Do tokenized treasury products mean I own Treasury bills?

No. The products here represent fund interests, mutual-fund shares, a bearer debt note or a tracker certificate. The issuer documents define the claim. None gives direct ownership of individual Treasury bills.

Which tokenized treasury has the lowest minimum?

Franklin BENJI lists a $20 initial minimum on Stellar and $100 on several other networks. OUSG lists $5,000 for instant USDC minting. BUIDL named $5 million at launch, but current share-class terms require the applicable offering document.

Can I buy a tokenized treasury outside business hours?

It depends on the product and the operation. OUSG and USDY advertise 24/7 stablecoin mint or redemption paths. BENJI accepts instructions anytime but processes purchases and redemptions on business days. A 24/7 token transfer is not the same as a 24/7 primary subscription.

Is bIB01 still open for new issuance?

No. Backed states that new bToken issuance has stopped. Redemption remains supported for existing holders, so bIB01 is included for comparison and current-holder reference rather than as a recommendation for a new subscription.

Why is Fensory on a product comparison if it is not an issuer?

Fensory is shown as an access and comparison layer. The legal product still comes from its issuer. Keeping that boundary visible prevents the interface from being mistaken for the fund, note or certificate.

Tokenized treasury products, compared by what the token legally represents

Tokenized treasuries are not one instrument. BUIDL, OUSG, USTB and BENJI represent fund interests. USDY is a bearer note. bIB01 is a tracker certificate, and new issuance has stopped. The legal structure decides eligibility, transfer rules, redemption and who holds the underlying assets. This page compares those facts without ranking products by a yield that changes daily.

Published 2026-10-18, last edited 2026-10-18. Every competitor claim was read against its own source on 2026-10-18. The page is re-checked when a source changes and at least quarterly. Fensory appears in this comparison and sells a trading account.

The comparison

Tokenized treasury products compared on legal structure, eligibility, mint and redemption, networks, custody and transferability
Product	Legal structure	Who may access it	Mint and redemption	Networks	Underlying custody and transfer
BlackRock BUIDLTokenized product	Privately offered fund interests under Rule 506(c) and Investment Company Act section 3(c)(7).	Qualified investors admitted through Securitize. The public pages do not provide a simple worldwide country list.	Transfers between approved investors can run around the clock. Stablecoin exchange facilities provide separate liquidity paths.	Ethereum, Aptos, Arbitrum, Avalanche, Optimism, Polygon, Solana, BNB Chain and Tempo.	BNY Mellon holds the fund assets. Token custody uses approved providers, and wallet transfers require pre-approved investors.
Ondo OUSGTokenized product	Limited-partnership interests in a private 3(c)(7) fund offered under Rule 506(c).	Accredited investors and qualified purchasers in supported jurisdictions, including eligible US investors.	Instant USDC mint and redemption can run 24/7. Larger non-instant subscriptions and redemptions have separate minimums.	Ethereum, Polygon, Solana and XRP Ledger.	Fund assets sit with the fund and its service providers. Tokens transfer only among admitted qualified-access investors.
Ondo USDYTokenized product	Regulation S bearer debt note backed by bank deposits and short-term US Treasuries.	Non-US individuals and organizations, with additional restrictions in places including the UK, Switzerland and Singapore.	Ondo advertises 24/7 minting and redemption. The token can move peer to peer after issuance.	Ethereum, Mantle, Solana, Sui, Aptos, Noble, Arbitrum, Stellar, Sei, Tempo and BNB Chain.	Backing sits with the issuer structure and its service providers. After issuance, the bearer token can transfer peer to peer subject to legal restrictions.
Invesco USTB on SuperstateTokenized product	Tokenized or book-entry shares in a Delaware statutory-trust fund advised by Invesco.	Approved accredited investors and qualified purchasers.	Same-day liquidity. USDC subscriptions and redemptions may be immediate subject to liquidity and protocol limits.	Ethereum, Solana and Plume, plus book-entry ownership. Protocol mint and redeem is currently Ethereum-only.	BNY Mellon is the fund custodian. Shares sit in an allow-listed wallet or book-entry record.
Backed bIB01Tokenized product	Tracker certificate following the iShares $ Treasury Bond 0-1yr UCITS ETF.	Eligible professional or qualified investors outside prohibited jurisdictions. Not available to US persons.	Transfer or redeem an existing position. Do not treat it as open for a new primary subscription.	Ethereum and Solana on the current product page.	Third-party custodians hold the underlying assets. The token has no technical transfer restriction, but legal eligibility still applies.
Franklin BENJI / FOBXXTokenized product	One share of a registered US government money-market mutual fund represented by one BENJI token.	Primarily US individuals and institutions. Generally unavailable in Canada, the EU and the EEA.	Permissioned peer-to-peer transfers can run 24/7 between active wallets. Purchases and redemptions settle on the fund schedule.	Stellar by default; Aptos, Base, Solana, Polygon, Arbitrum, Avalanche and Ethereum by request and approval.	The fund holds the portfolio. Tokens can use transfer-agent-hosted wallets, while approved institutions may use investor-managed wallets.
FensoryOursVenue layer	Access and comparison layer, not an issuer or fund manager.	Not available to US persons. Fensory AG is Swiss	Compare supported products and continue into the Fensory app. Issuer eligibility and redemption rules still govern each instrument.	Ethereum, Solana and BNB Chain	You. Tokens settle to a wallet you control

