Tokenized Treasuries, October 2026: $11.5B in 10 funds — and most pay less than the T-bill they hold
A tokenized Treasury fund holds short-term US government debt — T-bills, repo on them, or a money-market fund that does — and issues its shares as tokens. We track 90 such products on public chains; 10 publish a size in dollars. This edition freezes their size, yield, minimum, KYC gate and chains as of 2026-10-28, and sets every dollar yield against the rate the US Treasury itself pays on a 13-week bill (4.15% on 2026-10-27).
Three managers hold 70% of the published total
Added up by manager, across all of its tokens. Only sizes stated in dollars are counted; the euro fund (EUTBL) is shown apart. 79 products publish no size we could read and are not in the total — the real market is larger than this sum.
13 of 14 dollar funds pay less than the 4.15% 13-week bill
The fund holds the bill, so the bill is the fair yardstick. The gap is mostly the fund’s fee and the cash it keeps for redemptions. Where a fund earns above the bill, it holds repo or an overnight swap rather than bills alone. Funds quote different measures (7-day, 30-day, net or gross of fees) on different days — the last column shows when we read each one. Euro, franc and pound share classes and longer-dated funds are left out of this comparison.
| Token | Manager | Yield | vs bill | Read on |
|---|---|---|---|---|
| SAFO | Spiko | 4.37% | +0.22 pp | not dated |
| USTBL | Spiko | 4.11% | −0.04 pp | not dated |
| USDY | Ondo Finance | 3.69% | −0.46 pp | 2026-10-18 |
| VBILL | VanEck | 3.66% | −0.49 pp | not dated |
| BUIDL | BlackRock | 3.59% | −0.56 pp | 2026-08-25 |
| JTRSY | Janus Henderson (Anemoy) | 3.59% | −0.56 pp | 2026-08-25 |
| OUSG | Ondo Finance | 3.56% | −0.59 pp | 2026-10-18 |
| WTGXX | WisdomTree | 3.50% | −0.65 pp | not dated |
| STBT | Matrixdock | 3.50% | −0.65 pp | not dated |
| BENJI | Franklin Templeton | 3.47% | −0.68 pp | not dated |
| mTBILL | Midas | 3.42% | −0.73 pp | 2026-10-18 |
| TBILL | OpenEden | 3.37% | −0.78 pp | 2026-10-18 |
| USTB | Superstate | 3.35% | −0.80 pp | 2026-10-18 |
| USYC | Circle | 3.17% | −0.98 pp | 2026-10-18 |
Not compared: EUTBL 1.66%, CHFSAFO 0.24%, EURSAFO 2.84%, GBPSAFO 4.17%, UKTBL 3.56%, WTTSX 4.19% — other currencies or longer maturities.
5 products start at $100 or less — 32 are for accredited or qualified investors only
10 of 90 products state a minimum. 5 start at $100 or less, 2 between $100 and $10,000, and 3 at $100,000 or more. 32 are restricted by the issuer to accredited or qualified investors. 9 can be bought on a decentralised exchange without an identity check (USDY, bC3M, bCSBGC3, bERNA, bERNX, bHIGH, bIBTA, bZPR1, mTBILL) — redeeming with the issuer still needs KYC.
| Token | Manager | Minimum | Accredited only | Without KYC |
|---|---|---|---|---|
| USYC | Circle | not stated | — | — |
| BUIDL | BlackRock | $5,000,000 | Yes | — |
| USDY | Ondo Finance | $50 | — | Yes, on a DEX |
| EUTBL | Spiko | $1 | — | — |
| JTRSY | Janus Henderson (Anemoy) | $500,000 | Yes | — |
| BENJI | Franklin Templeton | not stated | — | — |
| WTGXX | WisdomTree | not stated | — | — |
| USTB | Superstate | not stated | Yes | — |
| OUSG | Ondo Finance | $5,000 | Yes | — |
| USTBL | Spiko | $1 | — | — |
| TBILL | OpenEden | not stated | — | — |
| CHFSAFO | Spiko | not stated | — | — |
| EURSAFO | Spiko | not stated | — | — |
| GBPSAFO | Spiko | not stated | — | — |
| mTBILL | Midas | none | — | Yes, on a DEX |
| SAFO | Spiko | $1 | — | — |
| STBT | Matrixdock | not stated | — | — |
| UKTBL | Spiko | not stated | — | — |
| VBILL | VanEck | $100,000 | — | — |
| WTTSX | WisdomTree | not stated | — | — |
Ethereum carries 82 of 90 products; 71 are issued on more than one chain
14 government bonds from 6 public issuers are already issued on a ledger
Not funds but the debt itself, issued digitally by City of Lugano (6), HKSAR Government (4), City of St. Gallen (1), Canton of Basel-Stadt (1), Canton of Zurich (1) and others. Most are bought by banks and institutions, not on a public market, so they are counted here and not in the totals above.
Every sovereign digital bond →Download this edition
Every row behind this report, under CC BY 4.0 — use it, cite it. The edition is frozen: the figures here will not change; next month’s edition gets its own page.
Cite as: TokenBank (2026), “Tokenized Treasuries — October 2026”, https://tokenbank.world/reports/tokenized-treasuries-2026-10
How this edition was built
- Products: every live token in our data in the category tokenized Treasuries that is issued on a public chain and not by a government.
- Size: as the issuer or its data page states it, read on the date in the CSV; ranges count at their lower end. Sizes in other currencies are not converted.
- Yield: the issuer’s stated yield on the read date. Benchmark: the US Treasury’s daily 13-week bill rate, coupon-equivalent, latest day before the edition was built.
- Access: the minimum and the investor restriction as the issuer states them; “without KYC” means the token trades on a decentralised exchange.
- Not investment advice. Figures move daily; each token page has today’s.