed inside the integration. Tokenized stocks and equity ETFs are out of scope here; see [StockKit](https://yieldxyz.mintlify.app/documentation/kits/stock-kit) 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 β€” 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 β€” where the issuer accepts reliance on existing KYC β€” 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** β€” 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](https://yieldxyz.mintlify.app/documentation/kits/stock-kit) 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 Tokenized US T-Bills, money-market funds, and Treasury ETF wrappers β€” 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 β€” 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 β€” 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 β€” AAA | Dinari / Janus Henderson | Janus Henderson AAA CLO ETF | `true` | July 2026 *(sandbox; pending mainnet)* | | `JBBB.d` | CLO β€” 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 β€” 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](https://yieldxyz.mintlify.app/documentation/kits/stock-kit). 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 β€” non-dividend and dividend-paying β€” covered in [StockKit](/docs/stockkit).)* | `off_chain_account_credit` (absorbed by the vault) | **5% standard distribution fee** on yield-paying dShares; USD+: 0% mgmt | βœ… Configurable | `true` β€” user KYCs once via Yield.xyz to deposit; issuer primary handled at the vault layer | βœ… | | **Ondo Finance** | OUSG (T-Bills); USDY / rUSDY (yield-bearing notes). *(Ondo Global Markets β€” 260+ tokenized US stocks & ETFs β€” covered in [StockKit](/docs/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 | βœ… Configurable | `true` for OUSG; `false` for USDY / rUSDY (vault handles primary onboarding) | βœ… | | **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` β€” single Yield.xyz hosted flow; issuer onboarding handled at the vault layer | βœ… | | **Superstate** | USTB (T-Bills); USCC (crypto carry). *(USPY tokenized US equity β€” when launched β€” will be served from [StockKit](https://yieldxyz.mintlify.app/documentation/kits/stock-kit).)* | `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` β€” **US Qualified Purchasers only** | βœ… | | **Backed Finance** | bIB01, bC3M (UCITS bToken trackers β€” short-duration USD/EUR fixed income). *(bCSPX, xStocks, and other equity trackers covered in [StockKit](/docs/stockkit).)* | `on_chain_price_accrual` (bTokens) | 0.20% issuance/redemption on primary; underlying ETF expense ratio passes through | βœ… Configurable on secondaryΒΉ | `false` β€” vault handles primary onboarding; user-facing vault share is unrestricted | βœ… | | **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` β€” single Yield.xyz hosted flow; issuer onboarding handled at the vault layer | βœ… | | **Figure Markets** | YLDS (SEC-registered yield-bearing note); PRIME / CASH upcoming | `on_chain_price_accrual` (peer-to-peer) | YLDS: yield = **SOFR βˆ’ 35 bps**; 0% mgmt or redemption fee; per-tx gas in fractions of a cent | ❌ Issuer-set; partner builder fees TBC for PRIME / CASHΒΉ | `false` β€” vault handles primary onboarding; user-facing vault share is unrestricted | βœ… | | **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 | βœ… Configurable | `false` β€” fully permissionless; **not available to US persons** (partner-side [Geoblocking](https://yieldxyz.mintlify.app/documentation/advanced-setup/dashboard-configuration/geo-blocking/index#geoblocking)) | βœ… | *** ## 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 β€” 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 β€” 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 β€” 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 β€” 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 β€” 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** β€” 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** β€” 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 β€” onboarding goes through either the Yield.xyz hosted flow or a reliance-based whitelist where the issuer accepts existing KYC (see [KYC model](#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 β†’ 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 | β€” | | **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 β€” `USFR.d`, `CLOA.d`, `FBND.d`, `USD+`) and the per-issuer operational details live in the [Issuer directory](#issuer-directory) below. The table above stays slim β€” 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](https://yieldxyz.mintlify.app/documentation/advanced-setup/dashboard-configuration/geo-blocking/index#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 βˆ’ 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](https://yieldxyz.mintlify.app/documentation/kits/stock-kit) 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 β€” and it matches the existing Yield API lifecycle exactly: 1. **Discover** β€” `GET /yields` (RWA Kit yields appear inline with DeFi yields, filterable by `assetClass`, `issuer`, `kycRequired`, `yieldDeliveryMode`, `network`). 2. **Enter** β€” `POST /actions/enter` returns unsigned transactions and/or an off-chain subscription handle. 3. **Exit** β€” `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` β€” the user completes verification there and the call is retried. ## Identifying RWA instruments ```http theme={null} 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](#yield-metadata-schema) below. For tokenized equities β€” stocks, equity ETFs, equity dShares β€” and equity / commodity / forex / index perps, use `GET https://api.trade.yield.xyz/v1/markets` ([StockKit](https://yieldxyz.mintlify.app/documentation/kits/stock-kit)) 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. ```json theme={null} { "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](#yield-delivery-modes). | | `yieldDelivery.settlementAsset` | string | `USD`, `USD+`, `USDC`, `USDon`, or the underlying token β€” what the vault receives when a coupon is paid | | `yieldDelivery.cadence` | enum | `daily` / `monthly` / `quarterly` / `event_driven` β€” 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](#kyc-model). | | `vault.address` | address | The async vault contract that wraps this yield β€” what partners actually transact against | | `vault.share` | string | Vault share token symbol surfaced to users | *** ## Integration walkthrough β€” Ondo OUSG (KYC-gated) ```http theme={null} 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`: ```json theme={null} { "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 β€” 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 β€” 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](#kyc-model) for the two paths. ## Integration walkthrough β€” Dinari USFR.d (off-chain