Tokenised Treasury Products Compared 2026

BUIDL vs BENJI vs Ondo — Which Tokenised Treasury Fits Whom

This page is the head-to-head comparison page for the five major tokenised US-treasury products in 2026: BlackRock BUIDL (approximately $2.37B AUM per rwa.xyz live snapshot, June 2026, the largest single product); Franklin Templeton BENJI suite (approximately $1.98B AUM across the suite by 29 April 2026 per Franklin Templeton, the first US-registered tokenised money-market fund); Ondo OUSG (a Qualified-Purchaser-only Delaware LP investing partly through BUIDL, with live TVL published on DeFiLlama).

Two more products complete the head-to-head set. Ondo USDY (approximately $740M supply at 4.65% APY as of 25 April 2026 per Ondo) is the retail-accessible non-US product.

The fifth product currently operates as Superstate USTB, transitioning to the Invesco Short Duration US Government Securities Fund upon Q2 2026 completion (approximately $757M AUM per rwa.xyz live snapshot, June 2026; the transition was announced 24 March 2026 by PRNewswire and Fortune — Invesco Advisers becomes portfolio manager while Superstate retains corporate ownership and continues as the on-chain infrastructure service provider).

The framework that follows is product selection, not access routing. A reader who has already decided that tokenised US-treasury exposure fits a particular portfolio bucket — typically the cash sleeve — now needs to pick which of the five products their accreditation tier, jurisdiction, and yield-mechanic preference actually unlocks. The matrix in the head-to-head matrix below answers that question at the dimension level; the per-product breakdowns add the narrative context that the matrix cannot carry; and the scenario section translates the dimensions into worked examples by investor profile.

Two notes on what this page deliberately does not cover. First, the cluster's yield-route comparative table — tokenised treasuries versus liquid staking versus DeFi lending — lives on the tokenised-treasuries satellite, not here. This page is intra-product comparison only. Second, the operational access path — which exchange, which stablecoin, which wallet — lives on the cluster's how-to-invest companion, not here. Scenario paragraphs route there for readers ready to take the operational step.

Backed Finance bTokens are not in this matrix because Backed pivoted to xStocks as its primary 2026 product line; treasury bTokens remain available but at smaller scale and are mentioned at the cluster-overview level in the tokenised-treasuries satellite.

One reading note. Each cell in the matrix is sourced from a single named publication with a date stamp, per the cluster's per-cell single-source rule. Where a product's accreditation status or operational framework is in transition on the draft day — most notably the Superstate USTB → Invesco Short Duration US Government Securities Fund portfolio-management transition completing in Q2 2026 — the cell explicitly says so rather than asserting a definitive status. Verify each cell against the issuer's current disclosures before sizing a position.

Comparison Criteria

The dimensions that distinguish one tokenised-treasury product from another, in the order in which they actually drive selection decisions:

• Accreditation tier — the single most important filter. Accredited-only products (BUIDL, OUSG, Invesco Short Duration) are unavailable to retail investors regardless of any other property; retail-accessible products (BENJI retail wrappers, USDY for non-US persons) are available to a much broader audience but with different operational characteristics.
• Jurisdiction — the second filter. The US-versus-non-US split is the most consequential boundary in 2026, with USDY explicitly excluding US persons and several products gating EU and UK access through specific intermediaries.
• Minimum subscription — the operational floor. BUIDL's $5M institutional minimum is structurally different from BENJI's $1 retail floor; the gap reflects the products' target investor bases rather than any difference in underlying credit quality.
• AUM and operational maturity — the credibility signal. BUIDL at $2.3B AUM with an established institutional flow is operationally further along than the Invesco Short Duration fund mid-transition; both are credible products, but the maturity differential matters for institutional allocators.
• Yield mechanic — the cash-flow signal. Daily yield airdrops (BUIDL) accrue differently from share-price NAV strikes (BENJI) which accrue differently from explicit published APY (USDY). The mechanic affects on-chain composability and tax framing.
• Redemption flexibility — the exit signal. T+0 redemption against the issuer's primary rail is the institutional standard; longer cycles or wrapper-level redemption restrictions matter for liquidity-sensitive holders.
• Chain support — the composability signal. Eight-chain availability (BENJI) supports broader on-chain composability than single-chain primary rails; for accredited holders whose primary use is direct hold-to-maturity, chain breadth matters less.
• Regulatory framework — the structural signal. Reg D versus Reg S versus 40-Act-registered MMF wrapper determines the long-term access profile and the regulatory headwind risk.

