Tokenized Treasuries Compared: BUIDL vs OUSG vs USDY vs BENJI
BUIDL, OUSG, USDY and BENJI are the leading tokenized US Treasury and money-market products. BUIDL (BlackRock, via Securitize) and BENJI (Franklin Templeton) tokenize money-market funds; OUSG and USDY (Ondo Finance) give tokenized exposure to short-term US Treasuries. All four pay yield on-chain and are backed by short-term government securities held in regulated custody.
Tokenized treasuries are the largest real-world-asset category on-chain. The four most-referenced products — BlackRock's BUIDL, Ondo's OUSG and USDY, and Franklin Templeton's BENJI — all pay a yield derived from short-term US Treasuries, but they differ in issuer, structure, eligibility, and how yield reaches the holder. This is a neutral structural comparison, not investment advice; verify current terms and rates with each issuer.
| Attribute | BUIDL | OUSG | USDY | BENJI |
|---|---|---|---|---|
| Issuer | BlackRock (via Securitize) | Ondo Finance | Ondo Finance | Franklin Templeton |
| Underlying | MMF: Treasuries, repo & cash | Short-term US Treasuries / MMFs | Short-term Treasuries + bank deposits | FOBXX money-market fund |
| Yield mechanism | Distribution (rebasing) | Price-appreciating token | Price-appreciating token | On-chain fund share |
| Typical access | Qualified / institutional | Qualified investors | Non-US retail | US + others (SEC-registered fund) |
| Chains | Ethereum + multiple | Multiple chains | Multiple chains | Stellar + multiple |
| Reserve attestation | Securitize reporting | Chainlink proof-of-reserve | Chainlink proof-of-reserve | Franklin reporting |
How the four differ
BUIDL and BENJI are tokenized money-market funds: BUIDL is BlackRock's fund issued through Securitize and aimed at qualified and institutional holders, while BENJI is Franklin Templeton's FOBXX — notable as one of the first US-registered funds to record share ownership natively on a public blockchain. OUSG and USDY are Ondo products: OUSG gives qualified investors tokenized exposure to short-term Treasuries (historically routed through funds including BUIDL), and USDY is a yield-bearing token backed by short-term Treasuries and bank deposits, aimed at non-US retail.
The practical differences that matter are eligibility (who can hold it), how yield is delivered (a rebasing distribution versus a token whose price appreciates), and reserve transparency (several use Chainlink proof-of-reserve). AUM and yields move constantly with the rate environment, so this page deliberately compares stable structure rather than figures that go stale — check each issuer for the current AUM and yield.
Frequently asked questions
Are tokenized treasuries safe?
They carry the underlying fund's risk plus smart-contract, custody, and issuer risk, and are not FDIC-insured. The backing is short-term US Treasuries held in regulated custody. This is information, not advice.
What is the difference between BUIDL and OUSG?
BUIDL is BlackRock's tokenized money-market fund (issued via Securitize). OUSG is Ondo's tokenized short-term Treasury product aimed at qualified investors, which has historically held assets including BUIDL.
Which tokenized treasury can non-US retail hold?
Among these four, Ondo's USDY is positioned for non-US retail, while BUIDL and OUSG target qualified or institutional holders. Always confirm eligibility with the issuer.
Related terms
Informational only · not financial advice · verify current terms with each issuer. · ← All comparisons