By Eco research. Updated May 2026.
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Tokenized treasuries are blockchain-issued shares of funds that hold short-duration U.S. Treasury bills, repos, and government money market positions. As of early May 2026, the six largest products carry a combined onchain AUM near $15 billion (per rwa.xyz), with yields tracking the Secured Overnight Financing Rate (SOFR) minus a 15–50 basis point management fee. The category is led by BlackRock's BUIDL at roughly $2.6 billion, followed by Ondo, Franklin Templeton, WisdomTree, Superstate, and Hashnote.
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Tokenized treasuries are regulated fund interests, recorded on a blockchain as transferable tokens, that hold U.S. Treasury bills, repurchase agreements, or government money market instruments. Each token represents a share or note in a fund advised by a registered investment manager. Yield accrues daily and is paid via rebase, dividend, or net asset value increase, depending on issuer.
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The category emerged in March 2024 when BlackRock and Securitize launched the BUIDL fund on Ethereum. Two years later, rwa.xyz tracks over 35 tokenized treasury products across Ethereum, Solana, Avalanche, Aptos, Stellar, XRPL, and Polygon. The largest issuers are traditional asset managers (BlackRock, Franklin Templeton, WisdomTree) and crypto-native fund operators (Ondo, Superstate, Hashnote).
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Most products are limited to qualified or accredited investors under Regulation D, Regulation S, or local equivalent rules. A smaller subset, including Ondo's USDY and Franklin's BENJI on the Stellar and Polygon retail rails, accept non-U.S. retail with KYC. Eligibility, not yield, is usually the deciding factor for buyers.
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Yield on a tokenized treasury comes from the underlying fund's holdings, which are typically T-bills with one to three months to maturity plus overnight repos collateralized by Treasuries. The fund earns the SOFR-tracking rate, deducts the manager's fee, and distributes the net yield onchain. Most products quote a 30-day or 7-day net yield in line with SEC money market fund disclosure rules.
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Three distribution mechanisms dominate. Rebasing tokens (USDY, USYC) increase wallet balances daily. Net-asset-value tokens (BUIDL, BENJI) keep a fixed token count and accrue value through a daily NAV stamp redeemable at $1.00 plus accrued interest. Dividend tokens (WTGXX shares) hold a stable price and pay a separate distribution. The economic outcome is similar; the integration burden differs by mechanism, particularly for DeFi composability where rebasing tokens often need wrapper contracts to interact with lending markets like Aave or Morpho.
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Reported yields converge on the prevailing fed funds floor minus management fees. Issuer disclosures show 30-day net yields in the 3.5–4.5% range for the most recent month available, with BUIDL and BENJI clustered near the top of the band given their lower fee schedules.
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The six largest tokenized treasury products differ across nine practical dimensions: issuer, AUM, recent net yield, eligible investor base, supported chains, redemption window, ticker, share class, and fee. The table below summarizes the current data pulled from issuer disclosure pages and the DeFiLlama RWA dashboard. Numbers refresh as funds publish monthly transparency reports.

Yields shown are the most recent monthly net figures from each issuer's transparency report. AUM figures are pulled from DeFiLlama's RWA category on May 4, 2026, except OUSG and USTB which are not separately listed and are sourced from issuer dashboards. The table reveals two clear segmentations: U.S. retail access (BENJI, WTGXX) versus qualified-investor products (BUIDL, OUSG, USTB, USYC), and Ethereum-anchored products versus multichain-first products like USDY and BENJI.
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BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, launched March 2024 with Securitize as transfer agent. It holds cash, U.S. Treasury bills, and overnight repos, paying daily dividends as new BUIDL tokens. Minimum subscription is $5 million for direct investors, lower through partner platforms. The fund is the largest tokenized treasury at roughly $2.6 billion AUM (per rwa.xyz) and supports T+0 redemption to USDC via a Circle-operated swap facility.
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BUIDL's expansion across seven chains (Ethereum, Solana, Avalanche, Aptos, Polygon, Arbitrum, Optimism) reflects its role as collateral for derivatives platforms and onchain treasury managers. The fund is whitelist-only at the contract level, which limits direct DeFi composability but enables institutional integrations such as Ondo's OUSG, which holds BUIDL as its primary backing asset.
