Yuzu Prime
Institutional-grade fixed income, tokenized on-chain. Powered by a diversified portfolio of US Treasuries, AAA-rated CLOs, and
overcollateralized lending.
Total RWA TVL
RWA TVL
Underlying Assets Types
Trusted by leading institutions
Diversified across investment
grade fixed-income instruments
BUIDL
BlackRock
Tokenized US T-Bill fund
VBILL
VanEck
US Treasury Digital Fund
STAC
Superstate
Tokenized CLOs & repos
WTGXX
WisdomTree
Government MMF
JAAA
Janus Henderson
AAA CLO ETF
JTRSY
Janus Henderson
US Treasury ETF
Near-instant liquidity, institutional-grade safety
$9B+
Tokenized T-Bill market
$2.9B
BlackRock BUIDL fund
40%+
Market share (BUIDL)
Issued by the world's largest asset managers
BlackRock's BUIDL fund surpassed $2.9 billion in assets, commanding over 40% of the tokenized Treasury market.[1] Franklin Templeton's BENJI crossed $800 million. The tokenized T-Bill market grew from $2 billion in mid-2024 to over $9 billion by late 2025.[2] BlackRock is now exploring tokenized ETFs beyond Treasuries.[9]
Instant settlement, 24/7 liquidity
Traditional T-Bills settle on T+1 or T+2 cycles within business hours. Tokenized versions settle near-instantly on-chain, any time, any day. Institutions can redeem into USDC in minutes, freeing capital that would otherwise sit locked in settlement windows.[2]
Backed by the US government
Underlying assets are short-dated US Treasury bills – one of the safest and most liquid instruments in global finance, backed by the full faith and credit of United States. Custody is held at Bank of New York Mellon under institutional-grade infrastructure.[1]
DeFi composability, Yield-bearing collateral
Tokenized T-Bills are increasingly accepted as margin collateral on decentralized and centralized platforms. BUIDL is already accepted as collateral on Deribit and Aave.[3] Tokenized T-Bills have become the base layer for on-chain lending, reducing reliance on volatile crypto-native collateral while earning the risk-free rate.
CLOs are battle-tested
CLOs survived even the 2008 subprime mortgage crisis. AAA-rated CLO tranches have never experienced a default — through the dot-com crash, the Global Financial Crisis, the COVID-19 pandemic, and every downturn in between. 60% of loans in a CLO portfolio would need to default before AAA tranches even begin to lose money.
First CLO issued
CLO market established as a new structured credit vehicle for institutional investors.
Dot-com crash
AAA CLO tranches held firm through the tech collapse and recession. Zero defaults recorded on senior tranches.
Global Financial Crisis
While CDOs lost $325 billion, AAA CLO tranches lost nothing. S&P confirmed zero defaults on AAA-rated CLO tranches pre-crisis.[4]
European debt crisis
Sovereign debt turmoil left AAA CLOs untouched. Post-crisis CLO 2.0 structures emerged with stronger protections.[4]
COVID-19 pandemic
AAA coverage ratios fell only 13% vs 26% in 2008. No AAA defaults. Recovery was swift — full restoration by year-end.[4] [10]
Rate shock & bank failures
Aggressive Fed hikes and SVB collapse stressed fixed income. AAA CLOs maintained performance through the volatility.
Today
No AAA-rated CLO tranche has ever defaulted in the 30-year history of the asset class. Over $1 trillion outstanding.
CLOs are not CDOs.
Pools of subprime consumer mortgages. Correlated defaults amplified losses. AAA-rated CDOs lost $325 billion. Highly concentrated in a single, deteriorating asset class.
Pools of 150–250 senior secured corporate loans, diversified across dozens of industries. Actively managed with monthly coverage tests. No AAA tranche has ever defaulted in 30 years.
Maple Finance
Collateral pool comprises of only highly liquid digital assets. Liquidations are processed in seconds and battle tested through deep drawdowns and volatility[7]. Assets without acceptable liquidity are not eligible, and concentration limits are enforced across the loan book.[8]
166.5%
Collateralization ratio
Every loan is overcollateralized with highly liquid digital assets. Automated liquidation triggers protect lenders from any shortfall.
