Largest Tokenized Treasury Funds in 2026: A Complete List

Tokenized treasuries have become one of the most important segments of the real-world asset market in 2026. By putting exposure to U.S. Treasury securities and money market instruments on blockchain networks, asset managers can combine traditional fixed-income products with faster settlement, onchain transparency, and programmable ownership.

The market has expanded rapidly. CoinGecko's 2026 RWA report showed that tokenized Treasuries grew from approximately $4 billion at the beginning of 2025 to $12.99 billion by March 31, 2026, representing 225.5% growth. More recent market data cited by KuCoin put the sector at $16.16 billion across 85 assets by August 3, 2026.

The growth has produced a new class of tokenized funds, ranging from institutional liquidity products to tokenized money market funds and blockchain-native Treasury products.

So, which are the largest tokenized treasuries in 2026? And how do products such as BlackRock BUIDL, Franklin Templeton BENJI, Circle USYC, and Ondo Finance compare?

Key Takeaways

• The tokenized Treasury market has grown into a multibillion-dollar RWA category, reaching more than $16 billion by August 2026 according to recent market data.

• USYC, BUIDL, BENJI, and Ondo products are among the largest names in the market, although rankings can change depending on the measurement date and whether individual products or issuers are counted.

• Tokenized Treasury products provide blockchain-based exposure to short-duration government securities or related cash-management assets, but access, eligibility, liquidity, fees, and legal structures vary significantly.

What Are Tokenized Treasuries?

Tokenized treasuries are blockchain-based representations of investment products backed by U.S. Treasury securities or other short-duration government assets.

Instead of holding a conventional fund share through a traditional brokerage account, eligible investors can hold a digital token representing an interest in an underlying fund or investment vehicle.

This structure can provide several blockchain-related benefits, including:

• Onchain ownership records

• Faster settlement

• Blockchain-based transfers

• Potential integration with decentralized finance

• 24/7 visibility into token movements

• Programmable financial infrastructure

However, tokenization does not eliminate the underlying legal or financial characteristics of the asset. Tokenized fund interests can still be securities and remain subject to eligibility, custody, transfer, and regulatory requirements.

This distinction is important because tokenized US Treasury bonds are not necessarily the same thing as directly buying an individual Treasury bond. Many products instead represent shares or interests in funds holding Treasuries and related assets.

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Largest Tokenized Treasury Funds in 2026

The ranking below focuses on major products by reported assets or market capitalization. Exact rankings can change quickly because tokenized Treasury markets are still expanding.

Market figures vary by date and methodology. For example, CoinGecko reported USYC at $2.69 billion, BUIDL at $2.17 billion, USDY at $1.31 billion, JTRSY at $1.12 billion, and BENJI at $0.99 billion as of March 31, 2026.

More recent reporting has shown the leading products growing further, highlighting how quickly the tokenized Treasury market is changing.

1. BlackRock BUIDL

BlackRock BUIDL is one of the best-known products in the tokenized Treasury market.

The BlackRock USD Institutional Digital Liquidity Fund was launched with Securitize and provides eligible investors with a blockchain-based representation of a fund focused on cash, U.S. Treasury bills, and repurchase agreements.

BUIDL has become an important example of how a traditional asset manager can use blockchain infrastructure for institutional cash management.

Its scale is particularly notable. CoinGecko recorded approximately $2.17 billion in market capitalization at the end of March 2026, while later market reports placed the product above $2.5 billion.

BUIDL is primarily designed for institutional and qualified investors rather than unrestricted retail access. Its structure therefore differs considerably from more accessible tokenized funds.

2. Circle USYC

USYC is another major player in tokenized Treasury products and has ranked among the largest products in the category.

The product provides tokenized exposure to short-duration Treasury assets and has attracted significant institutional demand.

According to CoinGecko's March 2026 RWA report, USYC had approximately $2.69 billion in market capitalization, making it the largest individual tokenized Treasury product at that point.

Later market data cited USYC at around $3 billion, reinforcing its position near the top of the category.

