Tokenized treasuries, explained.Government debt, on-chain shares.
A tokenized treasury is almost always a fund. The fund buys short-term government bills or repo, and its shares are recorded as tokens on a blockchain. The yield comes from the bills, minus the fund’s fees. The token is the wrapper, not the asset.
Reviewed October 19, 2026 · figures from our live data
The short answer
Most tokenized treasuries are shares in a fund or note that holds short-term government debt, usually US Treasury bills and repo backed by them.
Economically they sit close to a money market fund. The difference is the register: shares move as tokens, often around the clock, between approved wallets.
Unlike a payment stablecoin, a tokenized treasury passes the interest on to holders. Its price either rises over time or new tokens are added to your balance.
Most are permissioned: you pass KYC with the issuer before you can mint, hold or redeem. Who may buy is set by the issuer and its offering documents.
tokenized treasuries in our data today
issuers
stated yield range across 34 with a rate
Three things that look alike
Tokenized treasury funds, money market funds and stablecoins can all hold the same bills. What differs is who gets the interest, who may hold the asset and what legal claim you have.
- 1
Money market fund
A regulated fund that holds short-term debt. You own fund shares recorded by a transfer agent. Interest flows to you as dividends or a rising share price. Trading happens once a day through a broker or the fund.
- 2
Tokenized treasury fund
Often the same kind of fund, or a fund set up for the purpose, with the share register kept on a blockchain. You still own fund shares. The token lets you transfer and sometimes redeem outside normal market hours.
- 3
Payment stablecoin
A token redeemable for one dollar. The issuer holds bills and cash as reserves but keeps the interest. In the EU under MiCA, and in the US under federal stablecoin law, issuers may not pay interest to holders.
- 4
Yield-bearing stablecoin
A token that targets one dollar but shares some income with holders. Some are tokenized notes backed by treasuries, others earn from lending or derivatives. The label hides very different risks.
- 5
Your legal claim
With a fund token you hold a share of the fund’s assets. With a stablecoin you hold a claim on the issuer. With a note you are an unsecured or secured creditor of the issuing entity. Read which one applies.
- 6
Access
Money market funds are sold widely to the public. Tokenized treasury funds are often offered only to professional or qualified investors, and many exclude US persons or require a minimum. The issuer decides.
What to check before you buy
The fund documents matter more than the token. These are the points that separate one product from another.
- 1
What the fund holds
Treasury bills, repo, other government debt or cash. Check maturity and whether the fund can hold anything else. Some products called treasuries hold a mix.
- 2
How yield reaches you
Accumulating tokens rise in price as interest builds. Rebasing tokens keep a stable price and add tokens to your wallet. Some pay out in a stablecoin. Each has different tax and accounting effects.
- 3
Fees
A management fee is taken from the yield. There may also be mint, redemption or network fees. Compare net yield, not the yield on the underlying bills.
- 4
Redemption
Check when you can redeem, how long settlement takes, the minimum size and what you receive back: dollars to a bank account or a stablecoin to a wallet.
- 5
Transfer rules
Many tokens only move between whitelisted wallets. A token you cannot transfer to a DeFi protocol or an exchange is less liquid than its chain suggests.
- 6
Who runs it
Look for the fund manager, custodian of the bills, transfer agent, auditor and the jurisdiction of the fund. A token contract alone tells you none of this.
The 12 highest stated yields
Yields as stated by the issuer or read on chain, with the date they were checked on each token page. Not a recommendation.
| Token | Issuer | Yield | Minimum |
|---|---|---|---|
| Spiko Dollar (Spiko Amundi Overnight Swap Fund, USD share class) | Spiko | Interest rate 4.37% net of fees (spiko.io, 16 Oct 2026) | $1 |
| WisdomTree 3-7 Year Treasury Digital Fund | WisdomTree Prime | SEC 30 Day Yield 4.19%, Distribution Yield 3.67%, Yield to Maturity 4.21% (as of 06/30/2026) | — |
| Spiko Pound (Spiko Amundi Overnight Swap Fund, GBP share class) | Spiko | Net yield 4.17% net of fees (spiko.io, 16 Oct 2026) | £1 |
| Spiko US T-Bills Money Market Fund | Spiko (SICAV, France) | 3.82% (net of fees, last 31 days) | €1 (≈$1,000 practical) |
| Franklin OnChain US Government Money Fund | Franklin Templeton | 3.73% (7-day current yield, 30 Sep 2026) | Low (Benji app) |
| Grand Duchy of Luxembourg — Luxembourg 3.70% 10-year DLT-native sovereign benchmark bond | Grand Duchy of Luxembourg | 3.7% coupon | — |
| Ondo US Dollar Yield | Ondo Finance | ~3.69% | ~$50 (secondary market) |
| VanEck Treasury Fund Ltd. | VanEck | 7-Day Yield 3.66% net, as of 10/1/2026 | $100K (Avalanche/BNB/Solana), $1M (Ethereum) |
| HKSAR Government — Digital Green Bond 2025 (USD 3-year tranche) | HKSAR Government | 3.633% coupon | — |
| BlackRock USD Institutional Digital Liquidity Fund | BlackRock | ~3.59% | $5M (institutional) |
| Janus Henderson Anemoy Treasury Fund | Anemoy | ~3.59% | $500,000 (institutional) |
| Ondo Short-Term US Government Treasuries | Ondo Finance | ~3.56% | $5,000 |
Questions
Are tokenized treasuries safer than stablecoins?+
They carry different risks. The underlying bills are the same kind of asset, but a fund token gives you a share of the fund while a stablecoin gives you a claim on the issuer. Fund tokens can move in price slightly and often have redemption windows. Neither is insured like a bank deposit.
Can I buy tokenized treasuries without KYC?+
Most fund tokens require KYC with the issuer. Some are traded on decentralized exchanges or wrapped by third parties, and some yield stablecoins backed by treasuries are open to any wallet. Who may buy is set by the issuer, and buying on a secondary market does not always give you the right to redeem.
Do tokenized treasuries pay interest?+
Yes, that is their purpose. The interest from the bills, minus fees, either raises the token price or is added as new tokens. How often this happens depends on the product.
Is a tokenized treasury the same as owning a Treasury bill?+
Usually not. You own a share in a fund or a note that holds bills. Direct tokenized bills that you own outright are rare.
- Highest-yield tokenized treasuries →
- USDY vs OUSG →
- BUIDL vs BENJI →
- Tokenized money market funds →
- KYC for tokenized assets →
This guide explains how these products work and is not investment advice or an offer of any security. Who may buy a product is set by its issuer; check the offering documents before investing.