Head-to-Head Matrix

The matrix below covers the five major products across the eight dimensions identified in the previous section. Each AUM and yield cell is sourced from a single named publication with a date stamp, per the cluster's per-cell single-source rule.

Three high-level observations from the matrix. First, the accreditation-tier split is the largest single filter — three of the five products (BUIDL, OUSG, Invesco Short Duration) are gated to accredited investors or qualified purchasers, and the BENJI suite plus USDY cover the retail-accessible tier between them.

Second, the AUM distribution is skewed towards the institutional tier, with BUIDL and the BENJI suite together accounting for the majority of category AUM. Third, the chain-support breadth correlates loosely with the retail-versus-institutional split — the BENJI suite's eight chains support broader composability than BUIDL's larger but more institutionally-focused chain set.

Per-Product Breakdowns

The narrative depth that the matrix cannot carry — operational maturity, recent material events, and the specific structural quirks of each product — is covered below in three to four paragraphs per product.

BlackRock BUIDL

BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, tokenised via Securitize. As of April 2026 it held approximately $2.3B AUM (PRNewswire), making it the largest single tokenised-treasury product. The fund invests in cash, US Treasury bills, and repurchase agreements; the on-chain token is restricted under Reg D to accredited investors and qualified purchasers, with subscription routed through Securitize as the regulated transfer agent.

The operational maturity of BUIDL is the strongest single feature of the product. The custody chain leverages established US institutional custodians; the transfer-agent function runs through Securitize as a regulated entity; NAV strikes daily; yield distributes through a daily airdrop mechanic that has become the institutional convention for tokenised MMFs.

BUIDL became available on Binance as off-exchange collateral (via Ceffu, Binance's crypto-native custody partner, and Binance's banking triparty partners), and launched a new share class on BNB Chain in November 2025 with cross-chain interoperability via Wormhole — extending the chain footprint to eight chains in total (including the March 2025 Solana share class added via Wormhole, per PRNewswire). Separately, on 8 May 2026 BlackRock filed Form 485APOS for two sibling tokenised fund products (BSTBL on-chain share class and BRSRV blockchain-native MMF, per SEC EDGAR; both separate from BUIDL).

For accredited or qualified-institutional investors with $5M+ subscription capacity, BUIDL is the highest-AUM, deepest-rails option in the category. The trade-off is the high subscription minimum, which puts the product out of reach for retail and smaller-institutional allocators; for those investors, BENJI's retail wrappers, OUSG's $100k Qualified-Purchaser tier, or USDY's $500 retail tier are the closer fits.

Franklin Templeton BENJI / FOBXX

Franklin Templeton's BENJI suite represents the on-chain wrapper around FOBXX, the Franklin OnChain US Government Money Fund — the first US-registered tokenised money-market fund, originally launched in April 2021. As of 29 April 2026 the BENJI suite held approximately $1.98B AUM across the suite (Franklin Templeton), with the underlying FOBXX at approximately $843.74M as of March 2026 (Stellar press). The suite covers eight blockchains — Stellar, Ethereum, Polygon, Solana, Aptos, Avalanche, Base, and Arbitrum — making BENJI the broadest-chain product in the category.

The combination of regulatory longevity (a five-year-old US-registered MMF), retail accessibility through supported wrappers (extended after the May 2025 peer-to-peer expansion), and the broadest chain footprint distinguishes BENJI from the other products. For a retail reader in a supported jurisdiction who wants tokenised-treasury exposure through a familiar 40-Act-registered wrapper, BENJI is the most accessible institutional product.

