BGUSD vs RWUSD: How Bitget’s Yield-Bearing Certificate Challenges Binance’s RWA Product

The race to win over investors with yield-bearing crypto products is heating up. In a market where stablecoin holders want more than just price stability, exchanges are stepping in with offerings that combine the reliability of stable assets with the opportunity to earn passive income. 

Two such products, BGUSD from Bitget and RWUSD from Binance, are emerging as popular choices. Both target a similar user base, but the way they operate, their transparency levels, and the freedom they grant to users reveal key differences. 

In many ways, BGUSD’s model doesn’t just stand apart from RWUSD, it sets a new benchmark for what a yield-bearing stable asset can be.

A Quick Overview: What Are BGUSD and RWUSD?

• BGUSD is Bitget’s yield-bearing stable asset certificate, launched in May 2025. It’s backed by a diversified portfolio of tokenized U.S. Treasury funds, most notably Superstate’s USTB, and is fully integrated into the Bitget platform.
  
• RWUSD is Binance’s flexible-term yield product tied to real-world asset (RWA) yields. Crucially, it does not give users direct ownership of those assets.
  

Notably, both products provide daily yield on stable assets and allow users to redeem into USDC at a 1:1 ratio, the similarities largely end there. How they work, what they’re backed by, and the level of transparency they offer are worlds apart.

BGUSD: Transparent, Yield-Bearing, and Utility-Driven

Bitget’s BGUSD is a platform-native certificate that blends yield generation with composability and ecosystem utility. Here are its defining features:

• Backing: BGUSD is secured by tokenized U.S. Treasury funds. This provides exposure to one of the most reliable fixed-income instruments in traditional finance.
  
• Yield: It offers a base APR of 5.0%, credited daily to the user’s spot balance based on minimum hourly holdings.
  
• Redemption: Redeemable 1:1 for USDC with a 0.05% subscription and redemption fee.
  
• Flexibility: Users can opt for “express” or “standard” redemption depending on how quickly they want their funds.
  
• Ecosystem Integration: BGUSD can be used as loan collateral, in futures margin trading, and to participate in Bitget’s Launchpool and PoolX programs.
  

One of BGUSD’s biggest strengths is that it represents actual, verifiable ownership of tokenized real-world assets. This means it has a transparent and auditable reserve structure. Bitget has announced that third-party attestations are already in progress to further reinforce user trust.

RWUSD: Simpler Structure, Limited Visibility

Binance’s RWUSD is a flexible-term yield product pegged to real-world asset yields. It provides up to 4.2% daily APR, credited in USDC upon redemption. Here are the key details of RWUSD’s underlying structure:

• No Direct Asset Ownership: Holders of RWUSD do not own any portion of the real-world assets generating the yield.
  
• Yield at Binance’s Discretion: The yield rate is set internally and may reference RWA yields, but no details are provided about RWA partners or specific holdings.
  
• Ecosystem Lock-In: RWUSD can only be used within Binance’s platform, with no option to trade or deploy it externally.
  

This closed-loop approach might suit users who simply want stable returns without needing to think about asset management. But it also limits flexibility and transparency.

Structure Matters: Tokenized Certificate vs. Internal Yield Product

The most critical difference between BGUSD and RWUSD lies in their structural design.

BGUSD is a tokenized yield-bearing certificate. This means it can, in theory, be traded or deployed outside Bitget’s environment if supported by other platforms. It’s composable by design, built to integrate with broader DeFi and CeFi ecosystems.

RWUSD, on the other hand, is not tokenized. It’s essentially an internal account credit that accrues yield inside Binance’s “walled garden.” While this offers simplicity, it also means the asset is non-transferable and non-interoperable.

Transparency and Trust

In a post-FTX world, crypto investors have become increasingly sensitive to proof of reserves and transparency.

• BGUSD: Bitget discloses its backing assets—tokenized U.S. Treasury holdings—and is actively working on third-party attestations. The reserve-backed structure ensures that each BGUSD is fully collateralized, and the use of audited protocols strengthens user confidence.
  
• RWUSD: While Binance is the world’s largest exchange by trading volume, RWUSD holders are simply asked to trust the platform’s internal yield mechanism without independent verification of underlying asset holdings.

Yield and Capital Efficiency

When it comes to yield, BGUSD currently holds the advantage:

• BGUSD: 5.0% base APR, daily compounding to spot balances.
• RWUSD: Up to 4.2% APR, variable at Binance’s discretion.
  

Beyond the higher rate, BGUSD’s broader platform integration enhances capital efficiency. A user can hold BGUSD to earn yield, use it as margin for futures, and deploy it in Launchpool activities, all at the same time. RWUSD, by contrast, does not have such multi-purpose flexibility.

User Autonomy and Ecosystem Freedom

Perhaps the most philosophical difference between BGUSD and RWUSD lies in how they treat user autonomy.

BGUSD gives users a certificate that can interact with multiple parts of Bitget’s ecosystem and potentially with other platforms if partnerships develop. It’s designed with DeFi principles in mind, even though it comes from a centralized exchange.

RWUSD keeps users inside Binance’s boundaries. While that may be fine for those who trust Binance implicitly and never intend to move assets elsewhere, it limits opportunities for users who want more control and interoperability.

Why BGUSD Could Set a New Standard

The rise of RWUSD shows the market’s hunger for stable, yield-bearing products. But BGUSD pushes the concept forward by blending yield, transparency, and utility.

• Higher yield than its main competitor.
• Clear backing by tokenized real-world assets.
• Integrated utility across lending, trading, and staking programs.
• Transparent and auditable structure, with third-party attestations in progress.
  

These qualities align with a growing user preference for products that not only pay returns but also provide flexibility, proof of backing, and cross-platform potential.

Stable Yield in a Volatile Market

Ultimately, stable yield products like BGUSD and RWUSD are part of a broader trend toward tokenized real-world assets (RWAs) and on-chain fixed-income instruments. As interest rates in traditional markets remain elevated, tokenizing T-bill exposure into yield-bearing crypto products offers a compelling way to bridge TradFi and DeFi.

For users, the choice between BGUSD and RWUSD boils down to priorities:

• If you value higher yield, transparency, and ecosystem utility, BGUSD may be the better fit.
  
• If you prefer simplicity and are comfortable staying entirely within Binance, RWUSD can still be a solid option.
  

But as competition grows, the market will likely demand more products that follow BGUSD’s example.