Tokenized US Treasury products have grown from roughly $700M in early 2024 to over $11B in May 2026 per rwa.xyz, with BUIDL alone holding more than $2.5B. The category now has USYC (Circle) and BUIDL (BlackRock) at the top of the AUM table around $2.5-3B each, with USDY's retail product close behind at over $2B, then BENJI, USTB, and OUSG in the high hundreds of millions. Institutional restriction no longer maps cleanly to size. The yield itself sits within 20 basis points of one another across the six products, so the choice is rarely about rate and almost always about who is allowed to hold and how redemption works.
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This article compares the six tokenized Treasury products that matter in 2026: OUSG (Ondo), BUIDL (BlackRock plus Securitize), USDY (Ondo, retail non-US), BENJI (Franklin Templeton), USTB (Superstate), and USYC (Hashnote, now Circle). For each we cover the issuer, current AUM, KYC tier, headline yield, supported chains, and redemption mechanics. The goal is enough mechanism to decide which product fits a given mandate, not a rate-shopping recommendation.
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All numbers are as of May 24, 2026 and sourced from rwa.xyz plus each issuer's official site. T-bill rates move continuously, AUM moves daily, and chain support changes through governance and partnership announcements; cross-check before deploying.
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Tokenized Treasury products are onchain shares of a fund that holds short-duration US Treasury bills and money-market instruments. The fund earns the prevailing T-bill yield (around 4.5% on the front end in May 2026), passes most of it through to token holders after a management fee, and lets holders redeem for stablecoins or USD on a same-day or next-day cycle. The token is the share class. Custody of the underlying T-bills sits with a regulated custodian (BNY Mellon for BUIDL, State Street and others for BENJI, Clear Street for USTB).
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The category exists because institutional treasuries and DeFi protocols want Treasury yield without the operational cost of running a brokerage account and a settlement workflow. Tokenization gives them 24/7 transferability, programmatic integration with smart contracts, and same-day redemption windows that traditional money-market funds rarely match. The trade-off is that most of these products are restricted to qualified purchasers under Reg D, Reg S, or local equivalents, which is why retail access is limited to USDY and a handful of permissioned wrappers.
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Yield distribution differs by product. OUSG, BUIDL, USTB, and USYC use a continuously rising net asset value (NAV) similar to sUSDS or sDAI: one token always equals one share, and the dollar value of that share grows with accrued interest. BENJI and USDY use a rebasing or accrual mechanism where the token balance grows. The mechanic affects DeFi integration: non-rebasing tokens compose more cleanly inside lending markets and Pendle, while rebasing tokens are easier to model for retail accounting.
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OUSG is Ondo's institutional tokenized Treasury fund, launched in January 2023 as one of the first onchain T-bill products. It started by holding shares of the iShares Short Treasury Bond ETF (SHV) and migrated in 2024 to hold BUIDL plus money-market funds directly, which let Ondo offer near-instant redemption against BUIDL's same-day USDC settlement. As of May 2026 OUSG holds roughly $625M in AUM per rwa.xyz.
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OUSG is restricted to qualified purchasers under Reg D 506(c) plus equivalent non-US frameworks. Investors complete KYC and accreditation through Ondo's onboarding portal at ondo.finance, and the token contract enforces a whitelist so only approved wallets can hold or receive OUSG. Minimum investment is $100,000, set at the fund level. Yield is approximately 4.6% net of fees as of May 2026, distributed via continuously rising NAV.
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OUSG is live on Ethereum, Polygon, Solana, and Mantle, with bridging handled by Axelar through Ondo's official bridge. Redemption is instant during US market hours and next-day outside, settled in USDC. The instant-redemption path runs through OUSG's BUIDL holdings: Ondo can redeem BUIDL for USDC same-day with BlackRock plus Securitize, and passes that liquidity through to OUSG holders. This makes OUSG one of the most liquid tokenized Treasury products in the institutional tier.