The trade-off is operational complexity at the per-chain level. Not every wrapper is open to every retail jurisdiction, and the operational mechanics differ between, for example, Stellar (the original FOBXX chain) and the newer EVM-chain wrappers. Verify Franklin Templeton's current per-chain accessibility matrix for your jurisdiction before subscribing.

Ondo OUSG

OUSG (Ondo Short-Term US Government Bond Fund) is Ondo Finance's Qualified-Purchaser-only product — a Delaware limited partnership that invests partly through BlackRock's BUIDL, with current TVL published on DeFiLlama. The structure layers Ondo as the visible issuer on top of BlackRock as the underlying exposure provider; for Qualified Purchasers (Section 2(a)(51) Investment Company Act thresholds: $5M individual / $25M institution, not the broader accredited-investor tier), this provides a slightly different access path to BUIDL-style exposure than direct BUIDL subscription, with a meaningfully lower minimum subscription (approximately $100,000 versus BUIDL's $5 million).

In November 2025, the SEC closed its multi-year investigation of Ondo Finance without charges; separately, Ondo completed its October 2025 acquisition of Oasis Pro Markets (an SEC-registered broker-dealer, ATS, and transfer agent) to expand US tokenised-securities operations. USDY's exclusion of US persons is its baseline Reg S structure, not a November 2025 change; OUSG remains available to US Qualified Purchasers under Reg D (Section 2(a)(51) thresholds: $5M individual / $25M institution) — for those who clear OUSG's $100k subscription minimum and Ondo's onboarding, the product remains accessible.

The structural feature worth understanding is that OUSG's exposure is partly via BUIDL itself, which means an OUSG holder is effectively taking BlackRock's underlying credit exposure layered on top of Ondo's wrapper-level operational profile. For investors who want direct BlackRock exposure at a lower minimum than BUIDL, OUSG is the obvious bridge.

Ondo USDY

USDY (Ondo US Dollar Yield) is the retail-accessible side of Ondo's tokenised-treasury product set — approximately $740M token supply at a 4.65% APY as of 25 April 2026 (Ondo Finance), structured under Reg S for non-US persons. The product is operationally calibrated for retail size: roughly $500 minimum subscription through supported venues, explicit published APY rather than NAV-strike accrual mechanic, and multi-chain availability with deepest depth on Sui, Aptos, Mantle, and Ethereum.

Following Ondo's November 2025 wind-down of US-facing access to OUSG and USDY, the product is not available to US persons under the Reg S structure. Non-US retail readers in supported jurisdictions can access USDY directly through Ondo's onboarding flow, and the explicit published APY mechanic makes USDY the most directly stablecoin-comparable product in the cluster (with the underlying difference that the yield is real and accrues to the holder rather than being absent as in a $1-pegged stablecoin).

For non-US retail in supported jurisdictions, USDY is the natural starting point for tokenised-treasury exposure — the access minimum is low, the yield mechanic is the most stablecoin-comparable in the category, and the multi-chain availability supports on-chain composability for downstream uses. The retail-tier wrapper does carry redemption mechanics that are slower than the institutional T+0 standard; verify the current redemption flow on Ondo's product page before sizing a position.

Superstate USTB (Invesco Advisers as portfolio manager from Q2 2026)

The fund is the most recently transitioning product in the matrix. As of the draft day of this guide it operates as Superstate USTB, transitioning to the Invesco Short Duration US Government Securities Fund upon Q2 2026 completion, and holds approximately $757M AUM (rwa.xyz, June 2026).

The transition was announced 24 March 2026 (PRNewswire, Fortune, CoinDesk): Invesco Advisers takes over portfolio-management responsibility from the Superstate team, while Superstate retains corporate ownership and continues as the on-chain infrastructure service provider — handling the transfer-agent layer, tokenised issuance, and blockchain settlement. The product retains its existing ticker and contract addresses through the transition, so token holders do not face a forced redemption event. The relationship was further expanded in April 2026 when Invesco Private Capital participated in Superstate's Series B funding round (PRNewswire, 13 April 2026).

