Which tokenized US Treasury pays the highest yield right now — and who is allowed to buy it?
12 tokenized treasuries in our data state a yield. The highest right now is USTBL from Spiko (SICAV, France) at 4.11%. The range runs from 1.66% (EUTBL) to 4.11%. 3 of them can be bought on a DEX without KYC. Yields are variable and not guaranteed.
Tokenized treasuries hold short-term government debt or a money-market fund and pass the interest to the token. The rates sit close together because the underlying is the same; what separates them is the minimum, who may buy, and whether the token trades freely.
Figures from our live dataset · page generated 2026-10-11 · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | Chain |
|---|---|---|---|---|---|
| USTBL Spiko US T-Bills Money Market Fund | Spiko (SICAV, France) | 4.11% | €1 (≈$1,000 practical) | Not stated | Stellar / Ethereum |
| mTBILL Midas mTBILL | Midas | ~4% (tracks T-bills) | None | No KYC on a DEX | Ethereum (+L2s, Algorand) |
| BUIDL BlackRock USD Institutional Digital Liquidity Fund | BlackRock / Securitize | ~3.59% | $5M (institutional) | Not stated | Ethereum (+8) |
| JTRSY Janus Henderson Anemoy Treasury Fund | Anemoy / Janus Henderson (Centrifuge) | ~3.59% | $500,000 (institutional) | Not stated | Ethereum (+6) |
| USDY Ondo US Dollar Yield | Ondo Finance | ~3.55% | ~$50 (secondary market) | No KYC on a DEX | Ethereum / Solana (+10) |
| OUSG Ondo Short-Term US Government Treasuries | Ondo Finance | ~3.53% | $5,000 | No KYC on a DEX | Ethereum / Solana / Polygon |
| WTGXX WisdomTree Government Money Market Digital Fund | WisdomTree | ~3.5% | Low (app-based) | Not stated | Stellar / Ethereum (share records) |
| TBILL OpenEden TBILL | OpenEden | ~3.48% (T-bill level) | KYC onboarding; verify current minimum | Not stated | Ethereum / Arbitrum |
| BENJI Franklin OnChain US Government Money Fund | Franklin Templeton | 3.47% | Low (Benji app) | Not stated | Stellar / Base / Ethereum |
| USTB Superstate Short Duration US Government Securities Fund | Superstate / Invesco | ~3.38% (T-bill level) | Qualified purchasers (high) | KYC required | Ethereum / Solana |
| USYC Circle USYC | Circle (Hashnote Intl. Short Duration Yield Fund) | ~3.28% (T-bill level) | Institutional channels | Not stated | Ethereum / Solana / Canton / Sui |
| EUTBL Spiko EU T-Bills Money Market Fund | Spiko (SICAV, France) | 1.66% | €1 (≈€1,000 practical) | Not stated | Stellar / Ethereum / Base |
How to choose
Start with who the product is for: several of these funds are open only to qualified or institutional investors, and the minimum column shows it. Then look at how you would hold it — a fund token that only moves between whitelisted wallets is a different thing from one you can sell on a DEX at any hour. The yield gaps between them are usually a fraction of a percentage point and move with short-term interest rates, so fees and access terms matter more than the headline rate. Euro products such as EUTBL hold euro government debt, so their rate follows the ECB, not the Fed.
More questions
Which one has the lowest minimum?
mTBILL (Midas), with no minimum. The highest stated minimum here is JTRSY, with minimum $500,000 (institutional).
Which of them can I buy without KYC?
3 of 12 can be bought on a DEX without identity verification: mTBILL, USDY, OUSG. 1 require KYC to buy. For the rest, the source does not state the secondary-market gate.
Where does the yield of the top five come from?
USTBL: Short-term US Treasury bills. mTBILL: Short-term US Treasuries (via BlackRock ETF structures). BUIDL: US Treasuries / repos / cash. JTRSY: Short-term US Treasuries. USDY: Short-term US Treasuries + bank deposits.
Which is the largest?
By size, USYC at $3.0B, followed by BUIDL at $2.4B and USDY at $2.1B. Size is not safety, but a larger product usually means a deeper market to sell into.
Are these yields fixed?
12 of 12 are variable: the rate moves with markets and is not guaranteed. The figures on this page were last checked on 2026-08-25.