coupon, vault-absorbed) From the partner's perspective Dinari is **identical to OUSG** β€” 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. ```http theme={null} 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 β€” see [KYC model](#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 β€” 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): ```json theme={null} { "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"` β€” 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: ```json theme={null} { "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 Two live tokenized funds, both restricted to **US Qualified Purchasers**. Superstate is the only RWA Kit issuer already enabled on Yield.xyz today β€” 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 | βœ… | **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` β€” 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](https://yieldxyz.mintlify.app/documentation/kits/stock-kit) rather than RWA Kit. Dinari issues **dShares** β€” ERC-20 wrappers tracking US-listed equities, ETFs, and fixed-income funds 1:1 β€” 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 β€” single-name stocks (with or without dividends), equity ETFs (`SPY.d`, `IAU.d`, `SIVR.d`, `SLX.d`, `ETHE.d`) β€” are served from [StockKit](https://yieldxyz.mintlify.app/documentation/kits/stock-kit)**, including the dividend stream for dividend-paying stocks. The user's single Yield.xyz hosted KYC flow covers both surfaces β€” 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 β€” 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 Γ— x_paid`; `fee_sell = fee_flat + fee_variable Γ— (x_proceeds βˆ’ fee_flat)` | | Distribution fee | 5% standard fee on yield-paying dShares (skimmed at the vault β†’ underlying issuer boundary) | | USD+ mgmt fee | 0% (interest credited off-chain into the vault) | | Partner vault-fee passthrough | βœ… Deposit / management / performance fees configurable per project | **USD+ β€” yield-bearing stablecoin.** | Detail | Value | | ------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------- | | Standard | Plain ERC-20, 6 decimals, ERC1967 proxy. **Not rebasing** | | Contract (multi-chain, same address) | [`0xC9E3df3D230980B45adC623C81C3DF4A73a5350f`](https://etherscan.io/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 | βœ… Delivered via vault-share PPS appreciation. Users hold the vault share, not raw USD+ | **Integration model β€” 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 β€” not individual users. | Ondo runs the broadest product line of any issuer on Yield.xyz. RWA Kit covers the yield-bearing products below; **Ondo Global Markets** β€” Ondo's tokenized equities surface (260+ NYSE / NASDAQ stocks and ETFs settled in `USDon`) β€” is served from [StockKit](https://yieldxyz.mintlify.app/documentation/kits/stock-kit). **OUSG β€” 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 β€” 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) | Acquired by Kraken in December 2025. RWA Kit covers the yield-bearing **bToken** trackers (`bIB01`, `bC3M`). The equity trackers β€” `bCSPX` and the **xStocks** family (`TSLAx`, `NVDAx`, `AAPLx`, …) β€” live in [StockKit](https://yieldxyz.mintlify.app/documentation/kits/stock-kit). | 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 | βœ… | Distribution and compliance platform for institutional asset managers β€” 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 | Permissionless **liquid yield tokens** β€” 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` β€” no on-chain allowlist, but **not available to US persons** (partner-side [Geoblocking](https://yieldxyz.mintlify.app/documentation/advanced-setup/dashboard-configuration/geo-blocking/index#geoblocking)) | | Vault-compatible | βœ… | **Contracts (Ethereum mainnet, verified as of 2026-05-16).** | Contract | Address | | -------------- | ----------------------------------------------------------------------------------------------------------------------- | | Issuance Vault | [`0x99361435420711723aF805F08187c9E6bF796683`](https://etherscan.io/address/0x99361435420711723aF805F08187c9E6bF796683) | | mTBILL token | [`0xDD629E5241CbC5919847783e6C96B2De4754e438`](https://etherscan.io/address/0xDD629E5241CbC5919847783e6C96B2De4754e438) | **BENJI** is the on-chain share class of **FOBXX** β€” 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 | βœ… | **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. **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 βˆ’ 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 | βœ… 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 | βœ… | **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** β€” users either complete one Yield.xyz hosted flow, or β€” where the underlying issuer accepts reliance on existing KYC β€” 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](https://yieldxyz.mintlify.app/documentation/kits/stock-kit))** β€” 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 β€” 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** β€” 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 β€” on-chain or off-chain β€” 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 β€” 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: 1. **Wallet is cleared via one of two paths**: * **Hosted flow** β€” 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** β€” 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. 2. **Yield.xyz reconciles internally** against each underlying issuer's access-control posture. These issuer-side relationships are held at the vault layer β€” the user never enrols with an issuer directly and never has a per-issuer account. 3. **Daily allowlist sync** β€” Yield.xyz pushes a batched allowlist update to each KYC-gated vault contract once per day, adding all newly-cleared wallets (from either path). 4. **User deposits on next sync** β€” 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 β€” the vault handles issuer-side onboarding (where applicable) and users deposit immediately, subject to partner-side [Geoblocking](https://yieldxyz.mintlify.app/documentation/advanced-setup/dashboard-configuration/geo-blocking/index#geoblocking). ### Withdrawal queue (async exits) RWA exits are rarely atomic β€” 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**: 1. **User submits exit** β€” `POST /v1/actions/exit` with `integrationId` (the vault) and `address`. The vault contract escrows the user's shares and queues the off-chain redemption. 2. **Vault triggers off-chain redemption** β€” submits an `offchainRedeem` ticket to the issuer (or an on-chain redemption tx where supported). 3. **Settlement lands** β€” issuer settles in USDC, USD, or fresh underlying back to the vault. 4. **User claims** β€” `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 |