The structural significance of the Invesco-Superstate arrangement is the operational signal: a major TradFi asset manager (Invesco) entering the tokenised-treasury market as the portfolio manager of an existing on-chain product, with the original on-chain infrastructure firm (Superstate, founded by Robert Leshner) continuing as the technology partner. This is a different pattern from BlackRock's direct BUIDL launch with Securitize — TradFi-RWA via portfolio-management transition rather than direct issuance, with the underlying platform retaining operational continuity.

For qualified purchasers who want institutional-grade fund management paired with on-chain rails, the post-transition fund is amongst the cleanest in the category. The operational caveat is that the Q2 2026 transition is ongoing on the draft day of this guide; verify the current completion status on Superstate's product page before subscribing, and confirm that the qualified-purchaser tier structure remains as documented through the transition.

Which Fits Whom

Four scenarios translate the dimensions and per-product detail into worked examples by investor profile. Each scenario identifies the most operationally sensible product fit and the runner-up alternative.

Scenario 1 — US-accredited investor, $250,000 allocation

A US-accredited investor with a $250,000 allocation for tokenised-treasury exposure has two operationally clean choices: BUIDL via a $5M sub-fund vehicle (above the investor's standalone size unless the allocation routes through a pooled vehicle), or the Superstate USTB / Invesco Short Duration US Government Securities Fund (post-Q2 2026 rename) at the qualified-purchaser tier. The most operationally direct fit is the Superstate USTB / Invesco fund — the $250k allocation is well above the QP-tier minimum, the fund-administrator NAV mechanic is the most institutionally familiar, and the Invesco-Advisers-as-portfolio-manager signal carries TradFi-grade operational credibility.

The runner-up is OUSG at the $100k Qualified-Purchaser tier, which delivers BlackRock exposure via Ondo's wrapper for investors who want BlackRock as the underlying rather than the Invesco-Superstate combination.

Scenario 2 — Non-US retail, $5,000 allocation

A non-US retail reader in a supported jurisdiction with a $5,000 allocation has two retail-accessible paths: USDY (Reg S, ~4.65% APY, $500 minimum, multi-chain with deepest depth on Sui / Aptos / Mantle / Ethereum) or BENJI through one of the supported retail wrappers ($1 minimum on supported wrappers, eight chains including Stellar as the original FOBXX chain).

USDY is the most operationally direct fit for a stablecoin-denominated saver who wants explicit published APY and the simplest mental model; BENJI is the more institutionally familiar fit for a saver who wants a 40-Act-registered MMF wrapper. Either route is reasonable; verify the per-jurisdiction availability matrix for both before subscribing.

Scenario 3 — Institutional treasury management

An institutional treasury manager allocating large size (say $10M-$50M) to tokenised treasuries as part of a corporate cash-management strategy has one obvious anchor: BUIDL. The combination of $2.37B AUM (rwa.xyz live, June 2026), BlackRock as fund sponsor, Securitize as the regulated transfer agent, the eight-chain footprint (Solana via Wormhole since March 2025; BNB Chain via Ceffu custody and Wormhole interoperability since November 2025), and the daily yield-distribution mechanic makes BUIDL the standard institutional-tier choice in the category.

The runner-up is the Superstate USTB / Invesco Short Duration fund for institutions that prefer the Invesco-Advisers-as-portfolio-manager profile or that value the Superstate on-chain-infrastructure continuity through the Q2 2026 transition completion. For institutions allocating across multiple tokenised-treasury products as part of a diversification strategy, BUIDL plus the Superstate / Invesco fund covers the two main institutional-tier wrappers cleanly.

Scenario 4 — DeFi-native allocator seeking composability

A DeFi-native allocator who values on-chain composability above other dimensions — using the tokenised-treasury position as collateral, swap-pair input, or yield-strategy component — should pick the product with the broadest chain footprint and the most composable token mechanics.

