Dollar yield, compared
Every way to earn on dollars.Sorted by where you live.
A bank, a T-bill, an exchange, a lending pool and a tokenized fund all pay a few percent on a dollar. They differ in what protects you, how fast you can get out, and whether you are allowed in at all. Pick where you live to see what is open to you.
Idle USDC in a wallet
0%The issuer keeps the interestUS savings, national average
0.37%read 2026-09-213-month T-bill, the number to beat
4.14%read 2026-09-18Fed funds target
3.75% to 4.00%read 2026-09-16A source paying less than the T-bill is charging you for convenience or for access. One paying much more is paying you for a risk you should be able to name.
In the US
If you live in the US.
Start with the T-bill.
Of what is open to you, the Treasury bill is the safest and, at these readings, the best paid. Most on-chain dollar yield is not offered to US residents.
| Option | Pays | What protects you | Getting out |
|---|---|---|---|
| Banks and brokers | |||
| Bank savingsThe national average across US banks | 0.37%read 2026-09-21 | FDIC insurance, up to $250,000 per depositor, per bank. | Same day. |
| 3-month Treasury billThrough a broker or TreasuryDirect | 4.14%read 2026-09-18 | The US government. | Sell in a day or two, or hold it to maturity and get paid in full. |
| Government money market fundVanguard Federal, VMFXX | 3.71%read 2026-09-21 | Government debt held by the fund, with its own manager and custodian. Not insured. | A day or two. |
| Crypto apps | |||
| Coinbase USDC rewardsPaid Coinbase One members only. | 3.60%read 2026-09-22 | Only Coinbase. Your coins sit in its custody, and in a bankruptcy you are a creditor. | Whenever the company lets you. Celsius froze withdrawals on 12 June 2022. |
Not offered to you
Every on-chain source Ventura covers excludes US persons by its own terms: Jupiter Lend, both Kamino markets, Ondo USDY and Maple syrupUSDC. So does Ventura USD, which lends into them, and Ethena's sUSDe for minting and redeeming. Their code does not check where you live; their terms do. Using them anyway breaks those terms, and USDY and syrupUSDC can freeze a holder. If you are accredited, there is a short list more.
Outside the US
If you live anywhere else.
Most of on-chain is open.
Each on-chain source still names countries it will not serve, shown under its name. In the EU and UK, the UCITS fund is how retail investors hold T-bills.
| Option | Pays | What protects you | Getting out |
|---|---|---|---|
| Banks and brokers | |||
| Your bank's dollar accountArgentina's average for a dollar term deposit. Dollar savings paid 0.23%. | 1.31%read 2026-09-18 | Your country's deposit insurance, if it covers a foreign-currency account. Check. | Same day for savings. A term deposit locks until it matures. |
| US Treasury bills, through a brokerInteractive Brokers opens accounts in most countries. With a W-8BEN on file, the US withholds nothing on bills of 183 days or less. | 4.14%read 2026-09-18 | The US government. | Sell in a day or two, or hold it to maturity and get paid in full. |
| A UCITS T-bill ETFSuch as iShares IB01, which charges 0.07% a year.The way in for EU and UK retail investors: US funds publish no key information document, so brokers block them. | The T-bill rate, less the fee | US Treasuries maturing within a year, held by an Irish fund. Not insured. | Sells on an exchange in a day or two. |
| Crypto apps | |||
| Coinbase USDC rewardsPaid Coinbase One members only, and not in every country. | 3.60%read 2026-09-22 | Only Coinbase. Your coins sit in its custody, and in a bankruptcy you are a creditor. | Whenever the company lets you. Celsius froze withdrawals on 12 June 2022. |
| On-chain lending, from a wallet | |||
| Jupiter Lend USDCClosed in China, Taiwan, Singapore and 15 more. | 5.46% live | Borrowers' collateral, sold if its price falls far enough. Nothing insures it. | Usually instant, unless most of the pool is lent out at that moment. |
| Kamino USDC, main marketClosed in the United Kingdom. | 3.07% live | Borrowers' collateral, sold if its price falls far enough. Nothing insures it. | Usually instant, unless most of the pool is lent out at that moment. |
| Kamino USDC, OnRe marketClosed in the United Kingdom. | 7.04% live | Borrowers post ONyc, a reinsurance-backed token. If it falls faster than it can be sold, lenders lose. | Usually instant, unless most of the pool is lent out at that moment. |
| Managed lending, from a wallet | |||
| Ventura USDOurs. One deposit across the three markets above, moved by a keeper that publishes the reason for every move.Unaudited mainnet alpha with a $100 total deposit cap. Not offered where its markets are not. | 4.62% live, after the 10% fee | Borrowers' collateral in those three markets, with at most 35% in any one. Nothing insures it, and Ventura's own program is unaudited. | From the vault's cash first, then out of a market. If the markets are short of cash, the rest queues until it can be paid. |
| Tokenized T-bills and private credit | |||