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Ondo runs two distinct products. USDY is a tokenized note backed by short-term U.S. Treasuries and bank deposits, available to non-U.S. retail and institutional investors after a 40-to-50-day onboarding lockup. OUSG is the qualified-investor share class, backed primarily by BUIDL with a small cash buffer for instant redemption. USDY rebases daily; OUSG holds a fixed token count with NAV growth.
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USDY's roughly $1.4 billion AUM (per rwa.xyz, early May 2026) reflects its position as the most accessible tokenized treasury for non-U.S. crypto users. The product trades on Solana, Sui, Mantle, and XRPL alongside Ethereum, integrating with DEXes and lending markets through wrapped variants. Ondo discloses portfolio holdings monthly on the Ondo Finance transparency page.
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Franklin Templeton's OnChain U.S. Government Money Fund (ticker FOBXX, marketed onchain as BENJI) and WisdomTree's Government Money Market Digital Fund (WTGXX) are the only tokenized treasuries available to U.S. retail investors without accreditation. Both are registered under the Investment Company Act of 1940, which means SEC prospectus disclosure, daily 7-day SEC yield publication, and same-day redemption through fund hours.
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BENJI runs primarily on Stellar with deployments on Polygon, Arbitrum, Aptos, Avalanche, Base, and Solana. Franklin's FOBXX page publishes the daily 7-day yield. WTGXX is Stellar-native, with WisdomTree Prime acting as the consumer-facing app for U.S. retail. Both products limit composability with permissionless DeFi by design — share transfers route through the transfer agent, not freely between wallets.
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Superstate's USTB and Hashnote's USYC sit between the BlackRock-anchored institutional products and the retail-facing registered funds. Both are Reg D 506(c) offerings for accredited and qualified-purchaser investors with onchain composability as a design priority. USTB launched on Ethereum in February 2024 and added Solana support in 2025; USYC, acquired by Circle in early 2025, settles atomically against USDC and serves as collateral on derivatives platforms including Deribit and Bybit.
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USYC's $2.58 billion AUM (DeFiLlama, May 4, 2026) places it second only to BUIDL among onchain treasury products. The product's positioning shifted after the Circle acquisition: USYC is now Circle's yield-bearing pair to USDC, with the two assets quotable as a money-market dollar pair on regulated venues.
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Selection depends on three constraints: investor eligibility, target chain, and redemption requirement. Non-U.S. retail crypto users have one mainstream option: Ondo's USDY. U.S. retail investors choose between Franklin's BENJI and WisdomTree's WTGXX, both registered '40 Act funds with same-day redemption. Qualified institutional buyers pick from BUIDL, OUSG, USTB, or USYC based on chain coverage and DeFi integration depth.
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For DeFi composability, USYC and USDY are the most integrated, appearing as collateral or vault assets on Morpho, Pendle, and major perp DEXes. For pure cash-equivalent holdings with the deepest issuer balance sheet, BUIDL remains the institutional default. Yield differences across products are within 20–25 basis points, which is rarely the deciding factor; chain support and redemption mechanics are.
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Tokenized treasuries are increasingly used as the reserve or yield layer behind stablecoin and treasury automation flows. RWA tokens categorically include treasuries as the most liquid subset, and protocols routing stablecoin transfers across chains often touch tokenized treasury collateral on either end. Eco's stablecoin routing infrastructure interacts with these reserves indirectly: when an application moves USDC from Ethereum to Solana to settle a treasury allocation, the destination capital may be parked in BUIDL, USYC, or BENJI within minutes of arrival. The category's growth from a single $100 million fund in March 2024 to roughly $15 billion across products in May 2026 reflects its increasing role as the default cash sleeve for onchain treasuries.
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Sources and methodology. AUM figures pulled from DeFiLlama RWA category and rwa.xyz treasuries dashboard on May 4, 2026. Yield figures are the most recent 30-day or 7-day net yields from each issuer's transparency page (BlackRock/Securitize for BUIDL, Ondo Finance for USDY/OUSG, Franklin Templeton for FOBXX, WisdomTree Prime for WTGXX, Superstate for USTB, Hashnote for USYC). Eligibility classifications reflect each fund's offering memorandum or prospectus. Figures refresh monthly.
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