What does it cost to get out of a tokenized treasury or yield token?
The APY says what a token earns, not what it takes to get out. Of 20 tokenized funds and yield tokens checked against the issuers’ documentation, 11 require KYC to redeem, 2 state that redeeming is open to any wallet, and for 7 the documentation does not say. Anyone who cannot redeem has to sell on the market — measured for 5 of them.
- Minimum
- not stated
- Fee
- not stated
- Settlement
- not stated for fund redemption; Circle's USDC swap is described as near-instant, 24/7
- Who may redeem
- pre-approved investors only; fund offered under Rule 506(c) and Section 3(c)(7), $5M initial investment minimum
- Selling instead
- No market measured — Tokens can be transferred 24/7 only to other pre-approved investors; holders can also transfer BUIDL to Circle for USDC via a smart contract.
Launch press release text read via a syndicated copy (silicon.co.uk); the Securitize fund page does not state redemption terms.
Sources: silicon.co.uk · circle.com
- Minimum
- $5,000 (instant); $50,000 (non-instant)
- Fee
- not stated (docs say instant minting and redemption may incur additional fees)
- Settlement
- instant (atomic, in USDC) up to $25M per investor / $50M global per 24h; non-instant typically next business day if sent before 4pm ET
- Who may redeem
- investors onboarded to Ondo Qualified-Access Funds (typically individuals with over $5M net worth or entities with over $25M in assets)
- Selling instead
- No market measured — Only onboarded investors can receive OUSG, so transfers are limited to other onboarded holders.
Instant redemptions may be limited by the USDC liquidity Circle supports.
Sources: docs.ondo.finance · docs.ondo.finance · docs.ondo.finance · docs.ondo.finance
- Minimum
- $5,000 on Sui, Aptos, Stellar, XRP and Noble; elsewhere a contract-configured USD minimum (amount not stated)
- Fee
- not stated
- Settlement
- instant on-chain to USDC via the USDY_InstantManager contract, subject to rate limits; USD only by wire to non-US bank accounts
- Who may redeem
- non-US persons registered with Ondo; prohibited jurisdictions excluded; in some jurisdictions (e.g. EEA, UK, Switzerland, Singapore) only professional or qualified investors
- Selling instead
- $3.0M traded in 24h · Gate (spread 0.02%), Bybit (spread 0.02%), Saphyre V2, LBank (spread 0.02%)
The redeeming address must be registered in Ondo's OndoIDRegistry or the transaction reverts.
Sources: docs.ondo.finance · docs.ondo.finance · docs.ondo.finance · docs.ondo.finance
- Minimum
- not stated
- Fee
- not stated (gas and bank wire fees are paid by the investor)
- Settlement
- USDC: immediate, including non-business days, subject to available liquidity; USD: same day if received before 1pm ET
- Who may redeem
- Qualified Purchasers in supported countries (at least $5M investable assets for individuals, $25M for institutions)
- Selling instead
- No market measured — USTB can be transferred freely only between wallet addresses on Superstate's allowlist.
Redeem by sending tokens to the redemption address shown in the Superstate portal, or by calling offchainRedeem() on Ethereum.
Sources: docs.superstate.com · docs.superstate.com · docs.superstate.com
- Minimum
- not stated
- Fee
- none listed (prospectus fee table shows only annual operating expenses)
- Settlement
- processed on business days; proceeds sent by ACH or Fed wire to a bank account within seven days
- Who may redeem
- U.S. residents with a Benji app or Institutional Web Portal account; not offered in Canada, the EU or the EEA
- Selling instead
- No market measured — Peer-to-peer transfers between shareholder wallets on approved blockchains; the prospectus says a secondary market may exist in the future.
Purchases and redemptions are possible only through the Benji app or the Institutional Web Portal.
Sources: sec.gov
- Minimum
- not stated
- Fee
- not stated (docs say fees apply)
- Settlement
- T+0, atomic on-chain in USDC via the Teller contract
- Who may redeem
- entities that are not U.S. Persons (Regulation S) and have completed Circle investor onboarding
- Selling instead
- No market measured — not stated
Issued by Circle International Bermuda Limited; represents an interest in Hashnote International Short Duration Yield Fund Ltd.