Start with the legal wrapper, then check access

A token can settle on a public chain and still be a restricted security. BUIDL, OUSG, USTB and BENJI use permissioned investor records or allow-listed wallets. Their issuers or transfer agents control who can subscribe, receive and redeem. USDY is different after issuance because it is a bearer note that can move without the recipient first completing Ondo onboarding, subject to legal restrictions. bIB01 has no technical transfer restriction, yet its terms still limit who may lawfully acquire it.

The next question is what the product holds and what the token gives you. None of the products gives direct ownership of individual Treasury bills. Some represent shares or limited-partnership interests in a fund. USDY represents a debt claim. bIB01 tracks an ETF through a certificate. Those distinctions matter in insolvency, distributions, investor rights and redemption.

Current yield is deliberately absent from the ranking. It moves with short-term rates, product expenses and the date a page is checked. The durable comparison is who may hold the instrument, how it can be bought or redeemed, where it settles and whether the holder can move it. Fensory is listed as an access and comparison layer, not as an issuer.

The products and access layer

BlackRock BUIDL

Official project

A BlackRock fund holding cash, Treasury bills and repurchase agreements, tokenized by Securitize. Investors hold fund interests rather than direct claims on individual portfolio assets.

What it reaches: Cash, US Treasury bills and repurchase agreements.
Cost: The Solana share class names a 0.20% management fee. Other share classes require their current offering documents.

Choose this if: You are an eligible institutional investor who wants a large tokenized cash-management fund and can complete Securitize onboarding.

Worth knowing: The $5 million figure is launch wording, not a claim about every current share class. Transfers remain permissioned even though the record is onchain.

Securitize, BUIDL launch and network updates

Ondo OUSG

Official project

A qualified-access fund holding tokenized government money-market funds, cash and bank deposits. It is built for accredited investors and qualified purchasers.

What it reaches: Tokenized government money-market funds, cash and bank deposits.
Cost: 0.15% management fee, waived until 1 January 2027, plus fund expenses up to 0.15%.

Choose this if: You qualify for the private fund and value 24/7 USDC mint and redemption with a published $5,000 instant minimum.

Worth knowing: OUSG is a private fund interest, not a permissionless token or direct ownership of Treasury bills.

Ondo OUSG

Ondo USDY

Official project

A non-US bearer note issued through a bankruptcy-remote structure. Its transfer model differs from the qualified-access funds in this table.

What it reaches: Bank deposits and short-term US Treasuries backing a debt note.
Cost: No issuance, redemption or product fee is published on the product page.

Choose this if: You are an eligible non-US holder who values a transferable bearer instrument and broad network coverage.

Worth knowing: USDY is a debt note, not a fund share, stablecoin deposit or direct Treasury holding. Legal restrictions still apply after a wallet receives it.

Ondo USDY

Invesco USTB on Superstate

Official project

The Invesco Short Duration US Government Securities Fund, available as tokenized shares or book-entry ownership through Superstate.

