Treasuries & bonds

Tokenized money-market and government-bond funds — for example US Treasuries. Considered the most conservative RWA category: the yield roughly follows central-bank rates. Many products target institutional buyers, so check the access requirements per platform.

Assets12
Platforms9
Reported yield range3,4–3,6 %
23 assets · access calculated for Syria
🏛️

Ondo US Dollar Yield

Ondo Finance · US Treasuries
Not available
Professional
Price$1,14
Yield (APY)3,55 %
TVL$2,15B
Liquidity 24h—
USDY
🏛️

Ondo Short-Term US Gov Treasuries

Ondo Finance · US Treasuries
Not available
Institutional
Price$116,05
Yield (APY)3,43 %
TVL$381,4M
Liquidity 24h—
OUSG
💵

OpenEden cUSDO (compounding)

OpenEden · Stablecoin yield
Not available
Retail
Price$1,05
Yield (APY)3,09 %
TVL$16,3M
Liquidity 24h—
cUSDO
💵

OpenEden OpenDollar

OpenEden · Stablecoin yield
Not available
Institutional
Price$1,00
Yield (APY)3,09 %
TVL$27,5M
Liquidity 24h—
USDO
🏛️

OpenEden T-Bills

OpenEden · US Treasuries
Not available
Institutional
Price$1,15
Yield (APY)3,37 %
TVL—
Liquidity 24h—
TBILL
⚡

Midas mBTC

Midas · Crypto strategy
Not available
Retail
Price$66.023,00
Yield (APY)—
TVL$1,3M
Liquidity 24h💧 $5
mBTC
🪙

Matrixdock Gold

Matrixdock · Commodities
Not available
Retail
Price$4.033,38
Yield (APY)—
TVL$65,9M
Liquidity 24h💧 $536K
XAUm
⚡

Midas mBASIS

Midas · Crypto strategy
Not available
Retail
Price$1,20
Yield (APY)—
TVL$5,1M
Liquidity 24h💧 $1K
mBASIS
⚡

Midas mMEV

Midas · Crypto strategy
Not available
Retail
Price$1,14
Yield (APY)—
TVL$3,4M
Liquidity 24h💧 $2
mMEV
🏛️

Circle USYC (US Yield Coin)

Circle USYC (ex-Hashnote) · US Treasuries
Not available
Institutional
Price$1,13
Yield (APY)—
TVL$3,01B
Liquidity 24h💧 $226K
USYC
💵

Midas mEDGE

Midas · Stablecoin yield
Not available
Retail
Price$1,13
Yield (APY)—
TVL$2,6M
Liquidity 24h💧 $55
mEDGE
🏛️

Spiko US T-Bills MMF

Spiko · US Treasuries
Not available
Retail
Price$1,09
Yield (APY)—
TVL$160,7M
Liquidity 24h💧 $49
USTBL
🏛️

Midas mTBILL

Midas · US Treasuries
Not available
Retail
Price$1,07
Yield (APY)—
TVL$56,3M
Liquidity 24h💧 $225
mTBILL
🤝

Midas mF-ONE

Midas · Private Credit
Not available
Retail
Price$1,11
Yield (APY)—
TVL$70,9M
Liquidity 24h—
mF-ONE
⚡

Superstate Crypto Carry Fund

Superstate · Crypto strategy
Not available
Professional
Price$11,66
Yield (APY)—
TVL—
Liquidity 24h—
USCC
🏛️

Franklin OnChain US Gov MMF

Franklin Templeton (BENJI) · US Treasuries
Not available
Retail
Price$1,00
Yield (APY)—
TVL—
Liquidity 24h—
BENJI
🏛️

Spiko EU T-Bills MMF

Spiko · Treasuries (EU/US)
Not available
Retail
Price—
Yield (APY)—
TVL—
Liquidity 24h—
EUTBL
🏛️

VanEck Treasury Fund

Securitize · US Treasuries
Not available
Institutional
Price—
Yield (APY)—
TVL—
VBILL

Platforms in this category

Circle USYC (ex-Hashnote) 1 assets

Tokenized money market fund (short-duration US treasuries + reverse repo) from Circle; permissioned, for non-US qualified purchasers and institutions only — no retail.

 Franklin Templeton (BENJI) 1 assets

Tokenized, SEC-regulated US government money market fund (FOBXX); shares held on-chain as BENJI tokens, open to US retail from $20 via the Benji app.

 Matrixdock 1 assets

Matrixdock (by Matrixport, Singapore) tokenizes short-duration US treasuries (STBT, institutional/gated) and LBMA gold (XAUm, retail via CEX/DEX).

 Midas 1 assets

Berlin-based RWA issuer offering institutional strategies (US treasuries, private credit, market-neutral crypto) as compliant on-chain tokens with no minimum investment for EU retail.

 Ondo Finance 2 assets

Tokenized US treasuries (USDY for non-US, OUSG for qualified investors), the USDtb stablecoin and tokenized equities (Global Markets).

 OpenEden 1 assets

Tokenized US T-bills (TBILL, institutional) and a regulated yield-bearing stablecoin (USDO/cUSDO).

 Securitize 2 assets

Regulated RWA tokenization stack (broker-dealer + transfer agent + ATS); the platform behind BlackRock BUIDL, among others.

 Spiko 2 assets

French, AMF-regulated fintech with tokenized UCITS money market funds on EU and US government bonds — retail/SME access from EUR 1 via SEPA.

 Superstate 1 assets

Tokenized funds for qualified investors only: USTB (short-duration US treasuries) and USCC (crypto carry strategy). No retail access.

Frequently asked questions

Are tokenized treasuries as safe as buying treasuries at a bank?

The underlying bonds are the same, but you add layers: the issuer, the fund structure and the blockchain. A safe underlying does not mean the product has no risk.

Why do many products require institutional or qualified investors?

Many issuers register their funds only for certain investor groups per country. Retail-accessible alternatives exist — use the 'Retail-buyable only' filter.

How does the yield follow interest rates?

The funds hold short-term government paper; when central-bank rates change, the token yield follows within weeks.