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.

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 (fund-level reporting for BUIDL and BENJI; Ondo publishes reserve data on-chain, with a Chainlink proof-of-reserve feed for USDY). 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.

If what you actually need is the legal wrapper, the redemption mechanics and what each issuer is obliged to publish, our companion page compares BUIDL, BENJI, OUSG and USYC on exactly those axes — including why a stable-$1 token and a price-accruing token behave differently in any system that consumes them, and why a fund NAV and a proof-of-reserve feed are not the same claim.