The rise of USYC demonstrates that tokenized Treasury demand is no longer limited to experimental blockchain projects. Institutional financial products are becoming an increasingly important part of the onchain economy.

3. Franklin Templeton BENJI

Franklin Templeton BENJI represents another major milestone for tokenized money market funds.

BENJI is associated with the Franklin OnChain U.S. Government Money Fund, which provides exposure to a government money market fund through blockchain-based infrastructure.

Unlike some private institutional products, Franklin Templeton's fund structure has been designed with broader accessibility in mind, although availability and eligibility depend on the investor and jurisdiction.

CoinGecko reported BENJI at approximately $990 million as of March 31, 2026. More recent reporting that aggregates related BENJI products has placed Franklin Templeton's tokenized franchise considerably higher.

BENJI is particularly important because it illustrates how conventional regulated money market funds can be integrated with blockchain infrastructure rather than creating an entirely new investment structure.

4. Ondo USDY

Ondo Finance has become one of the largest providers in the tokenized Treasury market.

Its USDY product is designed to provide yield exposure backed by short-duration U.S. Treasuries and other assets. Ondo reported that USDY surpassed $1 billion in TVL, contributing to approximately $2 billion in tokenized Treasury TVL across USDY and OUSG in January 2026.

USDY differs from traditional tokenized fund structures because it is designed to provide a stablecoin-like experience with yield for eligible non-U.S. users.

Its availability across multiple blockchains also demonstrates one of the central attractions of RWA tokenization: financial products can potentially be distributed across blockchain ecosystems instead of remaining confined to conventional financial rails.

5. Ondo OUSG

OUSG is Ondo's institutional-focused Treasury product.

Unlike USDY, OUSG is structured for eligible investors seeking institutional-grade exposure to short-duration government and money-market assets.

Ondo's current portfolio includes exposure to products from major asset managers such as BlackRock, Franklin Templeton, WisdomTree, Fidelity, and others.

As of July 30, 2026, Ondo reported approximately $378.17 million in OUSG underlying assets. The portfolio included BUIDL, BENJI, Fidelity's Treasury Digital Fund, and other assets.

This makes OUSG an interesting example of how tokenization can work at the fund-of-funds or portfolio level rather than simply representing one underlying Treasury strategy.

Tokenized Treasury Funds vs. Tokenized Money Market Funds

The terms tokenized treasury funds and tokenized money market funds are sometimes used interchangeably, but they can describe different structures.

A tokenized Treasury product may primarily hold short-term U.S. Treasury securities, while a tokenized money market fund may invest across a broader portfolio of government securities, cash, and repurchase agreements depending on its mandate.

For example, BUIDL and BENJI have different legal and investment structures despite both providing blockchain-based exposure to relatively conservative cash-management assets.

This means investors should not compare products solely based on their token price or advertised yield. The underlying fund structure, eligible investors, custody arrangements, redemption process, and fees can be equally important.

Tokenized US Treasury Bonds and Government Bonds

The broader category of tokenized government bonds extends beyond U.S. Treasuries.

Government debt can potentially be represented on blockchain networks through tokenized securities, fund shares, or other digital structures. The underlying objective is generally the same: combine traditional government debt with blockchain-based settlement and ownership infrastructure.

However, tokenized government bonds are still subject to the laws and market infrastructure of the jurisdiction where the underlying securities and investment vehicle are established.

For investors, this means tokenization should be viewed as a delivery and settlement technology, not as a replacement for the underlying financial asset.

Why Are Tokenized Treasuries Growing?

The growth of tokenized assets 2026 has been driven by several factors.

Institutional Demand

Large financial institutions increasingly see blockchain networks as potential infrastructure for settlement, collateral management, and cash management.

The growth of BUIDL and USYC demonstrates that institutional capital can enter tokenized financial products at substantial scale.

Onchain Yield

Tokenized Treasury products can bring the yield characteristics of short-duration government securities into blockchain environments.

This creates opportunities for applications that need productive collateral or cash-like assets without moving entirely back into traditional banking infrastructure.

