Tokenized T-Bills & Money Markets
7 products
Low Risk
BUIDL
BlackRock USD Institutional Digital Liquidity Fund
BlackRock · Securitize · BNY Mellon
AUM
$2.5B+
Redemption
T+0
Chains
ETH +6
Min
$5M+
Gov MMF · Price-Accruing
→
Low Risk
BENJI
Franklin OnChain US Government Money Fund
Franklin Templeton · BNY Mellon · PwC
AUM
$400M+
Redemption
T+0
Chains
6 chains
Min
$20
Gov MMF · SEC-Reg · 1940 Act
→
Low Risk
OUSG / rOUSG
Ondo Short-Term US Government Bond Fund
Ondo Finance · Clear Street · BlackRock SHV
AUM
$600M+
Redemption
T+2
Chains
ETH+3
Min
$100k
T-bill ETF · Price-Accruing / Rebasing
→
Low Risk
USDY
Ondo US Dollar Yield Token
Ondo Finance · Ankura Trust · Withum
AUM
$400M+
Redemption
T+2–3
Chains
8 chains
Min
$500
Direct T-bills · Rebasing · Non-US
→
Low–Med
USDM / wUSDM
Mountain Protocol USD
Mountain Protocol · BMA-Licensed
Supply
$200M+
Redemption
T+1–2
Fee
0.50%
Chains
ETH+4
Direct T-bills · BMA · Rebasing
→
Low–Med
USTB
OpenEden T-Bill Vault
OpenEden · DBS Bank · MAS · Chainlink
AUM
$200M+
Redemption
T+2
Custodian
DBS Bank
Min
$100k
Direct T-bills · MAS · Rebasing
→
Low–Med
TBILL
OpenEden TBILL — BNY Mellon IM Singapore
OpenEden · BNY Mellon IM · MAS · Dual-Rated
AUM
~$90M
Redemption
Instant
Rated
AA+f
Chains
XRPL+ETH
Direct T-bills · S&P + Moody's Rated
→
Structured Credit
1 product
Private Credit
2 products
Low Risk
syrupUSDT
Maple Finance Syrup USDT
Maple Finance · Syrup Protocol
TVL
$500M+
Redemption
Queue
Collateral
>150%
Chain
ETH
Overcollat. Lending · ERC-4626
→
Med Risk
ACRED
Apollo Diversified Credit (Tokenized)
Apollo · Securitize · Anemoy · Centrifuge
Onchain AUM
~$50M
Redemption
Fission/Qtly
Illiquid
~62%
Launched
Oct 2025
Multi-Strat Private Credit · Illiquid
→
Onchain Reinsurance
1 product
Stablecoins
1 product
STRC Wrappers (Strategy Preferred Equity)
2 products
AX
High Risk
APYX
Apyx Protocol — Dividend-Backed Stablecoin
DFDV · Strategy STRC · Ethereum
TVL
~$50M
STRC Held
255K
Chain
ETH
Age
3 mo
STRC Wrapper · Yield-Bearing
→
ST
High Risk
USDat
Saturn Protocol — Bitcoin Credit Stablecoin
Saturn Labs · Strategy STRC · Pre-Launch
TVL
$0
Funding
$800K
Chain
TBD
Status
Pre-launch
STRC Wrapper · Pre-Launch
→
Side-by-Side Comparison
All 14 products
| Ticker | Product | Asset Class | AUM / TVL | Yield | Redemption | Token | Min | Risk |
|---|---|---|---|---|---|---|---|---|
| BUIDL | BlackRock USD Digital Liquidity | Gov MMF | $2.5B+ | ~4.5% | T+0 | Price-accr. | $5M+ | Low |
| BENJI | Franklin OnChain Gov MMF | Gov MMF · SEC | $400M+ | ~4.5% | T+0 | Price-accr. | $20 | Low |
| OUSG | Ondo Short-Term Gov Bond | T-bill ETF | $600M+ | ~4.5% | T+2 | Price-accr. / Rebasing | $100k | Low |
| USDY | Ondo US Dollar Yield | Direct T-bills | $400M+ | ~4.5% | T+2–3 | Rebasing | $500 | Low |
| USDM | Mountain Protocol USD | Direct T-bills | $200M+ | ~4.5% | T+1–2 | Rebasing | — | Low–Med |
| USTB | OpenEden T-Bill Vault | Direct T-bills | $200M+ | ~4.5% | T+2 | Rebasing | $100k | Low–Med |
| TBILL | OpenEden TBILL (BNY Mellon IM) | Direct T-bills | ~$90M | 3.40% | Instant | Price-accr. | — | Low–Med |
| JAAA | JH Anemoy AAA CLO Fund | CLO AAA | $1B+ | ~5.2% | Daily OTC | Price-accr. | — | Low |
| syrupUSDT | Maple Finance Syrup USDT | Private Credit | $500M+ | ~9–11% | Queue | ERC-4626 | — | Low |
| ACRED | Apollo Diversified Credit | Private Credit | ~$50M | 11–15% | Fission/Qtly | Price-accr. | Accredited | Med |
| reUSDe | Re Protocol Reinsurance Alpha | Reinsurance | $337M WP | 16–25% | Quarterly | Price-accr. | — | Med |
| USDG | Global Dollar (Paxos) | Stablecoin | $1.77B | 97% rev share | T+5 | 1:1 USD peg | — | Low–Med |
| APYX | Apyx Dividend-Backed Stablecoin | STRC Wrapper | ~$50M | 11–33% | — | ERC-4626 | — | High |
| USDat | Saturn Bitcoin Credit Stablecoin | STRC Wrapper | $0 | ~11% (tgt) | — | Pre-launch | — | High |