Tokenized Treasuries & Money Market Funds
Data verified 2026-10-27Short-dated US Treasuries, money-market fund shares or repos issued as on-chain tokens, accruing daily and paying monthly. The largest and most clearly regulated RWA class; representative products are BUIDL, BENJI, OUSG and USDY.
365rwa.vip is a Chinese-language verification site for RWA (real-world asset tokenization). It maintains four public databases - issued-project dossiers, a global licensed-institution registry, a regulatory feed and a market tracker - and offers a free authenticity-check tool, five-dimension ratings and a published methodology. No ads, no paid placements, no advertorials.
- Tokenized Treasuries & Money Market Funds: 11 rated projects, 14 issuance dossiers and 182 tracked tokens, $18.52B in total size.
- Average yield 4.11%, average score 83/100 (custody 30 / legal 25 / on-chain 20 / liquidity 15 / team 10).
- Size and yield move daily with the market; figures on this page are a snapshot at calculation time. Scores are research opinion, not investment advice.
How big is this class (data verified 2026-10-27)
Representative projects (by size)
Full database →| # | Project | Size | Yield | Score |
|---|---|---|---|---|
| 1 | Ondo OUSG Ondo | $3.56B | 4.12% | 86 |
| 2 | BlackRock BUIDL Securitize | $2.90B | 4.05% | 94 |
| 3 | Spiko MMF Spiko | $2.60B | 3.75% | 83 |
| 4 | Circle USYC (Hashnote) Circle | $2.51B | 4.08% | 79 |
| 5 | Franklin BENJI Benji Investments | $2.46B | 3.98% | 87 |
| 6 | Ondo USDY (US Dollar Yield Token) Ondo Finance | $2.28B | 4.5% | 82 |
| 7 | WisdomTree Digital Funds WisdomTree | $1.27B | 3.9% | 81 |
| 8 | Superstate USTB Superstate | $676.0M | 4.02% | 78 |
| 9 | OpenEden TBILL Vault (Tokenized T-Bill Vault) OpenEden | $150.0M | 4.2% | 83 |
| 10 | Matrixdock STBT (Short-term Treasury Bill Token) Matrixport / Matrixdock | $100.0M | 4.5% | 80 |
| 11 | Backed bIB01 (Tokenized iShares Short Treasury Bond ETF) Backed Finance | $19.0M | — | 81 |
Related issuance dossiers
14 projectsFinloop Finance, appointed by Aberdeen Investments, issues tokens in Hong Kong under its own SFC licence whose economics are directly linked to units of the abrdn I ICAV Global Private Markets Fund held by Finloop as agent. Professional investors only.
Underlying: Units of abrdn I ICAV Global Private Markets Fund (PE / private credit / infra / real estate / natural resources)Approval/Regulator: Issued by Finloop Finance under its SFC licence; professional investors onlyPartners: Finloop Finance · Aberdeen Investments
GCAM (SFC Type 9 licensed) set up Hong Kong's first SFC-filed tokenized LPF, using a dual-register structure: a traditional share register plus an on-chain ERC-20 register on Ethereum. Fund interests are fully tokenized with OTC secondary transfer support.
Underlying: Global bond portfolio (traditional financial assets)Approval/Regulator: Hong Kong LPF filed with the SFCPartners: King & Wood Mallesons (legal) · NVT (technology)
BlackRock launched its first tokenized fund BUIDL on Ethereum, subscribed via Securitize Markets, investing in cash, T-bills and repos with daily accrual paid monthly as new tokens. It later expanded to multiple chains with AUM peaking above $2B.
Underlying: Tokenized money market fund (cash / T-bills / repos)Size: Initial $100M, peak $2B+Approval/Regulator: U.S. SEC (Reg D exempt offering)Partners: Securitize · BNY Mellon
Founded by Compound creator Robert Leshner, USTB is an SEC-registered short-duration Treasury fund whose token serves as the on-chain transfer-agent record, with instant USDC subscriptions.
Underlying: Short-term U.S. TreasuriesSize: $600M+Approval/Regulator: U.S. SEC-registered (token as on-chain transfer-agent record)Partners: Ethereum · Plume
A yield-bearing dollar token backed by short-term Treasuries and bank deposits, open to non-U.S. retail and institutions; holders accrue Treasury yield automatically. Deployed across multiple chains.
Underlying: Short-term Treasuries + bank demand depositsSize: $500M+Approval/Regulator: Offshore structure (non-U.S. investors)
A Singapore-based tokenized T-bill platform; TBILL was the first tokenized Treasury product to receive a Moody's investment-grade rating, offering 24/7 mint/redeem to accredited investors.
Underlying: Short-term U.S. TreasuriesSize: $150M+Approval/Regulator: Tokenized fund with a Moody's investment-grade rating
Regulatory points (from the approvals database)
All regulatory updates →The Office of the Comptroller of the Currency (OCC) issued new rules implementing the U.S. Stablecoin Guidance and National Innovation Act, regulating payment stablecoin issuance and related activities by entities under its supervision.
Pursuant to the Paperwork Reduction Act of 1995, the OCC is soliciting public comments on a newly proposed reporting form and instructions for licensed payment stablecoin issuers to reduce administrative burdens.
Recurring packaging patterns in this class
- Claims "backed by Treasuries" but cannot produce the custodian, fund filing or prospectus - a real product is always findable on SEC EDGAR or the manager website.
- Promises a "risk-free" yield far above Treasuries: 15% when T-bills pay 4%. Anything above the risk-free rate comes from risk somewhere else.
- Uses "US Treasuries" in marketing while the token transfers freely between any wallets - compliant tokenized Treasuries all carry whitelist and eligibility restrictions.
Patterns we see repeatedly during checks. Not an accusation against any specific project.
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365rwa.vip, "Tokenized Treasuries & Money Market Funds", data verified 2026-10-27, https://365rwa.vip/topics/treasury/