Explore the Top 10 Tokenized Treasury Bill Projects delivering real yield. Learn how they are merging TradFi stability with DeFi innovation.
Author: Akshat Thakur
In the evolving world of decentralized finance (DeFi), Tokenized Treasury Bill projects have emerged as one of the most transformative innovations. These projects bridge traditional finance (TradFi) with blockchain technology by converting U.S. Treasury Bills short-term, low-risk government securities into on-chain digital tokens. This means investors can now earn yield backed by the U.S. government directly through blockchain-based assets, bringing unprecedented safety, liquidity, and transparency to DeFi.
Unlike speculative yield farms of the past, Tokenized Treasury Bill projects offer returns tied to real-world interest rates, creating a sustainable form of income generation within crypto. These tokenized versions of Treasury Bills can be traded, lent, or staked across DeFi protocols, giving investors flexibility while maintaining exposure to a low-risk yield source. As of November 2025, the total value locked (TVL) in Tokenized Treasury Bill projects has surpassed $7.9 billion, highlighting their role as a reliable foundation for on-chain yield markets.
In essence, Tokenized Treasury Bill projects are redefining how global investors access traditional assets. They blend the predictability of government bonds with the efficiency of smart contracts, signaling the rise of a new financial era where real yield meets decentralized infrastructure.
Tokenized Treasuries combine traditional finance (TradFi) reliability with DeFi’s borderless accessibility and automation.
These advantages have positioned tokenized Treasuries as a cornerstone of real-world asset (RWA) adoption in DeFi.
BlackRock’s BUIDL fund leads the tokenized Treasury market with $2.83 billion TVL and a 3.90% APY. This fund represents a historic step as the world’s largest asset manager integrates blockchain with institutional liquidity. Designed for U.S. Qualified Purchasers, BUIDL offers institutional-grade exposure to short-term Treasuries across multiple chains including Solana, Polygon, Optimism, Ethereum, Avalanche, Arbitrum, and Aptos.
BUIDL is redefining institutional DeFi participation, providing fully regulated access to tokenized government securities. Its cross-chain expansion demonstrates how institutional finance is converging with decentralized ecosystems.
Ondo Finance bridges TradFi and DeFi through two core products: OUSG for institutional investors and USDY for global users representing over $1.47 billion in combined TVL. OUSG offers yield from U.S. Treasury-backed funds, while USDY acts as a yield-bearing stablecoin accessible across multiple chains.
Ondo is pioneering DeFi-native liquidity backed by real yields, integrating its tokens across lending platforms and stablecoin ecosystems. Its cross-chain architecture and focus on compliance make it a leader in tokenized RWA innovation.
Circle’s USYC is a yield-bearing stablecoin pegged to U.S. Treasuries, combining regulatory trust with blockchain liquidity. With $948 million TVL and 3.64% yield, it allows users to hold government-backed assets while participating in DeFi markets.
USYC positions Circle as a key intermediary between stablecoins and tokenized securities. It empowers global investors to earn yield from the most secure fixed-income assets while maintaining liquidity across DeFi protocols.
Franklin Templeton’s BENJI fund represents one of the first retail-accessible tokenized money market funds. With $852 million TVL and 3.93% APY, it brings institutional-grade yield to everyday users while maintaining transparent on-chain operations.
BENJI’s simple onramp system allows users to invest directly using fiat or crypto. Its focus on accessibility and daily liquidity makes it a model for inclusive, compliant tokenized investment products.
WisdomTree’s digital fund bridges traditional investment management and blockchain with $636 million TVL and a 3.87% yield. Built for both retail and institutional users, it reflects a push toward real-world yield integration in DeFi.
WisdomTree emphasizes full on-chain transparency, allowing investors to verify fund holdings and performance in real time. This initiative reinforces how asset managers are leveraging tokenization to modernize fixed-income markets.
Tokenized Treasury Bills are more than just financial instruments they’re transforming the way global capital moves. In traditional markets, cross-border liquidity often faces friction from intermediaries, regulations, and time delays. Tokenized Treasuries solve these problems by digitizing government-backed debt and enabling global, real-time transfer of value.
For global commerce, this has major implications:
The result is a new paradigm where blockchain-powered money markets operate with the efficiency of crypto and the reliability of government debt. Tokenized Treasuries are becoming the bridge that unites decentralized liquidity with traditional financial confidence.
Superstate USTB offers institutional-grade Treasury exposure with $523 million TVL and a 3.81% APY. It focuses on accredited investors seeking blockchain-based liquidity for traditional securities. Superstate integrates directly with major blockchains, offering transparent reporting and rapid redemption.
Superstate is positioning itself as a compliant, high-efficiency RWA hub combining fintech accessibility with enterprise-grade security for U.S. Treasury investments.
Anemoy JTRSY brings a European focus to the tokenized yield landscape, holding $296 million TVL with a 3.46% APY. Designed for professional investors, it tokenizes diversified short-term Treasuries and money market assets under strict regulatory oversight.
Anemoy stands out for its cross-border accessibility and transparency. By integrating with European regulatory standards, it strengthens the global legitimacy of tokenized fixed-income products.
Fidelity’s FDIT fund is a major milestone in institutional DeFi adoption, managing $233 million TVL with a 0.20% management fee. It offers large-scale investors secure access to Treasury-backed digital assets within a compliant, regulated framework.
Fidelity’s presence brings unparalleled credibility to the tokenized securities market. By merging its financial infrastructure with blockchain rails, it paves the way for large-scale TradFi migration to on-chain environments.
OpenEden TBILL Vault tokenizes U.S. Treasuries into high-liquidity vaults optimized for on-chain yield. With $224 million TVL and a 3.44% APY, it provides investors with both safety and composability across decentralized ecosystems.
OpenEden’s vault design prioritizes global access, especially across Asia-Pacific markets. Its partnerships with DeFi protocols make it one of the most integrated and scalable RWA projects to date.
Theo Protocol’s thBILL represents the next evolution in tokenized Treasuries, combining efficiency, decentralization, and accessibility. With $156 million TVL and a zero-fee structure, it removes the cost barriers that often limit investor participation in fixed-income markets. Built with governance-focused architecture, it aims to maximize yield through decentralized optimization strategies.
thBILL showcases how blockchain-native innovation can outperform traditional systems by eliminating intermediaries, enhancing transparency, and automating trust through smart contracts.
Tokenized T-Bill projects are evolving rapidly but face challenges such as:
Despite this, the market is expected to exceed $10 billion in TVL by 2026. With AI-driven risk assessment, improved liquidity bridges, and regulatory clarity, tokenized Treasuries are set to become a major DeFi pillar.
Tokenized Treasury Bills are transforming blockchain finance into a system grounded in real economic value. By merging U.S. government-backed securities with blockchain liquidity, these assets have turned DeFi from a speculative playground into a legitimate, income-generating ecosystem.
From BlackRock’s institutional BUIDL to Ondo’s cross-chain products and Circle’s USYC, each project contributes to making DeFi safer, more stable, and globally inclusive. As regulatory clarity improves and new technologies mature, tokenized Treasuries could become the default base layer for decentralized finance.
Ultimately, the rise of tokenized government debt isn’t just about yield it’s about evolution. It’s the convergence of transparency, efficiency, and trust, building a financial bridge that connects Wall Street to Web3.
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