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Best tokenized Treasury funds, sorted by who can buy them

A tokenized Treasury fund holds short-term US government debt and represents your share as a token. The token earns roughly the policy rate, less the fund's fee, and you can hold it in a wallet and redeem it for USDC or dollars through the issuer.

The yields sit close together, because they all come from the same asset. What separates the funds is access. Most are open only to institutions, qualified purchasers, or professional investors. Some exclude US persons while others are for US investors only, and published minimums reach $5 million.

This page sorts seven tokenized Treasury products by that question, from the most accessible to the most restricted, using each issuer's own documentation as of September 2026. Eligibility rules are the part most likely to change, so confirm them with the issuer before onboarding.

Key takeaways​

  • Access decides the choice before yield does. Start with the products you are eligible to buy.
  • Non-US and US investors have different shortlists. USDY and USYC exclude US persons; OUSG and USTB target US accredited investors and qualified purchasers.
  • "Instant" redemption has limits. It usually depends on a liquidity pool or a daily cap, with slower standard redemption behind it.
  • The return tracks the policy rate. It falls when the Federal Reserve cuts, whatever crypto markets do.
  • These are the zero-exposure baseline. Any crypto yield strategy has to clear this rate to justify its risk.

How the seven compare​

ProductIssuer or managerWho can buyStated minimumStated feeRedemption
USDYOndoEligible non-US investors after onboarding$5,000 to mint or redeem on some networksNot stated in the basics docsUSDC, or USD wire to a non-US bank account
mTBILLMidasSet by its prospectusNot stated in the redemption docsStandard redemption free; instant redemption carries a feeStandard after the next NAV update, or instant subject to capacity
TBILLOpenEden; managed by BNY InvestmentsProfessional Investors under BVI law, after KYCNot stated on its product pageNot stated on its product pageThrough the fund, subject to its terms
OUSGOndoUS accredited investors who are qualified purchasers$5,000 for instant transactions0.15% management fee, waived through January 1, 202724/7 in USDC, or daily USD wire
USTBSuperstate; now presented as an Invesco fundUS accredited investors and qualified purchasersNot stated on its product page0.15% management feeUSDC through Circle, with daily limits on faster redemption
USYCCircle (Hashnote fund)Eligible non-US institutions with allow-listed walletsNot stated on the pages reviewedNot stated on the pages reviewedNear-real-time USDC up to instant capacity
BUIDLBlackRock, issued through SecuritizeQualified purchasers$5 million initialPer fund documentsUSDC route and issuer redemption

1. Ondo USDY: the widest door for non-US investors​

USDY is a tokenized note backed by short-term US Treasuries or related assets. Ondo's USDY documentation says that after onboarding you can mint it with USDC at any time and start earning as soon as the transaction processes. It comes in two forms: USDY, whose price rises as interest accrues, and rUSDY, which stays at $1.00 and pays interest as extra tokens.

Access is the reason it comes first here: it is open to eligible non-US investors rather than only institutions. It excludes US persons, and USD redemptions go only to non-US bank accounts. Minting and redeeming on some networks, including Sui, Aptos, and Stellar, carries a $5,000 minimum.

2. Midas mTBILL: a prospectus-based T-bill token​

Midas issues tokenized investment products under a formal prospectus, and mTBILL is its T-bill product. Its issuance and redemption docs describe two exits. Standard redemption is free and settles after the next NAV calculation, which can take from days to weeks depending on the product. Instant redemption pays out immediately in a stablecoin such as USDC, but it draws on a liquidity pool, depends on available capacity, and carries a fee.

Midas also reserves the right to pause deposits and redemptions in emergencies such as a market-wide hack or a depeg. Eligibility is set by the prospectus, so check your jurisdiction before starting.

3. OpenEden TBILL: a rated fund for professional investors​

OpenEden's TBILL token is issued by a professional fund regulated in the British Virgin Islands and managed by BNY Investments. The fund carries an S&P rating of AA+f/S1+, and its documentation says investors subscribe with USDC and hold the TBILL tokens in their own wallets.