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BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, issued in partnership with Securitize as the transfer agent and tokenization platform. It launched in March 2024 and holds approximately $2.5B in AUM as of May 2026 per rwa.xyz, making it the largest tokenized Treasury product by a wide margin. The fund holds US Treasury bills, repurchase agreements, and cash, with BNY Mellon as custodian.
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BUIDL is restricted to qualified purchasers under Reg D 506(c), with a $5M minimum subscription per the offering documents. KYC and onboarding go through Securitize at securitize.io, which also serves as the transfer agent and maintains the whitelist on the token contract. Yield is approximately 4.5% net of fees as of May 2026, distributed monthly via additional BUIDL tokens minted to holders.
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BUIDL launched on Ethereum and has since expanded to Aptos, Arbitrum, Avalanche, Optimism, and Polygon through Securitize's cross-chain deployment. Redemption is same-day in USDC through a partnership with Circle plus instant settlement to BlackRock's prime brokerage. The same-day USDC redemption is the feature that distinguishes BUIDL from earlier institutional T-bill products and is the reason Ondo migrated OUSG's backing to hold BUIDL directly.
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USDY is Ondo's retail-accessible tokenized Treasury product, designed for non-US individual investors who cannot meet Reg D qualified purchaser thresholds. It launched in August 2023 and is structured as a senior secured note backed by short-duration US Treasuries plus bank demand deposits, issued by Ondo USDY LLC under Reg S. As of May 2026 USDY holds roughly $2.1B in AUM per rwa.xyz.
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USDY is open to non-US individuals and institutions after KYC through Ondo's onboarding portal, with no minimum investment for most jurisdictions (some markets enforce local minimums). US persons are blocked under the Reg S framework. The token is freely transferable between approved wallets after a 40-day seasoning period from initial mint, which is the standard Reg S restriction. Yield is approximately 4.4% net of fees as of May 2026, distributed via continuously rising token balance through a daily rebase.
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USDY is live on Ethereum, Solana, Mantle, Sui, Aptos, Cosmos, Noble, and Arbitrum through Ondo's multichain deployment. A separate wrapped version (rUSDY) offers a non-rebasing form for DeFi integrations that prefer fixed-supply tokens. Redemption is next-day in USDC during US market days. USDY has become a common base asset for non-US neobanks and remittance flows because it composes with stablecoins while paying T-bill yield, which fiat-backed dollars like USDC do not. See our USDY pillar article for the full Ondo issuance stack.
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BENJI is the token representing shares of the Franklin OnChain US Government Money Fund (FOBXX), launched by Franklin Templeton in 2021 as the first US-registered money market fund to use a public blockchain for share recordkeeping. As of May 2026 BENJI holds roughly $800M in AUM per rwa.xyz. The fund holds US Treasury securities, government agency repurchase agreements, and cash, structured as a US-registered 1940 Act fund.
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BENJI is the most retail-accessible of the institutional-grade tokenized Treasuries because FOBXX is a registered money market fund rather than a Reg D offering. US individuals can invest through the Franklin Templeton Benji app at benji.com with no qualified purchaser requirement and a minimum that varies by venue (often $20 on the consumer app, higher on institutional venues). KYC happens at account creation. Yield is approximately 4.4% gross as of May 2026, distributed as additional BENJI tokens via a daily accrual mechanism.
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BENJI is live on Stellar (the original deployment), Polygon, Arbitrum, Aptos, Avalanche, Base, Ethereum, and Solana. Redemption is same-day during US market hours, settled via the Franklin Templeton transfer agent into USD bank rails or USDC depending on the venue. BENJI is the only product on this list that combines public-fund registration with multichain DeFi composability, which makes it the default choice for US-domiciled treasurers seeking onchain T-bill exposure without a Reg D wrapper.
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USTB is Superstate's institutional tokenized Treasury fund, launched in February 2024 by a team led by former Compound founder Robert Leshner. The fund holds short-duration US Treasury bills, repurchase agreements, and money-market instruments, with custody at Anchorage Digital and prime brokerage through Clear Street. As of May 2026 USTB holds roughly $836M in AUM per rwa.xyz.
