Real US Treasury bills, tokenized. Around $15B sits onchain in October 2026 — here is what I learned.
A company buys real US Treasury bills and issues tokens backed by them. You hold the token, yield accrues — usually ~3-3.5% a year, tracking T-bill rates.
Circle USYC ~$2.4B, Ondo USDY ~$2.3B, BlackRock BUIDL ~$2.3B, Franklin Templeton BENJI ~$1.7B. Wall Street is officially onchain.
US beginners: Franklin Templeton BENJI ($20 minimum) or WisdomTree WTGXX ($1 minimum). Non-US: Ondo USDY. BUIDL? $5M minimum — watch, don’t buy.
The safest yield in crypto: real government debt, fractional ownership ($20 instead of $1,000), and settlement in minutes instead of days.
Yields drift with rates (3.5%, not 10%). Eligibility walls block many. Redemptions take a day, not seconds. Smart-contract and issuer risk still exist.
Start small, watch for a month, see how daily yield accrues. This is the SAFE corner of a portfolio — don’t trade that safety for exotic RWA tokens.
Every major product compared, eligibility truth, the full risk list, and 5 FAQs — in the free beginner guide.
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