Tokenized T-bill funds crossed $7 billion in onchain AUM in early 2026, up from roughly $850 million two years ago. The category is no longer a curiosity. BlackRock, Franklin Templeton, WisdomTree, and Ondo all run live products, and DeFi protocols use them as reserve collateral, treasury parking, and the risk-free leg under structured yield.
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This guide compares nine of the most consequential funds. For each, we cover the issuer, current AUM, the underlying T-bill maturity, eligibility, supported chains, yield, and how redemptions actually work. Sources: each issuer's official page, DeFiLlama RWA dashboard, and rwa.xyz as of May 2026.
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A tokenized treasury fund holds short-dated US Treasury bills (or Treasury repo) in a regulated offchain vehicle and issues a token onchain that represents a share. The token accrues yield in one of two ways: rebasing daily so the balance grows, or holding a constant $1 NAV with a separate distribution. Most are restricted to qualified purchasers, qualified investors, or non-US persons. A small subset (Ondo USDY, Mountain USDM) are structured to reach a broader retail audience outside the US.
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The category sits next to but is distinct from yield-bearing stablecoins. For the broader landscape across risk tiers, see our safest stablecoin yield 2026 breakdown.
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BlackRock USD Institutional Digital Liquidity Fund launched in March 2024 on Ethereum and is the largest tokenized treasury product. BUIDL is administered by BNY Mellon with Securitize as transfer agent. The fund holds cash, US Treasury bills, and repurchase agreements with weighted average maturity under 30 days. Token balances rebase daily as dividends accrue, paid in additional BUIDL each month.
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BUIDL is restricted to qualified purchasers and is now live on Ethereum, Polygon, Arbitrum, Optimism, Avalanche, and Aptos. Redemptions are T+0 to USDC via a Circle facility and T+1 to USD via wire. Ondo's OUSG uses BUIDL as its primary backing, and Ethena, Sky, and Frax all hold BUIDL as reserve collateral.
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OUSG (Ondo Short-Term US Government Bond Fund) was Ondo's first product. It originally held the BlackRock iShares short-duration treasury ETF, then migrated in 2024 to a stack that is mostly BUIDL plus USYC and Superstate USTB for instant liquidity. OUSG is available to qualified purchasers outside the US. The token is a constant $1 NAV with a rebasing variant (rOUSG). Mint and redeem are 24/7 against USDC.
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USDY is Ondo's retail-friendly tokenized note backed by short-term T-bills and bank deposits, structured as a security under Reg S. Non-US persons can buy with a $500 minimum after a 40-day lockup. USDY is now live on Ethereum, Solana, Sui, Aptos, Mantle, and Noble on Cosmos, where it functions as a yield-bearing alternative to USDC for cross-chain users. The token price accrues against USD rather than rebasing.
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BENJI is the onchain share class of FOBXX, the Franklin OnChain US Government Money Fund, registered with the SEC as a 1940 Act fund. That registration is the reason BENJI can be sold to US retail investors through the Benji app with a $20 minimum, which makes it unusual in this list. FOBXX holds at least 99.5% in government securities, cash, and repo. BENJI runs on Stellar (the original chain), Polygon, Ethereum, Arbitrum, Avalanche, Base, Aptos, and Solana. Dividends are accrued daily and paid monthly.
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USYC is the onchain share class of the Hashnote Short Duration Yield Fund, backed primarily by reverse repo against US Treasuries. Circle acquired Hashnote in early 2025, and USYC is now the designated yield-bearing collateral inside Circle's payments network and a backing asset for several stablecoin issuers. USYC is restricted to qualified investors with a $100K minimum, settles on Ethereum, Canton, and Sui, and offers same-day redemption to USDC during US market hours.
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USTB is Superstate's Short Duration US Government Securities Fund, a 3(c)(7) fund restricted to qualified purchasers. The fund holds short-dated T-bills directly rather than a wrapper product, which Superstate argues reduces fee drag. USTB launched on Ethereum and added Solana in 2025. Subscriptions and redemptions are processed each US business day. Superstate's second fund, USCC, offers a basis-trade strategy and is not covered here.
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WTGXX is the WisdomTree Government Money Market Digital Fund, a 1940 Act fund similar to BENJI but distributed through WisdomTree Prime and WisdomTree Connect. The token lives on Stellar and Ethereum. Like BENJI, it is open to US retail with a $1 minimum and posts daily dividends. AUM is smaller than the institutional funds, but the retail rails are real.
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USDM is a Bermuda-regulated, fully reserved token backed by short-dated US Treasuries. Yield is delivered via daily rebasing directly to holder wallets, which makes USDM behave like a yield-bearing stablecoin rather than a fund share. It is restricted from US persons but has no investor minimum, and it has integrations across major DeFi protocols on Ethereum, Polygon, Arbitrum, Optimism, and Base. Mountain publishes monthly attestations.
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Maple Cash is Maple Finance's tokenized T-bill product for accredited and institutional users. The fund holds short-dated T-bills via a regulated custodian and is available on Ethereum and Solana. Maple Cash sits next to Maple's lending vaults, and accredited DAOs use it as treasury parking with the option to swap into Maple's higher-yield credit strategies. Redemptions settle T+1.
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Redemption mechanics matter more than headline yield. BUIDL, USYC, and OUSG offer same-day redemption to USDC via dedicated stablecoin liquidity facilities, which is why they show up as collateral inside stablecoin protocols. BENJI, WTGXX, USTB, and Maple Cash redeem on a T+1 cycle through traditional fund operations. USDY and USDM both clear through the issuer but rely on secondary AMM liquidity for instant exit, with the tradeoff of slippage during stress.
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Most of the institutional funds (BUIDL, OUSG, USYC, USTB, Maple Cash) require qualified purchaser or qualified investor status, which in practice means $5 million in investments for entities or $1 million in net worth for individuals plus a Reg D 506(c) verification. USDY and USDM are open to non-US retail, with whitelisting at the token level. BENJI and WTGXX are the only options that take US retail directly, and they do it inside their issuer apps rather than open DeFi.
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By May 2026, tokenized T-bills underpin a meaningful share of stablecoin reserves and structured yield. Sky's USDS allocations, Ethena's USDtb backing, and Frax's treasury all hold BUIDL or USYC. Pendle lists multiple tokenized-treasury markets, and onchain credit vaults from Morpho and Maple use them as the risk-free leg. For an overview of the broader yield stack these funds anchor, see what is real yield in DeFi. For the issuer-side picture on stablecoins themselves, see top stablecoin issuers 2026.
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Eco Routes treats tokenized treasury tokens like any other ERC-20 for cross-chain transfer where the token is natively deployed and whitelisted on the destination chain. For background on how that routing works, see our overview of Eco Routes.
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AUM and yield figures pulled May 2026 from each issuer's official fund page, the DeFiLlama RWA dashboard (defillama.com/protocols/RWA), and rwa.xyz. Chain support reflects deployments confirmed on issuer documentation as of May 2026. Yields are net of management fee and trail the federal funds rate; treat them as recent observations, not forecasts. Eligibility language reflects each issuer's published subscription documents and may have jurisdictional carveouts not captured in a one-line summary.
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