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USTB is restricted to qualified purchasers under Reg D 506(c), with a $100,000 minimum investment. KYC and onboarding happen through Superstate's portal at superstate.com, with whitelist enforcement on the token contract. Yield is approximately 4.5% net of fees as of May 2026, distributed via continuously rising NAV similar to OUSG and BUIDL. The fund publishes daily NAV and monthly portfolio holdings to subscribers.
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USTB launched on Ethereum and has since added Solana and Arbitrum. Redemption is next-day in USDC during US market hours, with a Superstate-operated redemption smart contract that lets approved holders submit a burn transaction and receive USDC in the same operational window. Superstate's pitch versus BUIDL is lower minimum ($100K versus $5M) and a smart-contract-first redemption path; the trade-off is smaller AUM and a less established custody stack than BlackRock plus BNY Mellon.
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USYC is the US Yield Coin, originally launched by Hashnote in 2023 and acquired by Circle in early 2025 as part of Circle's strategy to bring yield-bearing reserves under its own product umbrella. The fund holds short-duration US Treasuries and repurchase agreements, structured as a Cayman feeder into a US master fund. As of May 2026 USYC holds roughly $3B in AUM per rwa.xyz after sustained growth under Circle's ownership, having become the largest tokenized US Treasury product in the category.
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USYC is restricted to qualified investors under Cayman regulations plus Reg S, with a minimum investment of $250,000. KYC and onboarding now run through Circle's institutional portal following the Hashnote acquisition. Yield is approximately 4.5% net of fees as of May 2026, distributed via continuously rising NAV. Circle's roadmap suggests USYC will become the canonical yield-bearing collateral inside the broader USDC ecosystem over the course of 2026, including integration with Circle's Cross-Chain Transfer Protocol (CCTP).
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USYC is live on Ethereum, Canton, Solana, and Arbitrum, with additional chains expected as Circle integrates the product into CCTP. Redemption is same-day in USDC during US market hours through Circle's settlement infrastructure. The transition from Hashnote to Circle has shifted the product's positioning from a pure DeFi collateral asset (its 2024 use case with Ethena and other delta-neutral protocols) to a Circle-aligned institutional T-bill product with deep USDC composability.
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The table below summarizes the six products on the metrics that matter for an allocation decision. Numbers refresh continuously; cross-check at rwa.xyz and each issuer's site before deploying.
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Net yields cluster within 20 basis points of one another because they all back to the same underlying T-bill curve. The dispersion comes from management fees (typically 15 to 50 bps), the custodian arrangement, and the redemption mechanism. For deeper protocol-level data including daily flows, full holdings breakdowns, and historical yield ladders, rwa.xyz remains the most useful third-party tracker and pulls data directly from each issuer's onchain transfer logs.
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The choice rarely turns on rate. It turns on KYC tier, redemption speed, and DeFi composability. A few common patterns:
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Large institutional treasury (>$50M, US domiciled). BUIDL is the default because the AUM is largest, custody is BlackRock plus BNY Mellon, and the same-day USDC redemption clears through Circle. The $5M minimum is rarely a constraint for this segment, and the operational integration with Securitize is mature.
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Smaller institutional treasury or DAO ($1M to $50M). OUSG, USTB, or USYC fit because the $100K to $250K minimums are workable and the redemption mechanics are designed for active treasury management. OUSG has the deepest DeFi integration through Ondo's distribution; USTB has the cleanest smart contract redemption path; USYC has the closest tie to Circle's broader USDC stack.
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US retail. BENJI is the only product that lets US individuals access tokenized Treasuries without a Reg D wrapper, because FOBXX is a registered 1940 Act money market fund. The trade-off is lower DeFi composability since Franklin Templeton controls the token contract and has not opened broad lending market integrations.
