Ready to Build Tokenized Treasury Solutions?
Get expert guidance on building tokenized fund infrastructure.
Full Story
Key Insight
Tokenized US Treasuries have grown to $5B+ AUM. Market leaders: BlackRock BUIDL ($1.5B+, institutional, $5M min, daily USDC dividends), Franklin Templeton BENJI ($400M+, retail accessible, Polygon/Stellar), Ondo Finance OUSG ($400M+, institutional), Ondo USDY ($400M+, retail accessible, 5%+ yield). Infrastructure lessons: SEC-registered products work on public blockchains, daily dividend distribution via smart contract works at scale, Polygon and Ethereum both support institutional use. The $28T Treasury market is 0.018% penetrated.
The Products
BlackRock BUIDL (Ethereum, Polygon): Launched March 2024. Institutional money market fund tokenized on-chain. $1.5B+ AUM. Requires minimum $5M investment. Built on Securitize's platform. Distributed USDC dividends daily directly to token holders.
Franklin Templeton BENJI (Polygon, Stellar): SEC-registered mutual fund (FOBXX). Polygon deployment processes transfers and records on-chain. $400M+ AUM. Available to retail investors through Apex Fintech.
Ondo Finance OUSG (Ethereum, Polygon, Arbitrum): Tokenized short-term US Treasuries and MBS. $400M+ AUM. Qualified purchaser institutional access. Daily yield distribution in USDC.
Ondo USDY (Ethereum, Solana, multiple): USDY is a yield-bearing stablecoin backed by Treasuries. Retail accessible. 5%+ APY paid automatically by the token's value appreciation.
Why This Matters for Builders
Infrastructure lessons: BlackRock BUIDL and Franklin BENJI have demonstrated that:
SEC-registered investment products can live on public blockchains (with proper transfer restrictions)
Daily automated dividend distribution via smart contract works at institutional scale
Polygon and Ethereum both support institutional use cases
The compliance infrastructure (Securitize, transfer agent, custody) is now proven
The opportunity: $28T in US Treasury market vs. $5B tokenized = 0.018% penetrated. The infrastructure is proven; regulatory clarity is improving; the growth runway is enormous.