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Tokenized treasuries

Side-by-side across 4 products. Hairline-separated, source-attributed, normalised into one schema. Scroll horizontally on mobile.

Showing:BUIDLOUSGUSDYUSTB4 / 4 on live data
Benchmark3.79%1-month T-bill● US Treasury — Treasury Bills avg interest rate · 2026-08-31

What stands out

Computed by Plinch · deterministic rules over current data

  • Benchmark

    Every live-yield product here trails the 1-month T-bill (3.79%). Closest to flat: OUSG at -35 bps — the cost of the tokenisation wrapper.

  • Scale

    USDY is 8.6× the size of OUSG ($1.20B vs $140M AUM).

  • Regulatory

    USDY is the only product here without KYC requirements — accessible without an allowlisted wallet.

  • Concentration

    USDY has the most distributed holder base (top 10 hold 28%) while BUIDL is heavily concentrated (top 10 hold 89%) — meaning a small group could move BUIDL's supply meaningfully via redemptions.

  • Liquidity

    USDY has the deepest on-chain secondary market (~$12.8M avg daily volume). BUIDL and USTB have no on-chain secondary — redemption is the only exit.

Combined see-through exposure

Equal allocation across 4 products · composition expanded for OUSG

If you allocated equally across these 4 products, your effective dollar exposure to each underlying — including indirect exposure via OUSG's composition — would break down as below.

  • 32.7%
    BUIDLsee-throughBlackRock USD Institutional Digital Liquidity Fund
    $1.31via BUIDL, OUSG
  • 25.0%
    USDYOndo US Dollar Yield Token
    $1.00via USDY
  • 25.0%
    USTBSuperstate Short Duration US Government Securities Fund
    $1.00via USTB
  • 11.4%
    SWEEPsee-throughState Street Galaxy Onchain Liquidity Sweep Fund
    $0.46via OUSG
  • 3.1%
    BENJIsee-throughFranklin OnChain U.S. Government Money Fund
    $0.12via OUSG
  • 2.3%
    FYOXXsee-throughFidelity Treasury Digital Fund
    $0.09via OUSG
  • 0.4%
    USDsee-throughOther Assets ⁴
    $0.02via OUSG
  • 0.1%
    USDCsee-throughCoinbase - Cash Equivalents
    $0.00via OUSG

Some underlying products are reached via multiple paths in this basket — a sign of counterparty concentration that an apparent-allocation view would miss.

BUIDL
BlackRock
Tokenised MMF
OUSG
Ondo Finance
Tokenised Treasury
USDY
Ondo Finance
Yield-bearing stablecoin
USTB
Superstate
Tokenised Treasury
Overview
Asset class
Tokenised MMF
Tokenised Treasury
Yield-bearing stablecoin
Tokenised Treasury
Jurisdiction
United States
United States
Bermuda
United States
Inception
20 Mar 2024
25 Jan 2023
8 Aug 2023
12 Feb 2024
Regulatory wrapper
Reg D 506(c)
Reg D 506(c)
Bermuda DABA
'40 Act
KYC required
Yes
Yes
No
Yes
Economics
7-day yield
5.23%
3.44%
3.60%
▲5.27%
30-day yield
5.21%
3.44%
3.60%
▲5.24%
Expense ratio
50 bps
15 bps
▲0 bps
15 bps
Yield methodology
SEC 7-day
SEC 7-day
APY (accrued)
SEC 7-day
Distribution
Daily
Monthly
Continuous (rebasing)
Daily
Scale
AUM
$212M
$140M
▲$1.20B
$537M
AUM 30d change
▲+$182M ▲
+$32.0M ▲
+$78.0M ▲
+$45.0M ▲
Holders (on-chain)
312
1,840
▲4,210
208
Top 10 concentration
89%
41%
▲28%
74%
Liquidity
Redemption
T+0 (cycle)
T+1
Instant (on-chain)
T+1
Min subscription
$5,000,000
$5,000,000
None
$10,000
Secondary market
None on-chain
Limited
Active (DEX)
None on-chain
Avg daily volume
—
$4.2M
▲$12.8M
—
Transparency
Reserve attestation
Daily ●
Weekly ●
Daily ●
Weekly ●
Last attestation
19 May 2026
18 May 2026
19 May 2026
19 May 2026
Audit firm
PwC
Ernst & Young
BDO
Grant Thornton
Smart contract audit
Chainalysis
Quantstamp
Quantstamp
OpenZeppelin
Chains
Primary chain
Ethereum
Ethereum
Ethereum
Ethereum
Deployed on
Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Aptos
Ethereum, Polygon, Solana
Ethereum, Mantle, Sui, Solana
Ethereum
Rating
CustodyAAC+A
AttestationB+B-B+C+
LiquidityC-B-A+C-
Smart contractB+B+B+A+
CompositeBBB+B-

All data sourced from on-chain queries and issuer disclosures. Methodology is public.

Updated 16/09/2026, 01:11:54 UTC.