Tokenized U.S. Treasury products have surpassed $10.9B in total value locked. Behind every on-chain token is a multi-link custody chain: U.S. Treasury → clearinghouse → custodian → tokenization platform → on-chain token. We break down every link.
The underlying asset: U.S. government debt obligations backed by the full faith and credit of the United States. T-Bills (≤1 year), T-Notes (2-10 years), or reverse repo agreements.
The Depository Trust & Clearing Corporation (DTCC) clears and settles the trades. The Federal Reserve Bank of New York holds Treasury securities in book-entry form.
BNY Mellon, JPMorgan, Morgan Stanley, or Clear Street hold the securities on behalf of the fund. These are SEC-registered, SIPC-member qualified custodians.
The tokenized fund (BlackRock BUIDL, Franklin BENJI, Ondo OUSG) or Special Purpose Vehicle holds the securities through the custodian. The fund is typically SEC-registered.
Securitize (for BlackRock), or in-house platforms (Franklin, Ondo) create the on-chain representation. Transfer agent functions include KYC/AML, mint/burn, and compliance enforcement.
The token you hold on Ethereum, Polygon, Solana, etc. Each token represents a pro-rata share of the underlying Treasury securities held in custody.
Largest tokenized treasury fund. SEC-registered. BNY Mellon custody with Securitize as transfer agent.
First SEC-registered fund on a public blockchain. Lowest minimum investment. On-chain share ownership via BENJI token.
DeFi-native tokenized treasury product. Integrates with Flux Finance for on-chain lending against OUSG.
Tokenized note backed by U.S. Treasuries. No accreditation required for non-U.S. holders. Bankruptcy-remote SPV structure.
Treasuries, gold, and RWA platforms — all independently scored on custody architecture, transparency, and security.
View Tokenized Scores