| Ondo USDYClosed in Afghanistan, Belarus, Canada and 10 more. Professionals only in the United Kingdom, Switzerland, Singapore and 33 more. | 3.75% live | Treasuries held by Ondo, not by you. You rely on Ondo, its custodian and the token's contracts. | Redeem with Ondo after KYC, or sell the token on-chain at whatever the market pays. Ondo can freeze any holder's USDY, through a Squads vault. |
| Maple syrupUSDCClosed in Afghanistan, Angola, Australia and 25 more. | 5.08% live | Loans to firms that Maple picks. If they default, you take the loss. | Redemptions queue. Selling the token on-chain is faster and may cost you. Chainlink's CCIP timelock holds the freeze authority and can freeze any holder's syrupUSDC. |
| Basis trades | |||
| Ethena sUSDeMinting and redeeming need KYC. | 4.76%read 2026-09-16 | Hedges held on other venues, and whoever holds their keys. Ethena keeps a reserve fund for negative funding. | Sell it on-chain. |
| Syntropia USDCNo KYC. Ventura will not route here. | 11.95%30 days, read 2026-11-04 | A hedging account on Hyperliquid, and a share price the manager reports itself. | No market for the token. You queue a withdrawal and wait 48 hours. |
Rates marked live include rewards, are read every 15 minutes and link to the source's page. The others are snapshots: the link is the page each was read from, on that date. Country lists come from each source's own terms. Name your country in the wallet check and Ventura applies them for you.
Accredited only
What being rich buys you.
On T-bills, almost nothing.
Some tokenized funds are only for accredited investors (over $200,000 a year in income, or $1M excluding your home) or qualified purchasers ($5M in investments).
| Fund | Pays | Minimum | Who can buy |
|---|---|---|---|
| BlackRock BUIDLTokenized T-bills, on Solana too | 3.75%read 2026-09-22 | $100,000 | Qualified purchasers only, per its SEC filing, through Securitize. USDY, open to non-US retail, paid 3.60% the same day. |
| Ondo OUSGTokenized T-bills | Not read | $5,000 for instant mints, $100,000 otherwise | Only people who are both accredited and qualified purchasers, per Ondo. |
| Apollo ACREDPrivate credit, on Solana too | Not read | $50,000 | Accredited investors, through Securitize, per Ledger Insights. |
| Maple direct poolsPrivate credit | Not read | Not read | Institutions and accredited investors, after KYC. syrupUSDC is the open route into the same lending, from a wallet. |
Questions
What people
ask first.
Does USDC in my wallet earn anything?
No. USDC and USDT pay the holder nothing. The issuer keeps the interest on the reserves behind them. To earn, you have to lend them, swap them for a token that pays, or hand them to an app that does one of those for you.
Is any of the on-chain yield insured?
No. Deposit insurance covers bank deposits, and nothing on this page except bank savings has it. What protects an on-chain deposit is the collateral behind it and the code that sells it, and both are listed on each source page.
Should on-chain lending pay more than a T-bill?
Borrowers pay to borrow against what they hold, and the rate rises when more of the pool is lent out. It should: the gap over the T-bill rate is what you are paid for the risks the government bill does not have, such as collateral priced wrong, a contract bug, or a key that can change the program. When a pool pays less than the bill, you are taking those risks for the convenience of staying on-chain.
I am not in the US. What is open to me?
Most of this page. Every on-chain source Ventura covers excludes US persons, and each excludes some other countries as well. A broker that accepts non-US residents can buy T-bills too. What usually is not open: US bank rates, US-listed funds if you are a retail investor in the EU or UK, and anything that asks for accreditation.
Why won't Ventura put my money in the 11.95% one?
Because of how you would get out. Syntropia's USDC leaves Solana for a hedging account on Hyperliquid, its share price is reported by the manager, and there is no market for its token: the only exit is a 48-hour withdrawal queue. Its terms (section 12) also let it suspend the vault, force redemptions or change your allocation in an extreme market event. That can go right for a long time. Stream Finance's managed vault looked similar until it lost $93M in November 2025. Ventura only puts money where it can sell back to USDC for you, and here it cannot.
Do I pay US tax on T-bill interest if I am not a US resident?
Generally not withholding on the bill itself: interest on a bill of 183 days or less is exempt for a non-resident alien who files a W-8BEN. US fund dividends are different and are withheld at 30% unless a treaty or the fund says otherwise. Your own country may tax all of it. This is not tax advice.
What does accredited mean, and does it pay more?
In the US, earning over $200,000 a year ($300,000 with a spouse) or holding over $1M excluding your home. Qualified purchaser means $5M in investments. On T-bills it buys very little: BUIDL, for qualified purchasers only, paid 3.75% on the day USDY, open to non-US retail, paid 3.60%.
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