YZi Labs Backs TermMax for On-Chain Bond Market Infrastructure

TermMax, a fixed-rate lending protocol built by Term Structure Labs, has received a strategic investment from YZi Labs. The terms of the deal were not disclosed.

TermMax was selected for YZi Labs' EASY Residency Season 3 and has raised over $8 million to date. Its earlier backers include Cumberland DRW, 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.

TermMax's integration with Ondo Global Markets in January 2026 allowed it to launch the first fixed-rate borrowing market to accept tokenized U.S. equities as collateral. The protocol has also added Binance's bStock and recently went live on Robinhood Chain, where QQQ, SPY, and NVDA can be posted against USDG.

However, financing is only half of what tokenized equities need. TermMax's goal is to address the lack of options in the market by introducing physical delivery options with no liquidation before expiry. This will ensure that a directionally correct position cannot be knocked out by volatile trading in thin liquidity.