USDY is the most composable choice for non-US allocators (multi-chain spread across Sui, Aptos, Mantle, and Ethereum with explicit published APY that makes downstream composability straightforward); BENJI's eight-chain footprint is the runner-up for retail-accessible composability, with the trade-off that the share-price NAV strike mechanic is less directly composable in DeFi pools than USDY's explicit APY mechanic.

For the operational step-by-step on actually subscribing to or buying any of these products — entry exchange, stablecoin acquisition, wallet choice (a hardware wallet such as Ledger is the standard recommendation for self-custody at meaningful position size), deposit flow — see the cluster's how to invest in RWA guide, which holds the jurisdiction-and-KYC matrix and the four-step access path.

Conclusion

The five major tokenised US-treasury products in 2026 cluster around two structural axes — accredited-versus-retail accessibility, and the regulatory wrapper each issuer uses — that determine almost everything else about the operational profile.

BlackRock BUIDL (~$2.37B AUM per rwa.xyz live snapshot, June 2026) is the institutional anchor at the Reg D private-placement tier; Franklin Templeton BENJI (~$1.98B suite AUM, 29 April 2026) is the broadest-chain retail-accessible product anchored by the first US-registered tokenised MMF; Ondo OUSG (Delaware LP wrapper, live TVL on DeFiLlama) bridges Qualified Purchasers to BlackRock exposure at a lower minimum subscription.

Two more products complete the matrix. Ondo USDY (~$740M supply at 4.65% APY, 25 April 2026) is the non-US retail tier; and the Superstate USTB / Invesco Short Duration US Government Securities Fund (post-Q2 2026 rename; ~$757M AUM per rwa.xyz live snapshot, June 2026; portfolio-management transition announced 24 March 2026) is the qualified-purchaser tier with TradFi-grade portfolio-manager credibility through Invesco Advisers.

The scenario section translates the matrix into worked recommendations by investor profile: US-accredited investors typically map to the Superstate / Invesco fund or OUSG; non-US retail typically maps to USDY or BENJI retail wrappers; institutional treasury managers map to BUIDL plus the Superstate / Invesco fund as the diversification pair; and DeFi-native composability allocators map to USDY or BENJI depending on retail accessibility.

For the access path — entry exchange, stablecoin acquisition, wallet choice, deposit mechanics — the cluster's how-to-invest companion is the next read. For the broader yield-route comparison — tokenised treasuries versus liquid staking versus DeFi lending — the tokenised-treasuries satellite holds the cluster's only cross-route comparative table.

Two final framing notes. First, each cell in the matrix is anchored to mid-2026 conditions and to a single named source per cell; verify each cell against the issuer's current disclosures before sizing meaningful capital. Second, product selection is not the only decision that determines outcomes — the operational mechanics of entry, custody, and redemption matter at least as much, and the linked access path covers them. Treat this page as the product-picker and the broader cluster as the context that surrounds the picker.

Sources and References

Each AUM and yield cell in the matrix is sourced from a single named publication with a date stamp. Verify each figure against the primary source — typically the issuer's own product or attestation page — before sizing a position.

• BlackRock BUIDL Binance collateral + BNB Chain launch (PRNewswire, 14 November 2025) — Ceffu off-exchange custody, Binance triparty banking partners, Wormhole interoperability; source for the chain-footprint figures
• Franklin Templeton BENJI suite ~$1.98B AUM (29 April 2026) — five-year anniversary release, multi-chain availability and 140% investor growth
• Ondo Finance product page — current USDY APY (~4.65% as of 25 April 2026), OUSG accredited-tier terms, and the SEC's November 2025 investigation closure (no charges) plus the October 2025 Oasis Pro Markets acquisition
• Ondo Finance live TVL (DeFiLlama) — current OUSG and USDY TVL data as published by the live aggregator
• Invesco / Superstate USTB partnership announcement (PRNewswire, 24 March 2026) — primary release on the portfolio-management transition: Invesco Advisers as portfolio manager, Superstate continuing as on-chain infrastructure service provider, fund to rename to Invesco Short Duration US Government Securities Fund upon Q2 2026 completion
• Superstate-Invesco strategic partnership expansion (PRNewswire, 13 April 2026) — Invesco Private Capital participation in Superstate's Series B funding round
• Invesco-Superstate USTB transition coverage (Fortune, 24 March 2026) — secondary press coverage with AUM and partnership framing
• Invesco joins tokenisation race (CoinDesk, 24 March 2026) — tertiary press coverage. CoinDesk's headline says "takes over," but the transaction is a portfolio-management transition: Invesco Advisers becomes portfolio manager while Superstate retains corporate ownership of the underlying entity. Treat the slug as editorial shorthand, not an acquisition claim.
• USTB live AUM (rwa.xyz, June 2026 snapshot) — primary source for the ~$757M AUM figure, dated 16 June 2026 (-12.88% over the prior 30 days)
• Securitize BUIDL issuer page — primary subscription pathway and regulatory wrapper for accredited / qualified-purchaser tier

