Yield-Bearing Stablecoins for Treasury: Comparing GRAIN, sDAI, and Ondo

The Treasury Opportunity

Corporate treasuries hold approximately $3 trillion in short-term, low-yield assets globally. Traditional money market funds offer 4-5% yields but with T+1 or T+2 settlement. Bank deposits are FDIC-insured but yield near-zero for operating accounts. Yield-bearing stablecoins offer a compelling alternative: competitive yields with instant liquidity and 24/7 availability.

GRAIN: Anti-Inflationary Appreciation

GRAIN takes a unique approach to yield generation. Rather than paying interest, GRAIN appreciates in value as treasury yields accumulate. Reserves are deployed in conservative strategies (T-bills, money markets), and yield flows into the reserve pool, increasing the backing per token. This creates tax-efficient returns in many jurisdictions and a simpler accounting treatment than interest income.

• Yield Mechanism: Price appreciation through reserve growth
• Backing: 110% USDC-denominated reserves
• Target Return: 4-6% annual appreciation
• Liquidity: Instant redemption at current NAV

sDAI: DeFi-Native Savings

MakerDAO's sDAI (Savings DAI) offers yield through the DAI Savings Rate, set by governance. When you deposit DAI into the savings contract, you receive sDAI tokens that appreciate as DSR interest accrues. The yield source is Maker's stability fees from collateralized debt positions.

• Yield Mechanism: DAI Savings Rate (DSR) set by governance
• Backing: Crypto-collateralized (ETH, stETH, etc.)
• Current Yield: ~5% APY (variable)
• Risk Profile: Exposed to crypto collateral volatility

Comparison Matrix

Each yield-bearing stablecoin involves different trade-offs. Enterprise selection should consider risk tolerance, regulatory requirements, and accounting preferences.