Tokenized treasuries are blockchain-issued shares of funds that hold short-duration U.S. Treasury bills, repos, and government money market positions. As of September 21, 2026, tokenized Treasury funds carry a combined distributed value of $14.82 billion across 25 assets (per rwa.xyz Treasuries), with yields tracking the Secured Overnight Financing Rate (SOFR) minus a 15–50 basis point management fee; the aggregate 7-day APY across tracked funds was 3.51% on the same date. The category is led by BlackRock's BUIDL at roughly $2.3 billion, followed by Ondo's USDY at $2.25 billion, Circle's USYC, Franklin Templeton, WisdomTree, and Superstate.
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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. By September 2026, rwa.xyz tracked 109 tokenized Treasury fund assets across more than 20 networks, including Ethereum, Solana, Avalanche, Aptos, Stellar, XRPL, Polygon, and newer entrants like Tempo and BNB Chain. 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. Across the 25 assets rwa.xyz tracks on its Treasuries dashboard, the aggregate 7-day APY stood at 3.51% on September 21, 2026 (rwa.xyz); individual product yields sit close to that figure, with exact current rates published on each issuer's own disclosure page.
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The seven largest tokenized treasury products differ across practical dimensions: issuer, AUM, eligible investor base, supported chains, redemption window, ticker, and primary source. The table below pulls distributed value directly from the rwa.xyz Treasuries dashboard as of September 21, 2026; per-product current yield is omitted here because issuer yield pages sit behind login gates or publish only as static graphics, so exact current figures cannot be verified in real time. Check each Source link for the live 7-day or 30-day yield.

AUM figures are pulled directly from the rwa.xyz Treasuries dashboard as of September 21, 2026; each row links to its own asset page for the live figure, current NAV, and yield. 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 $2.3 billion AUM as of September 21, 2026 (per rwa.xyz) and supports T+0 redemption to USDC via a Circle-operated swap facility.
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BUIDL's expansion across nine chains (Ethereum, Solana, Avalanche, Aptos, Polygon, Arbitrum, Optimism, BNB Chain, and Tempo, per rwa.xyz) 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 $2.25 billion AUM (per rwa.xyz, September 21, 2026) reflects its position as the most accessible tokenized treasury for non-U.S. crypto users, and puts it second only to BUIDL by distributed value. The product trades on Solana, Sui, Mantle, Stellar, 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 Benji platform page is the live reference for the product: it states that one share of FOBXX equals one BENJI token, that yield accrues daily through newly minted tokens airdropped to shareholder wallets, and it publishes the fund's 7-day current yield. The older franklintempleton.com fund-page URL no longer serves the fund. 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 roughly $2.51 billion AUM (per rwa.xyz, September 21, 2026) places it third among tokenized Treasury products by distributed value, just behind BUIDL and USDY. 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 given its $2.3 billion AUM lead (rwa.xyz, September 21, 2026). Yield differences across qualified-investor products are typically a narrow band around the aggregate 3.51% 7-day APY, 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 $14.82 billion in distributed value across 109 tracked assets by September 21, 2026 (per rwa.xyz) reflects its increasing role as the default cash sleeve for onchain treasuries.
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Sources and methodology. AUM figures for the comparison table and body are pulled from the rwa.xyz Treasuries dashboard as of September 21, 2026, when it showed $14.82 billion in distributed value across 25 assets in its headline total and 109 tokenized Treasury fund assets in its full listing; per-product figures are stated as of that same pull, and each product name links to its own rwa.xyz asset page for a live figure. The aggregate 7-day APY of 3.51% is also from that pull; per-issuer yield disclosures were not independently verifiable this session because several sit behind login gates (rwa.xyz) or publish only as static graphics (Franklin's Benji platform page), so precise per-product yield figures have been omitted rather than restated from the prior, now-stale pull. Eligibility classifications reflect each fund's offering memorandum or prospectus. Figures are dated at the pull and are not refreshed automatically.
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