What it reaches: Short-duration US government securities.
Cost: 0.15% management fee, with a 0.10% rebate above the published average-holdings threshold.

Choose this if: You qualify for the fund and want both wallet and book-entry ownership with same-day liquidity.

Worth knowing: The public material does not establish unrestricted transfers between arbitrary wallets. Fensory discloses that angels behind the company include people from Superstate.

Superstate USTB

Backed bIB01

Official project

A debt instrument issued by Backed Assets (JE) Limited and collateralized by the referenced ETF. New bToken issuance has stopped, while redemption remains supported.

What it reaches: Exposure to the iShares $ Treasury Bond 0-1yr UCITS ETF through a tracker certificate.
Cost: 0.5% issuance fee and 0.5% redemption fee. New issuance has stopped.

Choose this if: You already hold bIB01 and need the current redemption or transfer facts rather than a route into a new position.

Worth knowing: This is not an actively issued product today and should not be ranked as though a new buyer can subscribe.

Backed bIB01

Franklin BENJI / FOBXX

Official project

The Franklin OnChain US Government Money Fund. The transfer agent uses blockchain-integrated records as the official ownership record.

What it reaches: US government securities, cash and repurchase agreements through a registered money-market fund.
Cost: No sales charge. The current prospectus states 0.15% management and 0.20% net annual expenses after waiver.

Choose this if: You are eligible for a registered US money-market fund and want a low published minimum on Stellar or a familiar fund structure.

Worth knowing: Network access and minimums vary widely. A 24/7 token transfer does not mean subscriptions and redemptions process around the clock.

Franklin Templeton BENJI

Fensory

OursOfficial project

The Fensory app places tokenized treasury products beside tokenized equities, gold and crypto. It is a surface for comparing and accessing supported instruments, not the legal wrapper behind them.

What it reaches: Supported tokenized treasury products in the app, alongside other market classes.
Cost: Free to connect. 0.01% to 0.05% on perpetual futures and Hyperliquid spot, nothing on tokenized equities, yields or bridging

Choose this if: You want one interface for comparing supported tokenized treasuries alongside other tokenized and crypto markets.

Worth knowing: Fensory is not the issuer, fund manager or source of the yield. Product availability in the app is not proof that every reader is legally eligible to acquire it.

Fensory markets

How we checked

Every row was checked against an issuer product page, prospectus or official company announcement on 18 October 2026. No aggregator yield, token price or secondary-market listing was used as evidence for the legal structure.

The table avoids a highest-yield ranking because current yield changes with policy rates, portfolio income, expenses and the date of observation. Legal structure, eligibility, liquidity rules and networks change less often and decide whether a reader can use the product at all.

BUIDL minimum and fee language is scoped to the public document that states it. The $5 million minimum is identified as launch wording, while the 0.20% fee is identified as the Solana share class. The page does not generalize either figure across every current class.

Fensory appears as an access layer and discloses the Superstate affiliation sentence already published on the company site. The issuer rows stay above it because choosing the instrument comes before choosing an interface.

Questions people ask

Do tokenized treasury products mean I own Treasury bills?: No. The products here represent fund interests, mutual-fund shares, a bearer debt note or a tracker certificate. The issuer documents define the claim. None gives direct ownership of individual Treasury bills.
Which tokenized treasury has the lowest minimum?: Franklin BENJI lists a $20 initial minimum on Stellar and $100 on several other networks. OUSG lists $5,000 for instant USDC minting. BUIDL named $5 million at launch, but current share-class terms require the applicable offering document.
Can I buy a tokenized treasury outside business hours?: It depends on the product and the operation. OUSG and USDY advertise 24/7 stablecoin mint or redemption paths. BENJI accepts instructions anytime but processes purchases and redemptions on business days. A 24/7 token transfer is not the same as a 24/7 primary subscription.
Is bIB01 still open for new issuance?: No. Backed states that new bToken issuance has stopped. Redemption remains supported for existing holders, so bIB01 is included for comparison and current-holder reference rather than as a recommendation for a new subscription.
Why is Fensory on a product comparison if it is not an issuer?: Fensory is shown as an access and comparison layer. The legal product still comes from its issuer. Keeping that boundary visible prevents the interface from being mistaken for the fund, note or certificate.