Tokenized Treasury Tokens
Tokenized U.S. Treasury products represent $11.3 billion in on-chain value as of March 2026, making government securities the largest single asset class in the tokenized RWA market. This section covers the token architecture, yield mechanisms, redemption processes, and competitive positioning of each major treasury product.
Key Products by AUM
| Token | Issuer/Platform | AUM | APY |
|---|---|---|---|
| USYC | Circle | $2.29B | 1.76% |
| BUIDL | Securitize / BlackRock | $2.00B | 3.46% |
| USDY | Ondo Finance | $1.21B | 3.55% |
| BENJI | Franklin Templeton | $1.01B | 3.01% |
| JTRSY | Centrifuge | $761.3M | — |
| WTGXX | WisdomTree | $745.7M | 3.49% |
| OUSG | Ondo Finance | $723.2M | 0.48% |
| USTB | Superstate | $657.6M | 1.48% |
Coverage
- BlackRock BUIDL Fund Analysis — The institutional benchmark
- Ondo USDY Yield Token Analysis — Yield-bearing stablecoin alternative
- Franklin BENJI Fund Analysis — First registered fund on-chain
- Circle USYC Analysis — The largest treasury token
- Ondo OUSG Analysis — Short-term government bond fund
Related: Treasury Token Yield Comparison | Protocol Metrics Dashboard
Data sourced from RWA.xyz. Contact info@uaetokenizedrwa.com for institutional research.
BlackRock BUIDL Fund Analysis — The $2 Billion Institutional Benchmark for Tokenized Treasuries
In-depth analysis of BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) at $2.0B AUM, yield mechanics, Securitize infrastructure, multi-chain expansion, and institutional adoption dynamics.
Ondo USDY Yield Token Analysis — $1.21B Value-Accruing Treasury Token
Analysis of Ondo USDY yield-bearing token at $1.21B, 3.55% APY, multi-chain distribution, DeFi composability, and competitive positioning against BUIDL, BENJI, and USYC.
Franklin Templeton BENJI Fund Analysis — First Registered Fund on Public Blockchain
Analysis of Franklin OnChain U.S. Government Money Fund (BENJI) at $1.01B, the first registered fund to record transactions on a public blockchain. Yield mechanics, regulatory significance, and competitive positioning.
Circle USYC Analysis — The Largest Tokenized Treasury Product at $2.29B
Analysis of Circle USYC at $2.29B distributed value, the largest tokenized U.S. Treasury product. Yield mechanics, growth dynamics, and comparison with BUIDL, USDY, and BENJI.
Ondo OUSG Analysis — $723M Short-Term Government Bond Fund Token
Analysis of Ondo Short-Term US Government Bond Fund (OUSG) at $723.2M, NAV-based pricing, institutional subscription mechanics, and positioning within Ondo's product suite.