TBILL is available only to Professional Investors as defined under BVI law, after the fund's KYC and AML onboarding. It fits a professional investor who wants a rated product with a named institutional manager.

4. Ondo OUSG: a lower bar for US qualified purchasers​

OUSG gives exposure to short-term US Treasuries and money-market funds through a Reg D 506(c) offering, which limits it to US accredited investors who are also qualified purchasers. Instant subscriptions and redemptions carry a $5,000 minimum at no fee; standard transactions require $100,000 to invest and $50,000 to redeem. Redemptions run 24/7 in USDC or by daily USD wire. The 0.15% management fee is waived through January 1, 2027.

For a US investor who qualifies, that $5,000 instant minimum is a low bar for a US fund. The Deploy Finance vs Ondo page covers OUSG and USDY in more detail.

5. Superstate USTB: a US fund with USDC redemption​

USTB, which Superstate's site now presents as the Invesco Short Duration US Government Securities Fund, holds short-duration US government securities. It is intended for US-resident accredited investors and qualified purchasers, charges a 0.15% management fee, and redeems into USDC through Circle.

Its disclosures are worth reading before you invest. A faster "Protocol Redeem" route runs only when available and under daily limits, the manager can require a forced redemption, and the fund is not registered under the Investment Company Act. Its tokens move on blockchains including Ethereum, Solana, and Plume.

6. Circle USYC: built for institutions and collateral​

USYC represents shares of the Hashnote International Short Duration Fund, a Cayman Islands registered mutual fund offered through Circle. According to Circle, it is available only to eligible non-US institutions that pass onboarding and allow-list their wallets. It redeems to USDC in near real time up to its instant-redemption capacity, and it accrues interest through its token price.

Circle positions USYC as collateral for trading venues and protocols, which is why it works only in permissioned environments. It suits a non-US institution that needs a yielding cash leg it can post and redeem quickly.

7. BlackRock BUIDL: the institutional benchmark​

BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, issued through Securitize. It is open to qualified purchasers, sets a $5 million initial minimum, and pays accrued dividends as new tokens, with a USDC redemption route.

It ranks last here only on access. For an institution that meets the bar, BUIDL offers BlackRock as manager. For most individuals, it is not available.

How to choose a tokenized Treasury fund​

  1. Settle eligibility first. US or non-US, individual or institution, accredited or professional: this narrows seven options to one or two.
  2. Check the minimum on the route you will use. Instant and standard routes often have different minimums.
  3. Read the redemption limits. Instant redemption is usually capped by a liquidity pool or a daily limit.
  4. Compare the fee to the yield. Every fund here earns roughly the same underlying rate, so the fee is most of the difference.
  5. Know what you hold. A token is a claim on a fund; the fund's custodian holds the securities.

Where Deploy Finance fits​

Tokenized Treasuries and Deploy Finance answer different questions. A Treasury fund pays the policy rate with no crypto exposure. Deploy Finance runs trading agents whose return comes from crypto markets, and that return has to clear the Treasury rate to justify its extra risk.

Income: Funding Rates holds a hedged position on Hyperliquid in your own wallet and collects funding paid by leveraged traders. It has no accreditation requirement documented and a $100 USDC minimum. Its return rises and falls with demand for leverage rather than with Federal Reserve policy, and it carries funding, hedge, liquidation, venue, and execution risks that a Treasury fund does not. Superstar is a directional agent.

The Deploy Finance vs tokenized Treasuries page walks through this hurdle-rate comparison in detail. Holding both can make sense: the Treasury fund as the baseline, and a funding strategy for the portion where you accept market risk.

Verdict​

Choose by eligibility. Non-US investors should start with USDY, or TBILL if they qualify as professional investors. US accredited investors who are qualified purchasers should compare OUSG's $5,000 instant route with USTB. Non-US institutions that need collateral should look at USYC, and institutions with $5 million should consider BUIDL. Read Midas's prospectus terms if mTBILL is available where you live.

Learn more​

Start with Deploy Finance​

Create a self-custodial Deploy Finance wallet and review the live agents.