One of the non-crypto yield is FX from non-USD currencies.
Emerging market (EM) currencies like Brazil's
$BRL and Mexico's
$MXN have native yields of 7-14%, driven by real central bank interest rates, not token subsidies.
In a falling USD rate cycle, that gap matters more than ever.
$BRL and
$MXN each trade $ 90B+ a day. Yet on-chain liquidity is almost 100% concentrated in USD. That is a massive gap.
Here is how the yield actually works:
Brazil's Selic rate is ~14%. The US rate is ~4-5%. You would think everyone would borrow cheap USD and deposit in Brazil. But the market prices this out via futures.
On CME, a 3-month BRL futures contract trades at a discount to spot: say $0.195 vs $0.20 spot. This discount exists because Brazil's high interest rate makes holding BRL expensive for the seller. It is the market automatically pricing in the rate differential (covered interest rate parity).
How a project like
@tenbinlabs captures it:
1. Buys BRL futures at a discount
2. As the contract nears expiry, the discount shrinks and converges toward spot
3. Rolls to the next contract, repeating the process
This "roll yield" is the interest rate difference paid out through futures price movements. No Brazilian bank account needed.
Tenbin turns this into tBRL and tMXN: liquid, yield-bearing, composable tokens on Ethereum.
- stBRL earns ~13-14% APY
- stMXN earns ~7-8% APY
You deposit USDC. Tenbin mints tBRL/tMXN, buys the futures on CME via professional brokers, keeps a USDC buffer for instant redemptions. No local banks, no capital controls, no onshore accounts.
The yield is real, transparent, and backed by regulated futures markets. FX yield is not a replacement for USD yield. It is an expansion of the category.
Tenbin runs a full tokenized asset issuance protocol for RWAs, covering currencies, commodities and precious metals.
Going to keep watching for more RWA yield plays in the next waves. It's just getting started.
Today we’re launching tBRL and tMXN.
Tokenized Brazilian Real and Mexican Peso, now on-chain.
Two of the most liquid + high-yielding currencies globally, tokenized via Tenbin with yield of up to 13% and 7%.