Top 10 U.S. Tokenized Treasury Bill Projects

Introduction

In the evolving world of decentralized finance (DeFi), Tokenized Treasury Bill projects have emerged as one of the most transformative innovations. These projects bridge traditional finance (TradFi) with blockchain technology by converting U.S. Treasury Bills short-term, low-risk government securities into on-chain digital tokens. This means investors can now earn yield backed by the U.S. government directly through blockchain-based assets, bringing unprecedented safety, liquidity, and transparency to DeFi.

Unlike speculative yield farms of the past, Tokenized Treasury Bill projects offer returns tied to real-world interest rates, creating a sustainable form of income generation within crypto. These tokenized versions of Treasury Bills can be traded, lent, or staked across DeFi protocols, giving investors flexibility while maintaining exposure to a low-risk yield source. As of November 2025, the total value locked (TVL) in Tokenized Treasury Bill projects has surpassed $7.9 billion, highlighting their role as a reliable foundation for on-chain yield markets.

In essence, Tokenized Treasury Bill projects are redefining how global investors access traditional assets. They blend the predictability of government bonds with the efficiency of smart contracts, signaling the rise of a new financial era where real yield meets decentralized infrastructure.

Key Benefits of Tokenized Treasury Bills

Tokenized Treasuries combine traditional finance (TradFi) reliability with DeFi’s borderless accessibility and automation.

• Global Access and Fractional Ownership: Anyone with a crypto wallet can invest in fractions of U.S. Treasuries without large minimums or brokerage accounts.
• 24/7 Liquidity: Unlike traditional T-Bills, tokenized versions can be traded around the clock on decentralized markets.
• Transparency and Security: All transactions are verifiable on-chain, and assets are held by regulated custodians for safety.
• DeFi Integration: Tokenized T-Bills can serve as collateral or yield sources in lending and liquidity protocols.
• Cost Efficiency: Smart contracts reduce intermediaries, enabling near-instant settlements and lower fees.

These advantages have positioned tokenized Treasuries as a cornerstone of real-world asset (RWA) adoption in DeFi.

Top 10 Tokenized Treasury Bill Projects (as of November 2025)

1. BlackRock USD Institutional Digital Liquidity Fund (BUIDL)

BlackRock’s BUIDL fund leads the tokenized Treasury market with $2.83 billion TVL and a 3.90% APY. This fund represents a historic step as the world’s largest asset manager integrates blockchain with institutional liquidity. Designed for U.S. Qualified Purchasers, BUIDL offers institutional-grade exposure to short-term Treasuries across multiple chains including Solana, Polygon, Optimism, Ethereum, Avalanche, Arbitrum, and Aptos.

• Managed by the world’s largest asset manager
• Custody by Bank of New York Mellon
• Minimum investment: $5 million
• No subscription or redemption fees

BUIDL is redefining institutional DeFi participation, providing fully regulated access to tokenized government securities. Its cross-chain expansion demonstrates how institutional finance is converging with decentralized ecosystems.

2. Ondo Finance (OUSG & USDY)

Ondo Finance bridges TradFi and DeFi through two core products: OUSG for institutional investors and USDY for global users representing over $1.47 billion in combined TVL. OUSG offers yield from U.S. Treasury-backed funds, while USDY acts as a yield-bearing stablecoin accessible across multiple chains.

• OUSG yield: 3.27% APY
• USDY yield: 3.86% APY
• Operates on Solana, Ethereum, Sui, Stellar, and Mantle
• Custody by Clear Street and Morgan Stanley Smith Barney

Ondo is pioneering DeFi-native liquidity backed by real yields, integrating its tokens across lending platforms and stablecoin ecosystems. Its cross-chain architecture and focus on compliance make it a leader in tokenized RWA innovation.

3. Circle USYC

Circle’s USYC is a yield-bearing stablecoin pegged to U.S. Treasuries, combining regulatory trust with blockchain liquidity. With $948 million TVL and 3.64% yield, it allows users to hold government-backed assets while participating in DeFi markets.

• Built on Ethereum, Solana, Near, and BNB Chain
• No management fees; 10% performance fee
• Minimum: 100,000 USDC
• Backed by U.S. Treasuries and Circle’s regulatory framework

USYC positions Circle as a key intermediary between stablecoins and tokenized securities. It empowers global investors to earn yield from the most secure fixed-income assets while maintaining liquidity across DeFi protocols.

4. Franklin Templeton BENJI

Franklin Templeton’s BENJI fund represents one of the first retail-accessible tokenized money market funds. With $852 million TVL and 3.93% APY, it brings institutional-grade yield to everyday users while maintaining transparent on-chain operations.

• No minimum investment
• Available on Solana, Polygon, Base, and Avalanche
• 0.15% management fee
• Backed by decades of TradFi experience

BENJI’s simple onramp system allows users to invest directly using fiat or crypto. Its focus on accessibility and daily liquidity makes it a model for inclusive, compliant tokenized investment products.

5. WisdomTree Government Money Market Digital Fund

WisdomTree’s digital fund bridges traditional investment management and blockchain with $636 million TVL and a 3.87% yield. Built for both retail and institutional users, it reflects a push toward real-world yield integration in DeFi.