Sources: developers.circle.com · developers.circle.com · developers.circle.com
- Minimum
- not stated
- Fee
- not stated
- Settlement
- daily redemptions in USDC
- Who may redeem
- not stated on the issuer page (secondary sources such as DefiLlama describe it as open to non-US professional investors)
- Selling instead
- No market measured — not stated
Regulated BVI fund; the issuer page says redemptions in kind are allowed. Centrifuge docs were blocked by Cloudflare and were not read.
Sources: anemoy.io
- Minimum
- not stated
- Fee
- none (prospectus: shareholder fees none)
- Settlement
- at the next NAV, processed on days and hours when the NYSE is open; payout timing not stated
- Who may redeem
- U.S. residents with a WisdomTree Prime account (individuals) or WisdomTree Connect account (institutions)
- Selling instead
- No market measured — not stated
Renamed WisdomTree Treasury Money Market Digital Fund (formerly Government Money Market Digital Fund) as of the November 2025 prospectus.
Sources: sec.gov
- Minimum
- 1 USDC
- Fee
- 0.05% (5 bps transaction fee)
- Settlement
- first-in-first-out redemption queue; typically processed the next U.S. business day, paid in USDC
- Who may redeem
- whitelisted addresses of BVI Professional Investors or US Accredited Investors who passed KYC and KYT checks
- Selling instead
- No market measured — not stated
Redemptions can be requested in the OpenEden app or directly via the TBILL Vault contract.
Sources: docs.openeden.com · docs.openeden.com · docs.openeden.com
- Minimum
- not stated
- Fee
- not stated
- Settlement
- not stated for mTBILL; Midas redemption contracts support instant (atomic) and request-based redemptions
- Who may redeem
- not stated
- Selling instead
- No market measured — not stated
Midas docs and website returned 403 to automated access; mechanics are taken from the Midas contracts repository, which mentions optional greenlist, sanctions screening, daily limits and minimum amounts.
Sources: raw.githubusercontent.com
- Minimum
- not stated
- Fee
- 0%
- Settlement
- daily on business days; standard withdrawals settle same day (D), cut-off 11:30am Paris time
- Who may redeem
- onboarded Spiko clients; clients from the United States and other listed countries cannot be onboarded
- Selling instead
- No market measured — not stated
UCITS money market fund (Spiko US T-Bills Money Market Fund, ISIN FR001400ODM9).
Sources: docs.spiko.io · docs.spiko.io · docs.spiko.io · docs.spiko.io · docs.spiko.io
- Minimum
- not stated
- Fee
- 0%
- Settlement
- same day (D) for standard withdrawals, cut-off 11:30am Paris time; instant via SEPA Instant up to EUR 500,000 per day
- Who may redeem
- onboarded Spiko clients; clients from the United States and other listed countries cannot be onboarded
- Selling instead
- No market measured — not stated
UCITS money market fund (Spiko EU T-Bills Money Market Fund, ISIN FR001400ODL1).
Sources: docs.spiko.io · docs.spiko.io · docs.spiko.io · docs.spiko.io · docs.spiko.io
- Minimum
- not stated
- Fee
- not stated
- Settlement
- not stated
- Who may redeem
- not stated
- Selling instead
- No market measured — not stated
No primary source was reachable (Securitize and Apollo pages returned 404 or no terms). Secondary reports conflict: launch coverage describes daily-NAV redemptions, while later coverage of the HashKey channel describes quarterly repurchases with a 5% gate.
Sources: tembusupartners.com
- Minimum
- not stated
- Fee
- not stated
- Settlement
- daily, in stablecoins
- Who may redeem
- non-US professional investors (regulated open-ended BVI fund)
- Selling instead
- No market measured — not stated
Access is by request to Anemoy. Centrifuge docs were blocked by Cloudflare and were not read.
Sources: anemoy.io
- Minimum
- not stated
- Fee
- not stated
- Settlement
- cooldown, then withdraw USDe; contract cooldown is 1 day (86,400 seconds, read on-chain 2026-10-22; governance can set up to 90 days)
- Who may redeem
- any address except sanctioned or other high-risk addresses blocked under sanctions/AML rules
- Selling instead
- $11.6M traded in 24h · Curve (Ethereum), Uniswap V4 (Ethereum), Curve (Plasma), Curve (Ethereum)
Unstaking returns USDe, not dollars; redeeming USDe for other stablecoins through Ethena's mint contract is a separate step.
