Singapore-based TermMax, a fixed-rate lending protocol developed by Term Structure Labs, announced on August 26 that it has received a strategic investment from YZi Labs. The investment amount was not disclosed, but it adds to more than $8 million raised by the project to date.
TermMax was selected for YZi Labs’ EASY Residency Season 3. Earlier backers include Cumberland DRW, which led the 2023 seed round, as well as HashKey Capital, Decima Fund, Longling Capital, and MZ Web3 Fund.
The protocol has been live on mainnet since April 2025 and operates across 10 EVM-compatible chains. It currently hosts 60 fixed-rate markets and 40 strategy vaults, with tens of millions of dollars in total value locked and more than 1.5 million registered wallets. Keyrock, Hardcore Labs, Edge Capital, and Origami act as Curators managing strategy vaults. The $TMX token completed its token generation event on August 25.
YZi Labs previously outlined a gap in tokenized equity infrastructure. In an August 14 post, YZi Labs wrote that tokenized blue-chip equities have reached meaningful volume, but credit, collateral management, risk transfer, and structured products remain underdeveloped, with options and other risk-transfer products notably absent. TermMax is positioned directly in that gap.
“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 described as the fastest-growing on-chain asset class, now at $2.48 billion with holder count up 165% in 30 days. TermMax integrated Ondo Global Markets in January 2026, launched 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.
TermMax Alpha is introduced as physical delivery options with no liquidation before expiry. The conversion price is fixed when the position is opened, and positions settle by physical delivery at expiry. The team argues this prevents directionally correct positions from being knocked out by short-term volatility in thin liquidity. The protocol’s liquidation model also relies on physical delivery of collateral to lenders rather than market sales.
On the institutional side, TermPrime completed its first live trade on Canton Network at the end of June and has grown its counterparty network to nine institutions. TermMax runs an early validator node on Canton, and TermPrime is ready to support institutional lending through open markets. TermMax holds a DeFiSafety Process Quality Review score of 93%, matching Aave V3.
YZi Labs manages over $10 billion in assets and has a portfolio of more than 300 projects across 25 countries, including Trust Wallet, CoinMarketCap, Polygon, Injective, Ethena, and others.