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Non-US retail or neobank integration. USDY is the default because it is structured for retail access under Reg S, lives on the most chains (including Noble for Cosmos-native distribution), and has both rebasing and non-rebasing forms (USDY and rUSDY) for DeFi composability. USDY is increasingly used as base asset in non-US payments and remittance flows.
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DeFi collateral or Pendle PT/YT exposure. rUSDY (Ondo's non-rebasing USDY), OUSG, and USYC are the most-integrated products inside lending markets and yield-tokenization protocols. BUIDL has integrations but the $5M minimum limits who can supply it directly; most DeFi exposure to BUIDL routes through wrappers like OUSG.
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Tokenized Treasuries occupy a specific niche on the yield spectrum: low-risk, low-variance, externally backed yield with credit risk to a regulated custodian rather than to a DeFi protocol. The yield (around 4.5% net) is below sUSDe (variable, often 6 to 12% depending on perp funding), below most DeFi lending APYs during periods of high leverage demand, and similar to sUSDS administered yield (3.75% as of May 2026).
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The trade-off versus sUSDS or sUSDe is that the backing assets are real T-bills held by a regulated custodian, which removes most of the smart-contract risk and protocol governance risk but introduces credit risk to the custodian and the issuer. For investors who already hold USD and want T-bill yield without leaving onchain settlement, tokenized Treasuries are the cleanest path. For investors comparing across yield sources, the relevant context is in our USDC yield platforms guide, which covers lending markets, yield-bearing stablecoins, and tokenized Treasuries side by side.
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For cross-chain movement of tokenized Treasury tokens, Eco's stablecoin orchestration platform routes USDC redemption proceeds across supported chains, which lets institutional treasuries redeem from any chain where their tokenized Treasury product is live and receive USDC where they need it. The tokenized Treasury tokens themselves are typically not bridged the way fiat-backed stablecoins are; each chain deployment is a separate share class registered with the transfer agent.
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No. Each product has its own onboarding, transfer agent, and whitelist. Moving from one to another requires redeeming the first to USDC or USD, then subscribing to the second through its own KYC flow. Many large allocators hold positions in two or three products simultaneously to diversify custodian risk and to take advantage of slightly different redemption windows.
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The yield tracks the short end of the US Treasury curve, currently around 4.5% in May 2026. If the Fed cuts rates, tokenized Treasury yields will fall in lockstep. If rates rise, yields will rise. The dispersion across the six products is mostly explained by management fees (15 to 50 bps) and is unlikely to widen meaningfully unless one issuer takes on materially different duration or credit risk.
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The backing T-bills sit with a regulated custodian (BNY Mellon, State Street, Anchorage, Clear Street depending on the product) and are bankruptcy-remote from the issuer. Token holders are beneficial owners of the underlying fund shares, with the transfer agent maintaining the record. A clean bankruptcy of the issuer would route holders to the transfer agent for redemption against the custodian-held assets. The risk path is operational complexity and time, not principal loss in most scenarios.
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BlackRock is the world's largest asset manager and brought existing institutional relationships into the product at launch. The same-day USDC redemption through Circle was also a first-mover feature that pulled in DeFi-native allocators including Ondo, who built OUSG around BUIDL's redemption infrastructure. AUM is sticky once an institutional treasury has onboarded, so the early lead has compounded.
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Yes. FOBXX is a US-registered 1940 Act money market fund, and the Franklin Templeton Benji app sells shares to US individuals with no qualified purchaser requirement. The minimum is set by the venue and can be as low as $20. This is the structural reason BENJI is the only product on this list with broad US retail access.
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Sources and methodology. AUM, chain support, and product structure pulled from rwa.xyz, ondo.finance, securitize.io, benji.com, superstate.com, and Circle's institutional documentation on May 24, 2026. Net yields are management-fee-adjusted and track the short end of the US Treasury curve; cross-check before deploying. Regulatory frameworks (Reg D 506(c), Reg S, 1940 Act) per each issuer's offering documents.
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