BUIDL vs BENJI vs OUSG vs USYC: Structure, Redemption and Attestation
BUIDL, BENJI, OUSG and USYC are tokenized cash-management products built on short-term US government debt, sitting on four different legal wrappers: a BVI professional-investor fund, a US-registered money market fund, a token issued by an Ondo vehicle that holds tokenized funds, and a tokenized share of a short-duration yield fund. The wrapper decides who may hold it, how yield arrives, and how redemption works.
Changed since the last review · First published at this review — there is no prior version to diff. It sits alongside our four-way tokenized-treasuries page and goes deeper on wrapper, redemption mechanics and what each issuer actually publishes.
How we compare — we hold structural facts (issuer, legal wrapper, chain, eligibility, redemption) and leave out AUM, fee and yield figures that move week to week. Full method: our data methodology. Live figures: the data desk.
These four are usually ranked by yield or size. That is the least durable way to compare them: rates move, assets under management move weekly, and fee levels get waived and reinstated. What does not move is the wrapper — the legal container the token sits in — and the wrapper is what actually determines eligibility, redemption mechanics and what the issuer is obliged to publish.
So this page compares structure and deliberately prints no yield, AUM or fee figures. Where a number moves, we describe the mechanism instead and say so. Our companion page compares BUIDL, OUSG, USDY and BENJI at a higher level; this one goes deeper on wrapper, redemption and attestation. Informational only — not financial advice, and not an offer of anything.
Structural comparison · reviewed 5 September 2026
BUIDL · BENJI · OUSG · USYC — side by side
| Attribute | BUIDL | BENJI | OUSG | USYC |
|---|---|---|---|---|
| Manager / issuer | BlackRock, with Securitize as transfer agent | Franklin Templeton | Ondo Finance | Circle, following its acquisition of Hashnote |
| Legal wrapper | BVI-domiciled professional-investor fund | US-registered money market fund (FOBXX) | Token issued by an Ondo vehicle that holds tokenized funds | Tokenized share of a short-duration yield fund |
| Underlying assets | Cash, US Treasury bills and repo | US government securities, cash and repo | Short-term US Treasury exposure, largely via tokenized funds | US Treasury bills and reverse repo |
| How yield reaches you | Accrues daily, distributed as additional tokens | Accrues daily, distributed as additional fractional shares | Retained — the token price appreciates | Retained — the token price appreciates |
| Token price behaviour | Targets a stable $1 | Targets a stable $1 | Rises with accrued yield | Rises with accrued yield |
| Who it is built for | Institutional and professional holders | Retail-accessible, including US investors | Qualified purchasers | Professional and institutional holders, non-US |
| Minimum size | Institutional-scale minimum | Retail-scale minimum | Qualified-purchaser minimum, set by the issuer | Institutional-scale minimum |
| Redemption path | Redeem with the transfer agent; a stablecoin redemption facility has also been offered | Redeem through Franklin's app and transfer agent | Mint and redeem against stablecoin, offered continuously | Whitelisted parties subscribe and redeem with the fund on its dealing schedule |
| Where the fee sits | At the fund level | At the fund level (expense ratio) | At the issuer's token vehicle, on top of any underlying fund fees | At the fund level |
| What gets published | Fund NAV and holdings via the fund's reporting | Fund NAV and holdings; the share register is kept on-chain | On-chain NAV and reserve reporting | Fund NAV via the fund administrator |
| Chains | Ethereum, plus deployments on additional chains | Multiple chains (originally Stellar) | Multiple chains | Ethereum, plus additional network integrations |
| Most common use | Institutional treasury and collateral | Cash management, including US retail | On-chain cash for qualified investors | Posted collateral at trading venues |
Structural facts only · no AUM, fee or yield figures — those are set by each issuer and move · verify current terms with the issuer before acting.
Analysis
Four wrappers, one underlying
All four ultimately hold short-term US government debt, so the raw asset risk is broadly similar. Everything else that differs comes from the container. BUIDL is a professional-investor fund domiciled in the BVI, distributed with Securitize acting as transfer agent — a structure built for institutions rather than for public retail distribution. BENJI is the outlier in the best sense: FOBXX is a US-registered money market fund whose share register is maintained on a public blockchain, which is why it can be offered to US retail investors at all.
OUSG is not a fund in the same sense. It is a token issued by an Ondo vehicle that holds tokenized funds and Treasury exposure and passes the economics through, which is why its fee sits at the vehicle level in addition to the fees of whatever it holds. USYC is a tokenized share of a short-duration yield fund, acquired by Circle with Hashnote, and it is used less as a savings product than as posted collateral at trading venues.