DeFi Integration

One of the biggest advantages of tokenization is potential composability.

Eligible tokenized assets can potentially be integrated with lending, borrowing, settlement, and other blockchain applications.

This is helping create a new category of onchain money market funds, although regulatory restrictions can limit where and how individual products may be used.

Faster Settlement

Traditional financial transactions can involve multiple intermediaries and settlement windows.

Blockchain-based infrastructure can reduce some of these frictions by recording ownership and transfers on distributed ledgers.

This does not necessarily mean every tokenized Treasury can be redeemed instantly for cash. The underlying securities and fund rules still determine redemption mechanics.

Tokenized Real World Assets and RWA Tokenization

Treasuries are currently one of the clearest examples of tokenized real world assets.

The broader RWA tokenization market includes government bonds, private credit, real estate, commodities, equities, and other traditional assets.

Tokenized Treasuries have taken an early lead because U.S. government debt is highly liquid, widely used as collateral, and familiar to institutional investors.

CoinGecko's 2026 RWA report shows how quickly this segment has expanded, with tokenized Treasury market capitalization increasing from $4 billion at the start of 2025 to nearly $13 billion by March 2026.

This growth suggests that blockchain funds are moving beyond the experimental stage and becoming part of a broader effort to put traditional financial assets onchain.

What to Consider Before Buying Tokenized Treasury Funds

The apparent stability of the underlying assets does not eliminate all risks.

Investors should consider:

Eligibility: Some products are restricted to accredited investors, institutions, or non-U.S. investors.

Liquidity: A token may trade onchain, but that does not necessarily mean it can always be redeemed instantly for cash.

Smart contract risk: Blockchain-based products can introduce technology-related risks that do not exist in the same form in traditional funds.

Issuer and custody risk: Investors should understand who manages the fund, who holds the underlying assets, and how ownership is recorded.

Regulation: Tokenized securities remain subject to applicable securities and financial regulations.

Yield changes: Returns on Treasury-backed products generally change as interest rates and underlying portfolio yields change.

The Future of the Tokenized Treasury Market

The tokenized Treasury market could become an important bridge between traditional finance and blockchain-based financial infrastructure.

The growth of BUIDL, USYC, BENJI, and Ondo's products shows that the market is developing across multiple models rather than converging on a single tokenization structure.

Some products focus on institutional liquidity. Others emphasize regulated money market funds, global access, or DeFi integration.

The next phase of growth will likely depend on whether tokenized products can solve practical problems beyond simply putting an existing fund onchain.

Better interoperability, deeper secondary liquidity, clearer regulation, and greater institutional adoption could all contribute to further growth.

Conclusion

The largest tokenized Treasury products in 2026 demonstrate how quickly traditional fixed-income assets are moving onto blockchain networks.

USYC, BlackRock BUIDL, Franklin Templeton BENJI, and Ondo Finance's USDY and OUSG are among the most significant names in the sector, although their rankings can change as assets move between products.

The market's rapid expansion reflects growing demand for blockchain-based cash management, onchain yield, and tokenized real-world assets. Yet investors should look beyond headline market capitalization and consider each product's structure, eligibility requirements, liquidity, custody, and redemption mechanics.

As tokenization develops, Treasury products may become an increasingly important foundation for the broader onchain financial system.

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FAQ

What are tokenized treasuries?

Tokenized treasuries are blockchain-based representations of investments backed by U.S. Treasury securities or related government assets.

What is the largest tokenized Treasury fund?

USYC and BlackRock BUIDL have ranked among the largest individual tokenized Treasury products, with rankings changing as market values fluctuate.

What is BlackRock BUIDL?

BUIDL is BlackRock's institutional digital liquidity fund, offering eligible investors tokenized exposure to cash and short-term U.S. government securities.

Is BENJI a tokenized money market fund?

Yes. BENJI is associated with Franklin Templeton's Franklin OnChain U.S. Government Money Fund, a blockchain-enabled government money market fund.

What is RWA tokenization?

RWA tokenization is the process of representing ownership or interests in real-world assets through blockchain-based tokens.

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