• Operates on Ethereum, Base, Optimism, and Stellar
• No minimum investment
• Custody by Bank of New York Mellon
• 0.25% management fee

WisdomTree emphasizes full on-chain transparency, allowing investors to verify fund holdings and performance in real time. This initiative reinforces how asset managers are leveraging tokenization to modernize fixed-income markets.

The Importance of Tokenized Treasuries for Global Commerce

Tokenized Treasury Bills are more than just financial instruments they’re transforming the way global capital moves. In traditional markets, cross-border liquidity often faces friction from intermediaries, regulations, and time delays. Tokenized Treasuries solve these problems by digitizing government-backed debt and enabling global, real-time transfer of value.

For global commerce, this has major implications:

• Corporate Treasury Management – Companies can park excess cash in tokenized Treasuries to earn yield while maintaining liquidity.
• Stable DeFi Collateral – Lending platforms and stablecoin issuers use tokenized T-Bills to back loans or stable assets, reducing volatility risk.
• Global Market Access – Investors from emerging markets can access safe U.S. yields without traditional banking barriers.

The result is a new paradigm where blockchain-powered money markets operate with the efficiency of crypto and the reliability of government debt. Tokenized Treasuries are becoming the bridge that unites decentralized liquidity with traditional financial confidence.

6. Superstate USTB

Superstate USTB offers institutional-grade Treasury exposure with $523 million TVL and a 3.81% APY. It focuses on accredited investors seeking blockchain-based liquidity for traditional securities. Superstate integrates directly with major blockchains, offering transparent reporting and rapid redemption.

• Built on Solana, Plume, and Ethereum
• Minimum: $100,000 USD
• 0.15% management fee
• Custody by UMB Bank

Superstate is positioning itself as a compliant, high-efficiency RWA hub combining fintech accessibility with enterprise-grade security for U.S. Treasury investments.

7. Anemoy JTRSY

Anemoy JTRSY brings a European focus to the tokenized yield landscape, holding $296 million TVL with a 3.46% APY. Designed for professional investors, it tokenizes diversified short-term Treasuries and money market assets under strict regulatory oversight.

• Available on Ethereum, Celo, and Base
• Minimum: 100,000 USDC
• Custody by Pershing LLC
• 0.25% management fee

Anemoy stands out for its cross-border accessibility and transparency. By integrating with European regulatory standards, it strengthens the global legitimacy of tokenized fixed-income products.

8. Fidelity FDIT

Fidelity’s FDIT fund is a major milestone in institutional DeFi adoption, managing $233 million TVL with a 0.20% management fee. It offers large-scale investors secure access to Treasury-backed digital assets within a compliant, regulated framework.

• Custody by Bank of New York Mellon
• 0.20% management fee
• Tailored for institutional investors

Fidelity’s presence brings unparalleled credibility to the tokenized securities market. By merging its financial infrastructure with blockchain rails, it paves the way for large-scale TradFi migration to on-chain environments.

9. OpenEden TBILL Vault

OpenEden TBILL Vault tokenizes U.S. Treasuries into high-liquidity vaults optimized for on-chain yield. With $224 million TVL and a 3.44% APY, it provides investors with both safety and composability across decentralized ecosystems.

• Available on XRP Ledger, Solana, Ethereum, and Arbitrum
• Minimum: 100,000 USDC
• 0.05% redemption fee
• No management fee

OpenEden’s vault design prioritizes global access, especially across Asia-Pacific markets. Its partnerships with DeFi protocols make it one of the most integrated and scalable RWA projects to date.

10. Theo thBILL

Theo Protocol’s thBILL represents the next evolution in tokenized Treasuries, combining efficiency, decentralization, and accessibility. With $156 million TVL and a zero-fee structure, it removes the cost barriers that often limit investor participation in fixed-income markets. Built with governance-focused architecture, it aims to maximize yield through decentralized optimization strategies.

• Designed for institutional and accredited investors
• Zero-fee structure
• Focused on governance-driven yield optimization

thBILL showcases how blockchain-native innovation can outperform traditional systems by eliminating intermediaries, enhancing transparency, and automating trust through smart contracts.

Challenges and Future Outlook for Tokenized Treasury Bill Projects

Tokenized T-Bill projects are evolving rapidly but face challenges such as:

• Regulatory uncertainty surrounding cross-border offerings.
• Custody and compliance dependencies that introduce centralization risks.
• Technical scalability for cross-chain data and yield synchronization.

Despite this, the market is expected to exceed $10 billion in TVL by 2026. With AI-driven risk assessment, improved liquidity bridges, and regulatory clarity, tokenized Treasuries are set to become a major DeFi pillar.

Conclusion: The Future of Tokenized Treasury Bill Projects

Tokenized Treasury Bills are transforming blockchain finance into a system grounded in real economic value. By merging U.S. government-backed securities with blockchain liquidity, these assets have turned DeFi from a speculative playground into a legitimate, income-generating ecosystem.

From BlackRock’s institutional BUIDL to Ondo’s cross-chain products and Circle’s USYC, each project contributes to making DeFi safer, more stable, and globally inclusive. As regulatory clarity improves and new technologies mature, tokenized Treasuries could become the default base layer for decentralized finance.

Ultimately, the rise of tokenized government debt isn’t just about yield it’s about evolution. It’s the convergence of transparency, efficiency, and trust, building a financial bridge that connects Wall Street to Web3.