Sierra Protocol, Institutional Permissionless Yield

Onchain vault protocols occupy one layer. Sierra Spans all Five.

Onchain vault protocols have unlocked yield on stablecoin balances but still face many constraints. Sierra's stack originates the assets, abstracts the complex back-end operations, handles the deployment & tokenization, empowers curation and unlocks distribution. Benefit from the entire permissionless yield stack through one protocol.

Layer of the permissionless yield stack

Onchain vault
protocols

Sierra
Protocol

Distribution & Composability

Enabling seamless secondary market liquidity, transferability and integrations across DeFi & CeFi for added utility

Partial

Permissionless Yield,
End to End

Curation & Allocation

Customizing reserve strategy to a target liquidity, risk and yield profile

Partial, typically outsourced to Curators who are limited to available onchain permissionless assets and collateral

Onchain Vault Deployment and Tokenization

Permissionless deployment, security, audits

Core business

Institutional-Grade Operations

Structuring, custody, administration, verification, reporting, onboarding, compliance

Asset Origination

Sourcing any public or private fixed income asset, instrument, or fund

Onchain vault protocols aren't competitors, they're collaborators.
By originating and bringing unique assets onchain, Sierra is building the layer that curators and vault protocols operate on.

Built for Transparency, Simplicity and Security. Designed for Flexibility.

Every Sierra vault issues an ERC-20 token that tracks performance of the underlying segregated reserves. You have the option to upgrade that token into a full Liquid Yield Token offering, enabling composability across DeFi and CeFi. As a partner of Sierra, you choose the infrastructure that best suits your use case.

Deposit & Earn.

A permissionless vault where users simply deposit, earn, and withdraw:

Permissionless deposits and withdrawals
Vault token tracks value & interest accrual — no need to move or use it elsewhere
Full Suite of compliance functionality, including pausing and freezing

Best for · Direct allocators · Treasury management · Non-custodial fintechs and platforms · Quick time to market

Enhance functionality as a Liquid Yield Token

An optional layer for use cases that need the vault token to trade and travel:

Secondary market liquidity via Authorized Participants
Cross-chain bridging via LayerZero OFT
Onchain NAV oracle via RedStone

Best for · Further product integrations · Mass permissionless adoption · Collateral use cases · Cross-platform utility · Instant liquidity

One Protocol. Any Reserve Asset.

Each Sierra vault or LYT is backed by a configurable portfolio of OpenTrade vaults, seamlessly combining any RWA and DeFi yield sources.

Yield Sources

Money Market FundsRWA

AAA CLOsRWA

Commercial PaperRWA

Active Bond FundsRWA

Asset Backed FinancingRWA

OpenTrade Prime+ FlexibleRWA OpenTrade Managed DeFiDeFi OpenTrade Stablecoin StakingDeFi

Trade ReceivablesRWA

Private CreditRWA

Hedge FundsRWA

Vaults / LYTs

SIERRA

Diversified Investment Grade RWA + DeFi

OpenTrade Curated Vaults

Vault strategies curated by OpenTrade

Partner Euro Vault Coming soon

EUR investment grade RWAs

Partner High Yield LYT Coming soon

Blend of higher-yield RWAs

Partner RWA LYT Coming soon

Backed exclusively by partner-issued RWAs

+ Your Vault/LYT

Any reserve composition

Sierra's Stack is Composed of the Industry's Best.

Sierra composes the best institutional providers in the world into a single, auditable Stack. Every issuing partner inherits this out of the box.

Yield & Reserves

Institutional-grade yield platform with bankruptcy-remote SPC connecting over $200M of stablecoins to RWA & DeFi yield sources.

Asset Management

FCA-regulated asset manager that has supported $500B+ in private credit transactions. Dedicated team that curates and underwrites all RWA assets and manages entire transaction lifecycle

Asset Custody

All RWA reserves are held in direct custody at Tier-1 GSIBs that institutions already know and trust.

Disaster Recovery

Multi-layered security solution designed with advanced cryptography to enable recoverability of cryptoassets.

Threat Detection

24/7 monitoring across smart contracts and DeFi protocols with over 300 threat types covered.

Compliance

Continuous transaction and address screening to investigate and identify illicit activity and maintain compliance.

Cross-Chain OFT

Largest cross-chain messaging protocol securing $75B+ of assets and over $200B of transaction volume.

MPC Custody

Largest MPC wallet solution with role-based policy engine, trusted by over 2,400 enterprises and $10T volume transacted.

Oracle

Leading blockchain oracle built for onchain finance, trusted by more than 150 projects and $5B total value secured.

Important risk notice

Vault tokens and Liquid Yield Tokens issued through Sierra Protocol are not regulated financial products, and users should not expect any protections under banking, securities, or consumer protection laws in any jurisdiction.

The vault tokens and Liquid Yield Tokens are cryptoassets that are not issued by a central bank, should not be considered legal tender and do not represent a claim on deposits at a regulated financial institution. Users should understand that:

Sierra Protocol is not subject to formal regulatory oversight;
There are no government guarantees or investor safeguards; and
Redemption, collateral management, and price stability rely entirely on the mechanisms underlying in the protocol and its governance.

Participants should exercise independent judgment and conduct their own due diligence before using the Sierra Protocol, especially in jurisdictions where regulatory treatment of cryptoassets is uncertain or evolving.

Higher Standards.
Better Assets.

Deploy a New Vault with Sierra

Access Premium Curated Vaults

Issue a Liquid Yield Token

Power an Earn Product