Treasury Token Yield Comparison — USYC vs BUIDL vs USDY vs BENJI vs JTRSY
The tokenized U.S. Treasury market at $11.3 billion is served by multiple competing products with meaningfully different yield profiles, architectures, and risk characteristics. This comparison benchmarks the eight largest tokenized treasury products across key metrics to help institutional allocators evaluate their options.
Head-to-Head Yield Matrix
| Product | Issuer/Platform | AUM | APY | 7D Change | 30D Change | Architecture |
|---|---|---|---|---|---|---|
| USYC | Circle | $2.29B | 1.76% | +13.66% | +41.44% | Value-accruing |
| BUIDL | Securitize / BlackRock | $2.00B | 3.46% | +0.08% | +8.73% | Dividend reinvestment |
| USDY | Ondo | $1.21B | 3.55% | +0.16% | -5.13% | Value-accruing |
| BENJI | Franklin Templeton | $1.01B | 3.01% | -2.40% | +5.63% | NAV-based |
| JTRSY | Centrifuge | $761.3M | — | +34.39% | +34.39% | Fund token |
| WTGXX | WisdomTree | $745.7M | 3.49% | -3.72% | +2.07% | Fund token |
| OUSG | Ondo | $723.2M | 0.48% | -3.39% | +1.70% | NAV-based |
| USTB | Superstate | $657.6M | 1.48% | +6.50% | -13.64% | Registered fund |
Yield Tier Analysis
Tier 1 — Competitive Yield (3.46-3.55% APY): USDY, WTGXX, and BUIDL compete closely on yield, with differences primarily reflecting fee structures and portfolio duration. USDY’s 3.55% leads this tier, offering 9 basis points more than BUIDL. For yield-optimizing allocators without strong brand preference, this tier offers the best risk-adjusted return for tokenized treasury exposure.
Tier 2 — Moderate Yield (1.76-3.01% APY): BENJI at 3.01%, USYC at 1.76%, and USTB at 1.48% deliver lower yields that reflect either conservative portfolio positioning, higher fee structures, or different product architectures. BENJI’s ‘40 Act registration provides regulatory advantages that may justify the yield discount for compliance-constrained institutions.
Tier 3 — Ultra-Low / Unquoted: OUSG at 0.48% and JTRSY (unquoted) serve specific institutional needs — OUSG targets maximal capital preservation, while JTRSY’s rapid growth suggests the fund prioritizes AUM scaling over yield reporting.
Architecture Comparison
Value-Accruing (USYC, USDY): Token price rises to reflect accumulated yield. Advantages: seamless DeFi composability, no claim transactions, automatic yield. Disadvantages: regulatory complexity as appreciating tokens, potential transfer restrictions.
Dividend Reinvestment (BUIDL): Yield distributed as additional tokens while maintaining $1.00 peg. Advantages: stable unit price for accounting, familiar fund mechanics. Disadvantages: requires token quantity tracking, potential gas costs for distribution.
NAV-Based (BENJI, OUSG): Token price reflects daily NAV calculation. Advantages: regulatory clarity as fund shares, institutional familiarity. Disadvantages: dependence on NAV oracle accuracy, potential for stale pricing.
Growth Momentum Ranking
| Product | 30D Growth | Implication |
|---|---|---|
| USYC | +41.44% | Ecosystem-driven demand |
| JTRSY | +34.39% | Institutional acceleration |
| BUIDL | +8.73% | Steady institutional pace |
| BENJI | +5.63% | Moderate growth |
| WTGXX | +2.07% | Flat |
| OUSG | +1.70% | Flat |
| USDY | -5.13% | Contraction |
| USTB | -13.64% | Significant outflows |
Credit Yield Alternative
For perspective, Maple Syrup USDC at 4.89% APY offers a 134-313 basis point premium over all treasury tokens, compensating for credit risk. Allocators must weigh this premium against the risk-free nature of treasury-backed products. See Credit Protocol Comparison for credit market benchmarking.
Selection Framework
- Yield-maximizing: USDY (3.55%) or BUIDL (3.46%)
- Ecosystem integration: USYC (Circle/USDC ecosystem)
- Regulatory compliance: BENJI (‘40 Act registered) or BUIDL (Securitize broker-dealer)
- Growth momentum: JTRSY (Centrifuge) or USYC (Circle)
- DeFi composability: USDY (multi-chain, value-accruing)
Network Deployment and Accessibility
Treasury token accessibility varies significantly across blockchain networks:
| Product | Primary Networks | DeFi Composability |
|---|---|---|
| USYC | Multi-chain (Circle ecosystem) | High |
| BUIDL | Ethereum, Multi-chain | Moderate |
| USDY | Ethereum, Solana, Arbitrum, Avalanche | High |
| BENJI | Stellar, Polygon | Limited |
| JTRSY | Ethereum (Centrifuge) | Moderate |
| WTGXX | WisdomTree platform | Moderate |
| OUSG | Ethereum | Moderate |
| USTB | Ethereum (Superstate) | Moderate |
Network deployment directly affects product utility. USDY’s broad multi-chain deployment enables DeFi composability across the most ecosystems, while BENJI’s Stellar/Polygon deployment limits its DeFi integration relative to Ethereum-native competitors.
Yield vs Non-Yield Selection Factors
The yield comparison reveals that APY is only one of several factors driving capital allocation. Non-yield factors include:
- Brand trust: BlackRock (BUIDL) and Franklin Templeton (BENJI) bring asset manager credibility that crypto-native issuers cannot match
- Regulatory status: BENJI’s SEC-registered ‘40 Act fund provides regulatory protections unavailable in offshore structures
- Ecosystem integration: USYC benefits from seamless USDC conversion, driving the highest growth rate despite the lowest yield
- DeFi utility: USDY’s value-accruing model enables passive yield without claiming, ideal for DeFi collateral use
- Compliance infrastructure: Securitize’s DS Protocol provides institutional-grade compliance for BUIDL holders
The USYC overtaking BUIDL in AUM despite offering 170 basis points less yield demonstrates that ecosystem integration and brand trust can outweigh yield as capital allocation criteria.
Implications for Institutional Allocators
For UAE-based institutional investors evaluating tokenized treasury products, this comparison suggests several allocation considerations:
- Compliance-first allocators: BENJI (‘40 Act registered) or BUIDL (Securitize broker-dealer) for maximum regulatory clarity
- Yield-maximizing allocators: USDY (3.55%) or BUIDL (3.46%) for highest treasury returns
- Credit yield seekers: Maple Syrup USDC (4.89%) for investors accepting credit risk for 134+ basis point premium
- Ecosystem-oriented allocators: USYC for existing USDC ecosystem participants
- Growth momentum seekers: JTRSY (Centrifuge) or USYC for fastest-growing products
Related: Protocol Metrics Dashboard | RWA Network Dashboard | Ondo vs Securitize Comparison | USYC Overtakes BUIDL Brief | Tokenized Treasuries $11B Brief | How to Access Tokenized Treasuries
Data as of March 18, 2026. Source: RWA.xyz. Contact info@uaetokenizedrwa.com for institutional research.