This is a directory category: every listing of one type. Open a profile, or read the newsletter →
Directory › Tokenized treasuries & money-market funds
Tokenized treasuries and money market funds
Tokenized treasuries are fund shares or notes whose value comes from short-term government debt, cash and repurchase agreements, recorded as tokens on a blockchain rather than only in a transfer agent's database. Most products in this category are regulated funds or notes from established asset managers, with the token acting as the share register or as a claim on the underlying fund.
They matter because they are the clearest bridge between traditional finance and on-chain markets. A tokenized money market fund can be held in a wallet, moved between eligible holders at any hour and, in some cases, used as collateral or as a cash-management tool by on-chain treasuries. Income is usually paid by issuing new tokens or by letting the token's price accrue.
The differences sit in the structure: who may hold the token (often only qualified or non-US investors), which chains it is issued on, how subscriptions and redemptions work, and whether transfers are restricted to an allowlist of verified wallets. The comparison table below summarizes each listing; the project pages give the sources and the date each entry was last verified.
Projects in this category (9)
| Name | Organisation | Type | Chains | Last verified |
|---|---|---|---|---|
| BlackRock BUIDL | BlackRock | Fund | Ethereum, Solana, BNB Chain, Aptos, Arbitrum, Avalanche, Optimism, Polygon, Tempo | 23 Oct 2026 |
| Circle USYC (formerly Hashnote) | Circle | Fund | Ethereum, BNB Chain, Solana, Canton, Arc | 23 Oct 2026 |
| Franklin OnChain US Government Money Fund (FOBXX / BENJI) | Franklin Templeton | Fund | Stellar, Ethereum, Polygon, Arbitrum, Avalanche, Base, Aptos, Solana | 23 Oct 2026 |
| Midas mTBILL | Midas | Token | Ethereum | 23 Oct 2026 |
| Ondo OUSG | Ondo Finance | Fund | Ethereum, Polygon, Solana, XRP Ledger | 23 Oct 2026 |
| Ondo USDY | Ondo Finance | Token | Ethereum, Solana, Arbitrum, Aptos, Stellar, BNB Chain, Sui, Noble, Mantle, Sei | 23 Oct 2026 |
| OpenEden TBILL | OpenEden | Fund | Ethereum, Arbitrum, BNB Chain, Solana, XRP Ledger | 23 Oct 2026 |
| Spiko (EUTBL / USTBL) | Spiko | Fund | Ethereum, Polygon, Arbitrum, Base, Etherlink, Starknet, Stellar | 23 Oct 2026 |
| WisdomTree Treasury Money Market Digital Fund (WTGXX) | WisdomTree | Fund | Ethereum, Arbitrum, Avalanche, Base, Optimism, Plume, Solana, Stellar | 23 Oct 2026 |
- BlackRock BUIDL: BlackRock USD Institutional Digital Liquidity Fund: a tokenized fund holding cash, US Treasury bills and repo, for qualified investors, tokenized via Securitize.
- Circle USYC (formerly Hashnote): Permissioned tokenized money-market fund investing in short-duration US Treasuries and reverse repo, subscribed and redeemed in USDC; for eligible non-US institutions.
- Franklin OnChain US Government Money Fund (FOBXX / BENJI): Franklin Templeton's US government money-market fund whose share register is kept on-chain; accessed through the Benji platform.
- Midas mTBILL: Tokenized investment product tracking short-term US Treasury bills, issued by Midas Software GmbH under an EU prospectus; not offered to US or UK persons.
- Ondo OUSG: Ondo Short-Term US Treasuries Fund for qualified purchasers, with 24/7 instant mints and redemptions.
- Ondo USDY: Ondo US Dollar Yield: a tokenized note backed by short-term US Treasuries and bank deposits, for non-US investors.
- OpenEden TBILL: BVI-regulated professional fund token giving exposure to short-dated US T-bills, managed and custodied by BNY; rated AA+f by S&P.
- Spiko (EUTBL / USTBL): Paris-based issuer of regulated tokenized money-market funds holding euro-area and US Treasury bills, for companies and individuals.
- WisdomTree Treasury Money Market Digital Fund (WTGXX): Stable-NAV US Treasury money-market fund with tokenized shares; renamed from Government Money Market Digital Fund in November 2025.
Every listing was checked against the official sources linked on its page. Information only, not investment advice. Eligibility, availability and supported chains change; confirm on the official site before acting. Spotted an error? Reply to any edition of the newsletter.
How to compare tokenized treasury funds
Two products holding similar Treasury bills can behave very differently for a holder. When comparing listings, look at:
- Legal form: a registered fund, a private fund or a note that references a fund.
- Eligibility: qualified purchasers, accredited investors, non-US persons only or open to retail.
- Subscription and redemption: minimum size, settlement currency (cash or stablecoin), cut-off times and whether redemptions are instant or next day.
- Income method: new tokens, a rising token price or cash distributions.
- Chains and transferability: where the token lives and whether transfers are limited to an allowlist.
Who uses tokenized treasuries
Typical holders include crypto-native companies and on-chain treasuries that want a cash-management tool without leaving the blockchain, protocols that accept tokenized funds as collateral or reserves, and asset managers testing on-chain distribution. Some stablecoin and payment businesses also use them to hold short-term assets in token form.
Risks and limits
Tokenized treasuries carry the risks of the fund itself, including interest-rate and counterparty risk in repurchase agreements, plus those of the token layer: smart-contract faults, key management and the operational chain between the fund administrator, transfer agent and blockchain. When a token is used as collateral elsewhere, the rules of that other protocol add another layer.
Yields change with central bank rates and are not guaranteed. Published fund size and yield figures move daily, so always check the issuer's current documents rather than any figure repeated elsewhere.
Guides
Frequently asked questions
- What is a tokenized treasury fund?
- It is a fund, or a note referencing a fund, that holds short-term government debt and cash and records ownership as tokens on a blockchain. The legal rights come from the fund documents, not from the token itself.
- Can anyone buy tokenized treasuries?
- Usually not. Many products are limited to qualified, accredited or non-US investors and require identity checks before a wallet is allowed to hold the token. Eligibility is set by each issuer and changes over time.
- How is income paid on tokenized money market funds?
- Depending on the product, income is distributed as additional tokens, accrued into the token price, or paid out in cash or stablecoins. Each listing's official documents describe the method.
