What tokenised Treasuries are
Tokenised Treasuries wrap traditional US Treasury or money market fund exposure in blockchain tokens. Holders earn yield from underlying bond coupons rather than crypto trading strategies. Unlike USDC (a payment stablecoin), Treasury tokens explicitly target yield from government debt.
The RWA tokenisation market exceeded $20 billion on-chain by 2026, driven by institutional issuers (BlackRock, Franklin Templeton) and DeFi-native platforms (Ondo, Superstate, Maple).
Leading products compared
| Product | Issuer | Yield source | DeFi integration |
|---|---|---|---|
| OUSG | Ondo Finance | Short-term US Gov bonds | Aave collateral |
| USDY | Ondo Finance | Treasuries + bank deposits | Lending pools |
| BUIDL | BlackRock / Securitize | US Treasuries | Used by Ondo, Superstate |
| USTB | Superstate | US Treasuries | Growing DeFi integrations |
Step-by-step: Accessing Ondo products
- 01
Check eligibility
Visit ondo.finance and review product availability for your jurisdiction. OUSG typically requires qualified purchaser status; USDY has broader availability in supported regions.
- 02
Complete verification
Complete KYC/AML verification as required by the issuer. This is mandatory for regulated RWA products — unlike permissionless DeFi protocols.
- 03
Fund and mint
Transfer USDC or wire USD (depending on product) and receive OUSG or USDY tokens in your wallet. Tokens begin accruing yield automatically.
- 04
Use in DeFi (if eligible)
OUSG holders may supply to Aave as collateral where supported. USDY can be deposited in lending markets. Check current integrations — they expand as RWA adoption grows.
RWA products involve issuer risk, regulatory risk, and redemption constraints unlike purely on-chain stablecoins. Read each product's prospectus and terms before investing.
Frequently asked questions
Are tokenised Treasuries the same as stablecoins?
No — stablecoins like USDC target a $1 peg for payments. Treasury tokens target yield from underlying bonds and may fluctuate slightly in value as yield accrues.
Can anyone buy OUSG?
OUSG is typically limited to qualified purchasers (accredited investors in the US). USDY has broader availability depending on jurisdiction. Check ondo.finance for current eligibility.
Ondo vs BlackRock BUIDL?
BUIDL has larger institutional AUM; Ondo has stronger DeFi-native integration and composability with protocols like Aave.
What is the yield on tokenised Treasuries?
Yield tracks underlying US Treasury rates — typically 4–5% in 2026 depending on the Fed funds rate and product structure, minus issuer fees.