Sources: docs.ethena.fi · docs.ethena.fi · etherscan.io
- Minimum
- not stated
- Fee
- not stated
- Settlement
- withdrawal queue, first-in-first-out; most processed in under 24 hours, up to 30 days
- Who may redeem
- not stated (first deposits require on-chain authorization from Maple's PoolPermissionManager)
- Selling instead
- $896k traded in 24h · Orca, Uniswap V4 (Ethereum), Manifest, AlphaQ
Queued withdrawals keep earning interest until processed; USDC is sent directly to the wallet.
Sources: docs.maple.finance · docs.maple.finance
- Minimum
- not stated
- Fee
- 0% (Sky developer docs: no fees assessed)
- Settlement
- not stated (ERC-4626 withdraw of USDS from the sUSDS contract)
- Who may redeem
- not stated
- Selling instead
- $237k traded in 24h · Curve (Ethereum), Uniswap V3 (Ethereum), Uniswap V3 (Ethereum), Uniswap V4 (Ethereum)
Withdrawals return USDS, not dollars.
Sources: developers.skyeco.com
- Minimum
- not stated
- Fee
- not stated
- Settlement
- instant on-chain, subject to protocol and liquidity conditions; 1:1 into USD0 at maturity (11 June 2028)
- Who may redeem
- permissionless via the Usual dApp
- Selling instead
- No market measured — Before maturity: sell bUSD0 on secondary markets, combine 1 bUSD0 + 1 rt-bUSD0 for 1 USD0, or use the DAO floor redemption (currently 0.92 USD0) if enabled.
USD0++ was migrated to bUSD0 under UIP-12; migrated holders did not receive rt-bUSD0 and must buy it to exit early at par. Redemption returns USD0, not dollars.
Sources: docs.usual.money
- Minimum
- not stated
- Fee
- not stated
- Settlement
- sUSDf to USDf: immediate on unstaking; USDf to stablecoins or other collateral: 7-day cooldown
- Who may redeem
- users who passed Falcon KYC/KYB (required for deposit, withdrawal, mint and redeem)
- Selling instead
- No market measured — USDf can be sold on external markets instead of redeeming.
KYC applies to redeeming USDf; the docs do not say whether unstaking sUSDf to USDf itself requires KYC.
Sources: docs.falcon.finance · docs.falcon.finance · docs.falcon.finance
- Minimum
- not stated
- Fee
- 0% (no unstaking fees)
- Settlement
- no lock-up; unstake to frxUSD at any time (ERC-4626)
- Who may redeem
- not stated
- Selling instead
- $56k traded in 24h · Curve (Ethereum), Curve (Ethereum), Curve (Ethereum), Curve (Fraxtal)
Unstaking returns frxUSD, not dollars.
Sources: raw.githubusercontent.com · raw.githubusercontent.com
Terms read from issuer documentation on 2026-10-22; a value a primary source does not state is shown as “not stated”, never guessed. Market volume from CoinGecko tickers, updated daily; spreads only for centralized exchanges — DEX figures are fee-tier estimates, not measurements.
Questions
Can I redeem a tokenized treasury fund without KYC?
Mostly no. Of 20 products checked, 11 require identity checks to redeem with the issuer, 2 state that redemption is open to any wallet, and for 7 the issuer’s documentation does not say. Holders who are not onboarded exit by selling on the market, where a market exists.
Why can buying be open but redeeming gated?
Some tokens (USDY, for example) trade on DEXs without identity checks, while minting and redeeming with the issuer stay restricted to onboarded, eligible investors. "No KYC" on a token page usually means no KYC to buy on the market — the exit at full value can still need it.
What costs are not in the APY?
Redemption fees, minimum redemption amounts, settlement time (money that sits in a queue earns nothing), and when selling instead: the spread and depth of the market. Gas comes on top of both.
TokenBank publishes data and does not sell, broker or execute anything. Terms change; check the issuer’s current documents. Not investment advice.