Tokenized treasuries compared: OUSG, USDY, USTB, BENJI, BUIDL and TBILL
Tokenized treasuries are the largest and most crowded part of the RWA category, and the products look similar from a distance. Up close they differ on three things that decide the outcome: who can hold them, how the token is redeemed, and what the fee actually covers.
Who this is for: Readers who need to tell the tokenized treasury products apart, and sponsors who want to know which issuer they would be adjacent to.
Compare the exit path before the headline exposure. Two products can hold similar short-term government exposure and still differ completely on whether you can transfer the token or only redeem it with the issuer.
The comparison
6 options| Option | Issuer | Underlying exposure | Networks | Access model | Exit path | Where to verify |
|---|---|---|---|---|---|---|
| OUSG (Ondo) | Ondo Finance | Short-term US government exposure held through fund structures | Ethereum-compatible networks | Permissioned, subject to eligibility | Primary redemption with the issuer plus approved secondary venues | Product page and offering documents |
| USDY (Ondo) | Ondo Finance | Short-term government exposure with a yield-bearing structure | Ethereum-compatible networks plus at least one high-throughput chain | Designed for broader distribution than the permissioned tier, still jurisdiction-limited | Secondary market and issuer redemption subject to terms | Product page and offering documents |
| USTB (Superstate) | Superstate | Short-term US government securities | Ethereum-compatible networks | Permissioned | Issuer redemption and approved transfer paths | Fund information and regulatory filings |
| BENJI (Franklin Templeton) | Franklin Templeton | Shares of a government money market fund | More than one, including a non-EVM network | Permissioned, through the manager's onboarding | Fund redemption and approved transfer paths | Fund prospectus and manager disclosures |
| BUIDL (BlackRock, distributed via Securitize) | Asset manager, distributed on a tokenization platform | Short-term US government exposure through a fund structure | Ethereum-compatible networks, with additional deployments | Permissioned, institutional onboarding | Issuer and platform redemption path | Fund documents and platform documentation |
| TBILL (OpenEden) | OpenEden | Short-term treasury exposure | Ethereum-compatible networks | Permissioned | Issuer redemption subject to terms | Issuer product documentation |
A dash means the detail was not confirmable from public documentation at the review date. Treat every cell as a pointer to the primary document, not as a substitute for reading it.
Why each option is in the table
More in Tokenized Treasuries →OUSG (Ondo)
Why it is here
The longest-running example in the category, so its documentation trail is easier to inspect historically than newer products.
What to watch
Permissioning is the constraint. Confirm eligibility and the redemption mechanics before assuming you can use a secondary market that lists it.
USDY (Ondo)
Why it is here
Sits in the same product family as OUSG but under different rules, which makes the family worth reading as a pair.
What to watch
Jurisdiction limits still apply. Broader distribution is not the same as unrestricted, and the restriction is often geographic.
USTB (Superstate)
Why it is here
A single-product issuer, which keeps the documentation set small and readable.
What to watch
Fee differentials between treasury products are small in absolute terms, so the operational gating usually matters more than a few basis points.
BENJI (Franklin Templeton)
Why it is here
A traditional asset manager operating an on-chain share class, which makes the regulatory wrapper the most conventional in this table.
What to watch
The token represents fund shares, so the prospectus governs. Read it as a fund document, not as a crypto token document.
BUIDL (BlackRock, distributed via Securitize)
Why it is here
The highest-profile institutional entry in the category and a clear example of a manager using a platform as transfer agent rather than issuing natively.
What to watch
Institutional gating is the defining feature. For most readers this is a reference point for how the category works, not an investable option.
TBILL (OpenEden)
Why it is here
A smaller issuer in the same segment, useful for comparing fee structure and redemption terms side by side with the larger products.
What to watch
Smaller issuer means less public track record. Weight the operational history of the issuer as heavily as the fee difference.
Common questions
Are tokenized treasuries a substitute for a money market fund?
They expose the holder to similar underlying instruments, but the wrapper is different. A money market fund is a regulated fund share. A token is a claim whose transferability and redemption depend on the issuer's platform rules.
Why do so many of these tokens require permission?
Because the underlying instrument is a security in most jurisdictions. Permissioning lets the issuer control who holds the token and apply transfer restrictions, which is what makes the structure workable inside securities rules.
Does a bigger brand make the product safer?
It tells you the issuer has more to lose from operational failure, which is worth something. It does not remove redemption gating, fee drag or the fact that the exit path is defined by the issuer's rules rather than by a market.
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