Tokenized Real-World Assets

Tokenized Treasuries

On-chain representations of treasuries and money-market funds.

Investment Overview

Tokenized Treasuries represent U.S. government securities brought on-chain as ERC-20 tokens, offering 24/7 trading, instant settlement, and composability with DeFi protocols. Market size: $2.2B tokenized Treasuries (2024), led by BlackRock BUIDL ($500M), Ondo OUSG ($400M), and Franklin BENJI ($410M). Yields match traditional Treasuries (4.5-5.2%) with added benefits: fractional ownership ($1 minimums), transparent on-chain reserves, and ability to use as DeFi collateral. Major issuers: Ondo Finance, Franklin Templeton, Backed Finance, OpenEden. This is the safest and most regulated tokenized RWA category.

Market Context & Trends

Tokenized Treasury market grew 800% in 2023-2024 as rising rates (5%+) made on-chain yield attractive. BlackRock's BUIDL launch (March 2024) brought institutional credibility and $500M in first 90 days. Franklin Templeton's BENJI ($410M AUM) proved traditional asset managers embrace tokenization. Ondo Finance transitioned from DeFi protocol to RWA leader with OUSG and USDY products. Regulatory clarity: Most tokenized Treasuries structured as Reg D offerings (accredited only) or registered funds (BENJI).

How to Invest in Tokenized Treasuries

Ondo OUSG: Tokenized short-term Treasuries, 4.8% yield, $5K minimum after KYC

Franklin BENJI: SEC-registered tokenized money market fund, 4.3% yield, $1 minimum

BlackRock BUIDL: $100M minimum (institutional), 4.5% yield, fastest-growing at $500M AUM

OpenEden T-Bills: Tokenized 1-6 month Treasuries, 5.2% yield, $100K minimum

Backed bIB01: European tokenized bonds, regulated in Switzerland, €1 minimum

Key Platforms & Access Points

Ondo Finance: Leading RWA platform, $500M+ AUM across OUSG and USDY, institutional-grade

Franklin Templeton: $1.5T AUM asset manager, BENJI first SEC-registered tokenized fund

BlackRock: $10T AUM, BUIDL institutional tokenized money market fund, Securitize partnership

OpenEden: Singapore-based, T-Bill tokenization, $100K minimums, institutional focus

Backed Finance: Swiss-regulated, tokenized stocks and bonds, European market leader

Key Investment Metrics

Yield: 4.5-5.2% currently (tracks Fed Funds rate); compare to traditional Treasury ETFs

Minimum investment: $1 (BENJI) to $100M (BUIDL); most $5K-$100K

Redemption period: 1-5 business days typical vs. instant for traditional Treasuries

Proof of reserves: On-chain verification via Chainlink or auditor attestations

Custody: Who holds underlying Treasuries? Coinbase Custody, BNY Mellon preferred

Risk Considerations

Understanding these risks is critical before investing in tokenized treasuries.

Smart contract risk: Bugs in tokenization contracts could freeze redemptions; audits reduce but don't eliminate
Custody risk: Underlying Treasuries held by third parties (Coinbase, BitGo); custodian insolvency = loss
Redemption delays: 1-5 days settlement vs. instant traditional Treasury ETFs; liquidity risk in crises
Regulatory changes: SEC could reclassify tokenized securities; compliance costs increase
Secondary market liquidity: Thin on-chain liquidity; may need to redeem vs. sell

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