YZi Labs Backs TermMax to Advance On-Chain Bond Market Infrastructure

TermMax, ein Fixed-Rate-Lending-Protokoll von Term Structure Labs, hat eine strategische Investition von YZi Labs erhalten und damit sein bisheriges Funding auf über 8 Millionen US-Dollar erhöht. Das Protokoll ist auf 10 EVM-Chains aktiv und hat kürzlich den $TMX-Token gestartet, um die ON-Chain-Anleihenmarkt-Infrastruktur auszubauen. [PRESS RELEASE – Singapore, Singapore, August 27th, 2026] TermMax , a fixed-rate lending protocol built by Term Structure Labs, announced ON August 26 that it HAS received a strategic investment from YZi Labs . Terms were not disclosed. TermMax was selected for YZi Labs’ EASY Residency Season 3 and HAS raised more than $8 million to date. Its earlier backers include Cumberland DRW — which led the 2023 seed round — HashKey Capital, Decima Fund, Longling Capital and MZ Web3 Fund. The protocol HAS been live ON mainnet since April 2025 and NOW runs across 10 EVM-compatible chains, with 60 fixed-rate markets, 40 strategy vaults, tens of millions of dollars in total value locked and more than 1.5 million registered wallets. Keyrock, Hardcore Labs, Edge Capital and Origami serve as Curators, managing strategy vaults ON the protocol. The $TMX token completed its TGE ON August 25. The investor’s own public position points to the gap this investment is meant to fill. In an August 14 post describing what it wants to see built, YZi Labs wrote that tokenized blue-chip equities have reached meaningful volume, but that the financial application layer around them — credit, collateral management, risk transfer and structured products — remains underdeveloped, and that options and other risk-transfer products in particular remain conspicuously absent. YZi Labs placed this investment precisely where that gap sits. “When I left banking, there were a few hundred billion dollars of assets sitting ON-chain without a single directly observable interest rate curve between them. In traditional markets, that would be unheard of. That is what made me decide to build this infrastructure ON-chain.” – Jerry Li, Co-founder and CEO, TermMax. Tokenized equities are the fastest-growing asset class ON-chain, NOW at $2.48 billion, with holder count up 165% in 30 days. TermMax integrated Ondo Global Markets in January 2026 to launch the first fixed-rate borrowing market to accept tokenized U.S. equities as collateral, then added Binance’s bStock. In August it went live ON Robinhood Chain, where QQQ, SPY and NVDA can be posted against USDG. But financing is only half of what tokenized equities need. Nearly ALL of this year’s tokenized-equity infrastructure HAS gone into perpetual futures, and almost none into options. TermMax Alpha is where that changes: physical delivery options, with no liquidation before expiry. The conversion price is fixed when the position is opened, and the position is settled by physical delivery at expiry. A directionally correct position therefore cannot be knocked out by a few minutes of volatile trading in thin liquidity — the failure mode that makes perpetuals unsuitable at the illiquid end of tokenized equities. This no-liquidation design rests ON a choice running through the whole protocol: when liquidation does happen, it settles by physical delivery, with collateral delivered directly to the lender rather than sold into the market. The usual assumptio…