{"slug":"rwa-yield-accuracy","title":"Which tokenized T-bill or yield fund actually pays what it promises","subtitle":"How far the yield each tokenized U.S. Treasury actually distributes on-chain sits from the APY it advertises, in basis points over 30 days; the closest tracker ranks first, and the signed gap (paid less or more than promised) is the column beside it.","category":"RWA","metric":"Yield deviation","unit":"bp","status":"live","higherIsBetter":false,"filters":null,"value":14,"leader":{"name":"USTB","slug":"ustb","value":14},"leaders":[{"name":"USTB","slug":"ustb","value":14}],"rankings":[{"name":"USTB","slug":"ustb","ms":{"p50":14,"p90":18,"p99":14,"mean":366},"successRate":100,"sampleSize":1407},{"name":"USDY","slug":"usdy","ms":{"p50":15,"p90":18,"p99":15,"mean":372},"successRate":100,"sampleSize":1413},{"name":"SyrupUSDC","slug":"syrup-usdc","ms":{"p50":19,"p90":12,"p99":19,"mean":518},"successRate":100,"sampleSize":1407},{"name":"OUSG","slug":"ousg","ms":{"p50":23,"p90":30,"p99":23,"mean":368},"successRate":100,"sampleSize":1411}],"sparkline":[377,389,385,385,361,361,361,361,361,361,361,361,361,361,337,337,362,362,361,386,386,361,361,361,361,361,361,361,362,362,339,339,339,363,363,363,363,363,400,400,363,363,363,363,363,363,363,363,363,363,329,329,388,388,387,363,363,364,364,364,364,364,364,364,341,341,365,365,365,390,390,366,366],"sampleSize":5638,"asOf":"2026-10-23T03:51:11.003Z","freshness":{"asOf":"2026-10-23T03:51:11.003Z","ageHours":0.1,"stale":false},"measured":4,"ranked":4,"headline":"USTB posts the lowest yield deviation at 14.0 bps (30d avg) across 4 ranked tokens.","quote":"USTB posts the lowest yield deviation at 14.0 bps (30d avg) across 4 ranked tokens. Source: OpenChainBench (https://openchainbench.com/benchmarks/rwa-yield-accuracy).","cite":{"plain":"OpenChainBench. \"Which tokenized T-bill or yield fund actually pays what it promises\". Retrieved 2026-10-23. https://openchainbench.com/benchmarks/rwa-yield-accuracy","bibtex":"@misc{ocb_rwa_yield_accuracy,\n  author = {OpenChainBench},\n  title  = {Which tokenized T-bill or yield fund actually pays what it promises},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/rwa-yield-accuracy},\n  note   = {Retrieved 2026-10-23}\n}","apa":"OpenChainBench. (2026). Which tokenized T-bill or yield fund actually pays what it promises. Retrieved October 23, 2026, from https://openchainbench.com/benchmarks/rwa-yield-accuracy","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Which tokenized T-bill or yield fund actually pays what it promises\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/rwa-yield-accuracy\r\nY2  - 2026-10-23\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/rwa-yield-accuracy","ogImage":"https://openchainbench.com/api/og/rwa-yield-accuracy","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/rwa-yield-accuracy","methodology":["Cohort: USDY (Ondo), USTB (Superstate), OUSG (Ondo), SyrupUSDC (Maple). BUIDL (BlackRock) and BENJI (Franklin Templeton) measurement is currently paused: BUIDL's distributor mints conflate new subscriptions with yield distribution, making the dividend-event model inaccurate; BENJI's Ethereum wrapper exposes no on-chain NAV function and Franklin has not yet published a machine-readable NAV endpoint.","Delivered yield: NAV growth between the print in force now and the print in force 30 days ago, annualized compounded over the real time between the two prints (27 to 33 days; the span is published as rwa_yield_window_days_30d). Sources: Ondo's price oracle for USDY and OUSG (USDY's Ethereum totalSupply shrinks as holders bridge out, so a rebase read would show a negative yield), Superstate's Chainlink NAV feed for USTB, convertToAssets() on the ERC-4626 vault for SyrupUSDC.","Promised yield: one convention for every row, the 30-day mean APY on the DefiLlama yields feed (apyMean30d), the same window as the delivered figure; a spot figure against a 30-day realized yield opens a gap that is the window's, not the fund's (the choice moved USTB by 26 bps on 2026-09-23). Read by hand and dated per entry in the harness config; the issuer's displayed APY sits in the notes. Values 2026-09-23: USDY 3.57%, OUSG 3.45%, USTB 3.52%, SyrupUSDC 4.99%.","Windows: headline is the absolute 30-day deviation (closest tracker first); the signed 30-day figure and the 7-day absolute deviation are the next columns, both anchored on NAV prints so the figure no longer swings with the hour of sampling (USTB read 328 to 389 bps over twenty flat days before 2026-09-23). The lifetime series the harness also exposes is computed only for the dormant BUIDL adapter and is not shown.","Sign and convention: delivered minus promised, in basis points, in the Signed 30d column; negative means the token paid less than advertised over the window. Both sides are compounded annual rates (an APY of A grows a balance by (1+A)^(days/365)); truncating a simple annualization used to cost every row 6 to 12 bps. The ranking uses the absolute value.","Fees: promised APY is stated net of management fees. Delivered yield is measured on the same net basis. Any residual structural deviation typically reflects distribution timing (dividend-style tokens accrue daily but pay monthly), weekend accrual conventions (T-bills yield on business days only), or measurement methodology, not accounting.","Cadence: on-chain reads every 60 seconds. The 30d and 7d yields are recomputed hourly (the print search is a few dozen archive calls per token). The reference-APY config is reloaded every 60 seconds; its values are read by hand, dated per entry, refreshed best effort (2026-07-22, then 2026-09-23).","Window edges: the feeds print once per business day, and USTB books the weekend in Monday's print, so the 30d figure moves when an edge crosses a weekend print (2026-09-23, 16:11 to 16:36 UTC: the start crossed the Aug 24 print and USTB's delivered yield went from 360 to 385 bps, the span from 33.0 to 30.0 days). Read the 30d column as a band of about plus or minus 15 bps around the fund's rate, not a point. Both anchors are real prints, so each figure is exact for the days it spans.","Multi-chain tokens: USDY exists on Ethereum plus Solana, Aptos, Sui. V1 measures the Ethereum instance; V2 will surface per-chain deviations weighted by supply.","Reproducibility: harness source at github.com/ChainBench/OpenChainBench/tree/main/harnesses/rwa-yield-accuracy. Every delivered-yield number derives from a public RPC read (contract address, event signature, block range documented). Every promised-yield number cites its source URL and date."],"license":"CC-BY-4.0"}