$12B+
Processed, zero lender losses
Over $12 billion cumulative loan volume with a >99% repayment rate. During October 2025's flash crash, all margin calls were met within three hours, followed by $150 million in net inflows.[7]
BTC, ETH, XRP
Large-cap liquid collateral
Collateral ratios verifiable on-chain in real time with active margin call monitoring 24/7/365 with 3 independent price feed sources.[8]
Collateral ratios verified on-chain 24/7 via 3 independent price feeds
Start earning 8% APY on institutional-grade RWAs
Deposit USDC to mint yPrime tokens. Your capital is deployed into the investment-grade fixed-income strategies in tradfi — accessible entirely on-chain.
Sources & References
- [1] BlackRock BUIDL fund AUM and custody infrastructure. The Block — “BlackRock’s BUIDL first to cross $1 billion” (Mar 2025); Securitize / BlackRock Press Release(Jun 2025): “BUIDL… the largest tokenized short-term treasury fund in the world.” BNY Mellon serves as custodian.
- [2] Tokenized US Treasury market growth. Financial Times (Aug 2025): “Tokenised US treasury funds more than double to $7.4bn in 2025.” Cited in Zoniqx Market Trends Report; Bank for International Settlements — Bulletin No. 115: “TVL rose more than tenfold to almost $9 billion by the end of October 2025.”
- [3] BUIDL accepted as collateral on Deribit, Binance, and Aave. CoinDesk — “BlackRock’s Tokenized Fund Gets Listed as Collateral on Binance” (Nov 2025); PR Newswire / Securitize (Jun 2025); Messari: SyrupUSDC onboarded to Aave V3 (Jan 2026).
- [4] AAA CLO zero default history; CDO losses of $325B. Wharton School of Business — “Why CLOs Will Not Cause the Next Financial Crisis” (Roberts & Schwert, 2020); Oaktree Capital — “CLO Myth-Busting: The Top Three Misconceptions”; Clarion Capital: “Of the nearly 21,000 CLO tranches rated by S&P, only 67 or 0.3% have defaulted.”
- [5] 60% default threshold for AAA CLO tranches. Wharton — Roberts & Schwert: “If lenders were to recover $0.40 on the dollar for loans in default, then 60% of the loans in CLO portfolios would have to default before the AAA-rated tranches would even begin to lose money.”
- [6] CLO market size exceeding $1 trillion. Federal Reserve Bank of Philadelphia — “CLO Performance” Working Paper (Cordell, Roberts, Schwert); S&P Global (2020): “$2.1 trillion of leveraged loan issuance since the 2008 financial crisis has been funded by CLOs.”
- [7] Maple Finance loan volume, repayment record, and Oct 2025 stress test. Maple Finance — “syrupUSDC and syrupUSDT: Built for Scale” (2026): “zero losses to date, including during sharp drawdowns such as October 10th”; Messari — Maple Finance: CEO confirmed all margin calls met within 3 hours during Oct 10 flash crash, followed by $150M inflows. Total deposits surpassed $4 billion (Dec 2025).
- [8] Maple collateral management, margin call process, and eligible asset framework. Maple Finance Documentation — FAQ: 24/7/365 monitoring, three separate price feed sources, strict concentration limits. All loans are overcollateralized; Maple does not use a tranched structure — all lenders in a pool have equal priority via an ERC-4626 vault standard.
- [9] BlackRock exploring tokenized ETFs beyond Treasuries. Bloomberg, reported via CoinDesk — “BlackRock Weighs Tokenized ETFs on Blockchain” (Sep 2025).
- [10] CLO resilience during COVID-19: AAA coverage ratios. Lord Abbett — “CLO Equity: A History of Resilience Across Market Cycles”; NYU Stern / Philadelphia Fed — CLO Performance: “AAA coverage ratios only fell by 13% in the first quarter of 2020” vs 26% in 2008.
This page is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. All investments carry risk, including potential loss of principal. Data sourced from public reports and may not reflect the most current figures.