BlackRock BUIDL Leads $7B Tokenized Treasury Market

The tokenized Treasury market surpassed $7 billion in assets under management in 2026. BlackRock BUIDL is the largest product with roughly $2.9 billion in AUM, representing about 40% of the market. Top funds in the category offer net yields ranging from about 4.0% to 4.8% APY and operate across multiple blockchains.

BlackRock BUIDL uses a rebasing model that keeps its token at a $1.00 peg while distributing yield as additional tokens. The fund operates on seven chains, with approximately 93% of supply on Ethereum. Reported net yields range from about 4.0% to 4.5% APY. Management fees are reported between 0.20% and 0.50%. Access to BUIDL is limited to qualified purchasers through a distribution platform that enforces investor accreditation and custody requirements.

Franklin Templeton BENJI is organized as a registered investment company under the Investment Company Act of 1940. BENJI also uses a rebasing model, reports roughly $700 million to $750 million in AUM and posts net yields near 4.0% to 4.5% APY. Its management fee is 0.15%, the lowest among major tokenized Treasury products. BENJI is available on Stellar, Polygon and Ethereum and is accessible to non-U.S. retail investors and accredited U.S. investors.

Ondo USDY reports the highest net yield among the ranked funds at about 4.8% APY and does not list an explicit management fee. USDY has more than $650 million in AUM and is available on at least five networks, including Ethereum, Solana, Arbitrum and Aptos. USDY is accessible to non-U.S. retail investors and is widely used as collateral in lending and perpetual futures markets on multiple chains.

Two institutional offerings, Hashnote USYC and Circle USYC, use a price-accrual model in which token supply remains constant while token price appreciates as yield accrues. That model typically produces a taxable event on sale rather than regular distributions. Hashnote USYC requires institutional KYC and AML compliance and reports net yields in line with the broader category. Circle USYC targets institutional counterparties and integrates with existing stablecoin infrastructure.

Ondo OUSG is a rebasing fund that holds a majority of its assets in BlackRock BUIDL, providing structured access to BUIDL-equivalent exposure with a lower minimum investment. OUSG reports more than $500 million in AUM and lists a $5,000 minimum on Ethereum. Superstate USTB is a DeFi-native tokenized Treasury product built on Ethereum that emphasizes on-chain auditability and reports net yields of about 4% or higher.

Products differ by yield distribution method, fee structure, chain coverage, investor access and redemption mechanics. Rebasing tokens maintain a stable $1.00 price and distribute additional tokens to reflect yield, while price-accrual tokens increase in value over time. Management fees affect net return; reported ranges include 0.15% for BENJI, 0.20% to 0.50% for BUIDL and no explicit fee for USDY. Redemption speeds vary by product and by the platforms that handle investor subscriptions and redemptions.

The ranking lists the seven largest tokenized money market funds by yield, liquidity and assets under management in 2026.