Disclaimer: Tokenised real-world assets carry significant risk, including total loss of capital. This guide is for educational purposes only and does not constitute financial, legal, or tax advice. AUM, yield, and accreditation figures are point-in-time references; verify against the primary source before making allocation decisions. Always consult a qualified professional for advice specific to your jurisdiction.

Frequently Asked Questions

BUIDL vs BENJI vs Ondo — which tokenised treasury fits whom in 2026?

BlackRock BUIDL (approximately $2.37B AUM per rwa.xyz live snapshot, June 2026; -11.67% over the prior 30 days) fits accredited US investors and institutional treasury allocators who want the deepest on-chain rails and the longest-standing TradFi anchor. Franklin Templeton BENJI suite (approximately $1.98B AUM, 29 April 2026, per Franklin Templeton) fits readers who want the first US-registered tokenised money-market fund with retail accessibility through supported wrappers after the May 2025 P2P expansion. Ondo OUSG (Delaware LP investing partly through BUIDL, with live TVL on DeFiLlama) fits Qualified Purchasers under Section 2(a)(51) of the Investment Company Act — $5M individual / $25M institution thresholds — who want exposure structured partly through BUIDL itself via the Ondo wrapper. Ondo USDY (approximately $740M supply at 4.65% APY, 25 April 2026, per Ondo) fits non-US retail savers in supported jurisdictions; US persons are excluded. The fund currently operating as Superstate USTB, transitioning to the Invesco Short Duration US Government Securities Fund upon Q2 2026 completion (approximately $757M AUM per rwa.xyz live snapshot, June 2026; transition announced 24 March 2026 per PRNewswire and Fortune — Invesco Advisers as portfolio manager, Superstate retains corporate ownership and continues as the on-chain infrastructure service provider) fits qualified purchasers who want an institutional-tier product going through a TradFi-grade portfolio-management transition.

What is the minimum subscription for each tokenised treasury product?

Minimums vary by an order of magnitude across the five products: BUIDL carries a $5 million minimum subscription calibrated for institutional flow; BENJI retail wrappers can be entered at $1 with FOBXX direct subscription at the suite's published institutional minimum; OUSG requires approximately $100,000 at the accredited tier; USDY supports approximately $500 minimum for retail purchases through supported venues; the Invesco Short Duration US Government Securities Fund carries an institutional minimum reflecting its qualified-purchaser tier. Verify the current minimum directly on the issuer's product page before subscribing.

How does the yield actually accrue on these products?

Yield mechanics differ structurally. BUIDL accrues through a daily yield distribution (commonly described as a daily airdrop of additional tokens) calibrated to the underlying fund's NAV. BENJI accrues through share-price NAV strikes published by the transfer agent. OUSG accrues through the fund's daily NAV mechanic, with the underlying exposure routed partly through BUIDL itself. USDY accrues through an explicit published APY (around 4.65% as of 25 April 2026), with the token's value increasing against USD over time. The Invesco Short Duration US Government Securities Fund accrues through the fund's NAV at the institutional fund-administrator level.

Which products are accessible to US persons?

