Can I buy tokenized Treasuries without KYC, straight from my own wallet on a DEX?
Yes, 11 do: mTBILL (~4% (tracks T-bills)), USDY (~3.55%), OUSG (~3.53%), bIB01, bZPR1, bCSBGC3, bERNA, bERNX, bC3M, bHIGH, bIBTA. Each can be bought on a DEX without identity verification; minting or redeeming directly with the issuer may still require KYC.
Most tokenized treasury funds are permissioned: every holder is whitelisted. A few separate the gates — KYC to mint with the issuer, but a token that moves freely on-chain afterwards. Those are listed here.
Figures from our live dataset · page generated 2026-10-11 · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | Chain |
|---|---|---|---|---|---|
| mTBILL Midas mTBILL | Midas | ~4% (tracks T-bills) | None | No KYC on a DEX | Ethereum (+L2s, Algorand) |
| 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 |
| bIB01 Backed IB01 $ Treasury Bond 0-1yr | Backed Finance | T-bill level | From token price on DEX | No KYC on a DEX | Ethereum / Arbitrum (+4) |
| bZPR1 Backed $ ZPR1 1-3 Month T-Bill | Backed Finance | Yield accrues into the token price | — | No KYC on a DEX | Ethereum / Base (+6) |
| bCSBGC3 Backed CSBGC3 CHF Swiss Domestic Government Bond 0-3yr | Backed Finance | Yield accrues into the token price | — | No KYC on a DEX | Ethereum / Base (+5) |
| bERNA Backed ERNA $ Ultrashort Bond | Backed Finance | Yield accrues into the token price | — | No KYC on a DEX | Ethereum / Base (+6) |
| bERNX Backed ERNX € Ultrashort Bond | Backed Finance | Yield accrues into the token price | — | No KYC on a DEX | Ethereum / Base (+6) |
| bC3M Backed GOVIES 0-6 months EURO investment grade | Backed Finance | Yield accrues into the token price | — | No KYC on a DEX | Ethereum / Base (+6) |
| bHIGH Backed HIGH € High Yield Corp Bond | Backed Finance | Yield accrues into the token price | — | No KYC on a DEX | Ethereum / Base (+6) |
| bIBTA Backed IBTA $ Treasury Bond 1-3yr | Backed Finance | Yield accrues into the token price | — | No KYC on a DEX | Ethereum / Base (+6) |
How to choose
A token you can buy on a DEX is not automatically a token you can redeem. Redemption with the issuer usually still requires KYC, so without it your only exit is selling on the market at whatever price is on offer — check the depth of the pool before buying an amount you may need to sell quickly. Trading without an identity check also does not change the issuer’s own terms on who may hold the token.
More questions
Which one has the lowest minimum?
mTBILL (Midas), with no minimum. The highest stated minimum here is OUSG, with minimum $5,000.
Where does the yield of the top five come from?
mTBILL: Short-term US Treasuries (via BlackRock ETF structures). USDY: Short-term US Treasuries + bank deposits. OUSG: Institutional treasury / money-market funds.
Which is the largest?
By size, USDY at $2.1B, followed by OUSG at $578M. Size is not safety, but a larger product usually means a deeper market to sell into.
Are these yields fixed?
11 of 11 are variable: the rate moves with markets and is not guaranteed. The figures on this page were last checked on 2026-08-25.