Analysis
Stable $1 versus price-accruing — and why it matters
BUIDL and BENJI aim to hold a stable unit value and hand you the yield as more units. OUSG and USYC keep the yield inside the token, so the price rises. This is not cosmetic. A stable-value token is straightforward to price in an application that assumes one unit is one dollar, and it produces a stream of new units that has to be handled. A price-accruing token needs anything that consumes it — a lending market, a margin engine, a risk system — to read the current NAV rather than assume par, and a system that hardcodes $1 for an accruing token will mis-mark the position every single day.
It also changes what a de-peg means. A stable-value token can trade slightly away from $1 on a secondary market while the underlying fund NAV has not moved at all. A price-accruing token has no $1 peg to break in the first place; the question there is whether the published NAV is accurate and whether you can realise it.
Analysis
Redemption is the real risk axis
Read the redemption path before the yield. A fund-level redemption is a business-day process governed by the fund's dealing terms — it is orderly, but it is not instant, and it runs on the traditional calendar even when the token itself moves at any hour. A continuous mint-and-redeem against stablecoin, which is how OUSG is presented, is a different promise: it is fast, and it is only as good as the liquidity and the eligibility gate standing behind it.
Stablecoin redemption facilities layered on top of a fund — the kind offered around BUIDL — are worth understanding precisely for what they are: a convenience built on top of the fund's own redemption process, generally provided by a third party with its own capacity limits. They are extremely useful. They are not the same thing as a right of redemption written into the fund's terms, and the two behave differently on the day everyone wants out at once.
Analysis
Attestation: fund NAV and proof of reserve are not the same claim
This is the axis readers most often collapse. A proof-of-reserve feed answers "do the reserves exist, right now, as reported by an attestor". A fund NAV answers "what is a share of this fund worth, as calculated by the administrator under the fund's accounting rules". They are produced by different parties, on different schedules, for different purposes — and a product can have one without the other.
Registered and regulated funds are already obliged to strike and publish a NAV and to disclose holdings on a defined cycle, which is why BUIDL, BENJI and USYC lean on fund reporting rather than an on-chain attestation feed. On-chain issuers lean the other way, publishing reserve and NAV data readable by a smart contract. Neither is automatically stronger. What matters is knowing which one you are relying on, and who signs it.
Analysis
What we deliberately did not print
Yields, assets under management, expense ratios and exact minimum subscription sizes are all set by the issuer and move — sometimes weekly, sometimes intraday. Printing them here would give this page a shelf life of days and quietly mislead anyone who reads it later. Every one of those numbers is published by the issuer in a document that is authoritative in a way this page is not. Read the mechanism here; take the number from them.
Frequently asked
Questions this comparison answers
What is the difference between BUIDL and USYC?
BUIDL is a BVI professional-investor fund distributed with Securitize as transfer agent, holding cash, Treasury bills and repo, with yield distributed as additional tokens at a stable unit value. USYC is a tokenized share of a short-duration yield fund, now under Circle, where yield is retained so the token price appreciates; it is most often used as posted collateral at trading venues.
Which of these can a US investor hold?
BENJI is a share of FOBXX, a US-registered money market fund, and is the one built for US retail access. BUIDL, OUSG and USYC are aimed at professional, institutional or qualified holders and are gated accordingly. Eligibility is set by each issuer — confirm it with them.
Can a tokenized treasury de-peg?
A stable-value token such as BUIDL or BENJI can trade away from $1 on a secondary market while the underlying fund NAV is unchanged — that is a liquidity gap, not a loss in the fund. Price-accruing tokens like OUSG and USYC have no $1 peg at all; the relevant question is whether the published NAV is accurate and realisable.
Are these the same as stablecoins?
No. A stablecoin is a payment instrument issued against a reserve. These four are fund shares or fund-referencing securities that pay a yield and are restricted by eligibility rules. They carry the underlying fund's risk plus custody, issuer and smart-contract considerations, and are not deposit-insured.
Why does this page not show yields or AUM?
Because both move constantly and would make the page wrong within days. We compare the structural facts that stay true — wrapper, eligibility, yield mechanism, redemption path, fee location and what is published — and point you to the issuer for anything numeric.
Keep reading
Definitions and the live numbers
The vocabulary used on this page is defined in the glossary — each entry is a standalone explainer, not a dictionary stub:
Anything on this page that carries a number lives on the live data desk instead — NAV premiums and discounts across the tokenized-equity universe we track, 24h movers, stablecoin supply, RWA chain TVL, tokenized-treasury yields and the US Treasury curve. How each of those is produced is documented in the methodology, and the full comparison set is indexed at all comparisons.
Reviewed 5 September 2026 by The TxOnChain desk · informational only · not financial advice · TxOnChain is a neutral media and data platform and does not offer, endorse or distribute any product named here · ← All comparisons