Accredited US investors and qualified purchasers can access BUIDL (Reg D), OUSG (Reg D, Qualified Purchasers only — Section 2(a)(51) Investment Company Act: $5M individual / $25M institution; not the broader accredited tier), and the Invesco Short Duration US Government Securities Fund (qualified-purchaser tier). Franklin Templeton BENJI has some US retail eligibility through supported wrappers — verify directly on Franklin Templeton's product page. Ondo USDY excludes US persons by baseline Reg S structure (not a November 2025 change). In November 2025 the SEC closed its multi-year investigation of Ondo without charges; in October 2025 Ondo completed its acquisition of Oasis Pro Markets (an SEC-registered broker-dealer and ATS) to expand US tokenised-securities operations.

Which chains do these products live on?

BUIDL is available on Ethereum, Polygon, Arbitrum, Avalanche, Aptos, Optimism, and (from May 2026) BNB Chain via the Standard Chartered custody and distribution framework that brought BUIDL onto Binance as collateral. BENJI is available on Stellar (the original FOBXX chain), Ethereum, Polygon, Solana, Aptos, Avalanche, Base, and Arbitrum — eight chains in total. OUSG sits primarily on Ethereum and supported L2s. USDY is multi-chain with deepest depth on Sui, Aptos, Mantle, and Ethereum. The Superstate USTB / Invesco Short Duration US Government Securities Fund (post-Q2 2026 rename) continues on the chains where Superstate USTB has operated, with Superstate as the ongoing on-chain infrastructure service provider through the Q2 2026 transition.

What is the regulatory framework behind each product?

BUIDL is a Reg D private placement for US accredited investors and qualified purchasers, with BlackRock as the fund sponsor and Securitize as the transfer agent. BENJI / FOBXX is a US-registered money-market fund under the Investment Company Act of 1940 — the first US-registered tokenised MMF, launched April 2021. OUSG is a Reg D Delaware limited partnership investing partly through BUIDL. USDY is a Reg S structure offering the token to non-US persons in supported jurisdictions. The Superstate USTB / Invesco Short Duration US Government Securities Fund (post-Q2 2026 rename) continues under the US fund-registration framework that Superstate established, with Invesco Advisers as portfolio manager from the Q2 2026 transition completion and Superstate retaining corporate ownership and continuing as the on-chain infrastructure service provider.

How fast is redemption on each product?

Redemption timelines cluster around the T+0 / T+1 standard for institutional money-market-fund operations but vary in detail. BUIDL operates T+0 redemption against the issuer's primary rail, calibrated for institutional flow. BENJI redeems through the fund's transfer agent at conventions consistent with US-registered MMF rules. OUSG redeems at the Ondo institutional onboarding layer. USDY redemption routes through the supported venues for retail size. The Invesco Short Duration US Government Securities Fund follows the standard institutional fund-administrator redemption conventions. Every regulated tokenised treasury reserves the right to gate redemptions under stress; read the offering documents on the issuer's product page before sizing meaningful capital.

Related Articles

Cluster guides

• RWA Tokenisation Complete Guide 2026 — cluster hub mapping treasuries against private credit, real estate, and gold
• Tokenised Treasuries Guide 2026 — product depth, yields, and the cluster's only yield-route comparative table (treasuries vs liquid staking vs DeFi lending)
• How to Invest in RWA 2026 — operational handbook with the jurisdiction matrix and the four-step access path
• RWA Private Credit Lending 2026 — the adjacent on-chain credit category, where the underwriting-versus-overcollateralisation distinction matters more than the issuer-wrapper one
• Tokenised Gold and Commodities 2026 — category satellite covering PAXG, XAUT, and the four-layer backing chain that applies to any tokenised commodity
• PAXG vs XAUT 2026 — head-to-head intra-product picker between the two leading tokenised-gold products, for readers weighing gold alongside the treasury allocation

Financial Disclaimer

This content is not financial advice. All information provided is for educational purposes only. Cryptocurrency investments carry significant investment risk, and past performance does not guarantee future results. Always do your own research and consult a qualified financial advisor before making investment decisions.