Tokenized U.S. Treasury funds held about $14.88 billion onchain as of Oct 6, 2026, per RWA. The three largest single tokens were Circle USYC at $2.41 billion, Ondo USDY at $2.30 billion, and BlackRock BUIDL at $2.25 billion on the same RWA league table, with WisdomTree WTGXX, Franklin Templeton BENJI, Superstate USTB, and Ondo OUSG behind them.
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This guide compares those seven funds by size, networks, eligibility, and redemption, using RWA figures as of Oct 6, 2026 and each issuer's own fund page. The sector-wide 7-day APY was 3.62% on the RWA treasuries dashboard, so treat any single fund yield as a recent observation rather than a promise.
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A tokenized treasury fund holds short-dated U.S. government debt, such as Treasury bills, repo, or a government money market fund, in a regulated offchain vehicle and issues a token onchain that represents a share. Most are restricted to accredited, qualified, or non-U.S. investors, which separates them from ordinary stablecoins.
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RWA counted 25 distributed treasury assets as of Oct 6, 2026, including the funds below plus newer entrants such as the JPMorgan OnChain Liquidity-Token Money Market Fund at $678 million. Some tokens are share classes of one fund: RWA lists iBENJI at $1.71 billion separately from BENJI.
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Circle USYC, Ondo USDY, and BlackRock BUIDL are close in size and together make up a large share of the sector. WisdomTree and Franklin Templeton follow, then Superstate USTB and Ondo OUSG. Network coverage varies widely, from three chains for USTB to more than ten for USDY.
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OUSG is Ondo's fund for accredited investors who are also qualified purchasers, including U.S. investors who onboard. It mostly holds shares of BlackRock's BUIDL alongside other money market funds, bank deposits, and USDC, and it supports round-the-clock minting and redemption against USDC.
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Per the Ondo OUSG page, OUSG is available solely to accredited investors who are qualified purchasers, and the significant majority of its portfolio is in BlackRock's BUIDL. The same page lists a $5K minimum for instant mints and redemptions, a $100K minimum for non-instant investments, and liquidity 24/7 via USDC and daily via USD. RWA put OUSG at $321 million as of Oct 6, 2026.
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USDY is Ondo's yield token aimed at investors outside the United States. It is not offered to U.S. persons, and some regions restrict it to professional or qualified investors. Ondo sets the yield monthly under the token's governing documents rather than having it float daily.
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The Ondo USDY page states that USDY tokens are not offered or sold in the U.S. or to U.S. persons, and that in the UK, Switzerland, and Singapore they are sold only to qualified investors or professional clients. The same page says APY is set monthly by Ondo. RWA listed USDY at $2.30 billion across 13 networks as of Oct 6, 2026.
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USTB is now the Invesco Short Duration US Government Securities Fund, run on Superstate's platform with Invesco Advisers as investment manager. It holds Treasury bills directly and is open to accredited investors and qualified purchasers, with same-day subscriptions and redemptions in USDC or USD.
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The Superstate USTB page names Invesco Advisers as investment manager and lists eligibility as accredited investors and qualified purchasers. The same page shows same-day subscription and redemption, immediate for USDC, and a holdings list of U.S. Treasury bills maturing between October 2026 and March 2027. RWA put USTB at $577 million as of Oct 6, 2026.
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These four are among the largest tokenized treasury products by onchain value. Their issuer fund pages were not readable by automated fetch for this update, so this guide lists only their size and networks from a third-party tracker. Confirm eligibility, minimums, and redemption terms in each issuer's offering documents.
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Per RWA as of Oct 6, 2026, Circle USYC held $2.41 billion on Ethereum, Solana, and BNB Chain; BlackRock BUIDL held $2.25 billion across nine networks through the Securitize platform; WisdomTree WTGXX held $1.24 billion across eight networks; and Franklin Templeton BENJI held $760 million across eight networks. For deeper coverage, see the BUIDL Deep Dive 2026, USYC Deep Dive 2026, and BENJI Deep Dive 2026.
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Mountain Protocol's USDM used to appear in tokenized treasury comparisons, but it is no longer an active product. The issuer ran an orderly wind down, stopped primary issuance, and cut the yield to zero, so remaining holders can only exit through secondary markets.
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Per Mountain Protocol, USDM concluded phase 2 of its orderly wind down on Aug 22, 2025, closed its primary market, and now shows 0.00% APY. Earlier versions of this comparison also included Maple Cash; it was dropped because no current figure could be confirmed from a primary source.
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Eligibility is the first filter. OUSG and USTB require accredited investors who are also qualified purchasers. USDY excludes U.S. persons entirely. The remaining funds each publish their own rules, which can differ by share class and country, so always read the subscription documents before planning a purchase.
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In short: OUSG requires accredited investors who are qualified purchasers per Ondo; USTB accepts accredited investors and qualified purchasers per Superstate; and USDY is not offered to U.S. persons per Ondo. For step-by-step access routes, see How to Buy Tokenized T-Bills 2026.
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Fund sizes, sector totals, and networks were pulled from the RWA.xyz treasuries dashboard on October 6, 2026. Eligibility, minimums, holdings, and redemption terms come only from issuer pages that could be fetched that day. Figures not confirmable from a primary source were removed rather than estimated.
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Sources: RWA treasuries dashboard, Ondo OUSG page, Ondo USDY page, Superstate USTB page, and Mountain Protocol. Onchain values move daily, so check the live dashboard before relying on any single number.
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