Tokenized Treasuries

BENJI is the on-chain share token of the Franklin OnChain US Government Money Fund (FOBXX), a US-registered 1940 Act money market fund from Franklin Templeton. It holds at least 99.5% in US government securities, repo and cash, maintains a one-dollar share price, and uses public blockchains as its official record across eight networks. BENJI scores 90/100 (Tier 2) on the RWTS Trust Score, the highest of our tokenized treasuries, because it is a fully SEC-regulated mutual fund with daily liquidity rather than a private placement. It is the institutional gold standard for tokenized cash.

WTGXX is the tokenized share class of the WisdomTree Government Money Market Digital Fund, a US-registered 1940 Act money market fund holding government securities and repo. It maintains a one-dollar net asset value with around-the-clock on-chain transfer and recordkeeping. WTGXX scores 88/100 (Tier 2) on the RWTS Trust Score, near the top of our tokenized treasuries, on the strength of full SEC regulation, a mutual-fund structure and daily liquidity. Like its peers it is access-controlled, and on-chain utility depends on the supported networks and WisdomTree's own platform rather than open DeFi composability.

BUIDL is BlackRock's tokenized money market fund, issued with Securitize and live across Ethereum, Solana, Polygon, Avalanche, Arbitrum, Aptos and other chains. It is backed by US Treasury bills, repo and cash, with shares redeemable one-to-one for USDC, and is restricted to verified institutional investors under a Reg D private placement. BUIDL scores 87/100 (Tier 2) on the RWTS Trust Score, among the strongest tokenized treasuries on backing and counterparty quality. The main caveats are permissioned access and a redemption path that runs to USDC during US market hours.

Hashnote US Yield Coin (USYC) is a tokenized short-duration US Treasury product, now part of Circle, representing shares in a Cayman-domiciled fund holding T-bills and reverse repo. It offers daily yield accrual to permissioned institutional investors and has grown into one of the largest tokenized treasuries by assets. USYC scores 84/100 (Tier 2) on the RWTS Trust Score, strong on backing and verification, with Circle ownership adding distribution and credibility. The main constraints are permissioned access and reliance on the fund's redemption mechanics rather than open-market liquidity.

Superstate USTB is a tokenized short-duration US government securities fund, organised as a Delaware trust and managed with Invesco, offered to qualified purchasers under a Reg D private placement. It holds short Treasuries and agency paper with daily liquidity, and ownership is recorded directly on-chain. USTB scores 81/100 (Tier 2) on the RWTS Trust Score, strong on backing, regulatory framing and verification. The main constraints are permissioned, institutions-only access and reliance on the fund's daily subscription and redemption process rather than open secondary-market trading.

OpenEden TBILL is a Moody's A-rated tokenized U.S. Treasury vault. It's one of the few rated on-chain treasury products. Recently expanded to Solana and launched corporate bond products for diversified fixed-income exposure.

VBILL is VanEck's first tokenized fund, the VanEck Treasury Fund, structured in the British Virgin Islands with Securitize and launched across Ethereum, Solana, Avalanche and BNB Chain. It is backed by short-term US Treasury bills with 24/7 transfer and real-time settlement, open to qualified investors above a six-figure minimum. VBILL scores 78/100 (Tier 2) on the RWTS Trust Score: a strong asset manager and clean T-bill backing, held below the SEC-registered funds by its offshore private-placement structure and high investment minimums. It is a credible institutional cash instrument in an increasingly crowded field.

Ondo US Dollar Yield (USDY) is a tokenized, yield-bearing dollar note from Ondo Finance, built for non-US individuals and institutions. It is backed by short-dated US Treasuries held at Morgan Stanley plus demand deposits at insured banks, and issued under a Reg S structure that passes Treasury yield to holders rather than paying a stablecoin reward. USDY scores 77/100 (Tier 2) on the RWTS Trust Score, strong on backing and regulatory framing. Its main constraint is redeemability: transfers are locked for roughly 40 to 50 days after mint.

OUSG is Ondo Finance's tokenized short-term US government bond fund, giving institutions on-chain access to Treasury yield. It is a fund-of-funds, backed mainly by BlackRock's BUIDL and the iShares short Treasury ETF, with daily subscriptions and weekly redemption windows for whitelisted investors. OUSG scores 77/100 (Tier 2) on the RWTS Trust Score: high-quality underlying assets and a clear structure, sitting a notch below BUIDL itself because it adds a layer of fund and operational risk on top of the Treasuries. Access is permissioned and redemption follows the fund's schedule.

BSTBL is a proposed BlackRock tokenized stablecoin filed with Securitize, backed by money market fund shares holding US Treasuries, repo and cash. It targets an institutional, yield-bearing dollar substitute settled on-chain, but the filing is pending and the token is not yet liquid, with institutional-only access and a redemption window still to be defined. BSTBL carries a provisional RWTS Trust Score of 75/100 (Tier 2), reflecting BlackRock's reserve quality offset by an unproven launch, undefined redemption terms, and no track record. We will re-rate it once the product goes live and reserves are independently attested.

BRSRV is a proposed BlackRock tokenized reserve instrument filed through Securitize, backed by money market fund shares holding US Treasuries, repo and cash. Like its sibling filing it targets institutional on-chain cash management, but remains pending, illiquid and institutional-only, with redemption terms still to be confirmed. BRSRV carries a provisional RWTS Trust Score of 75/100 (Tier 2): strong underlying reserves but no live product, no defined redeemability and no operating history yet. The rating is interim and will be revisited once the instrument launches and reserves are independently attested.