Why are tokenized T-bills growing so fast?

Simple economics. A DAO treasury sitting on $100M USDC earns zero yield. Moving that to BUIDL or BENJI earns 4–5% annualized — roughly $4–5M per year — with minimal operational overhead. At current Fed Funds rates, the yield gap between stablecoins and T-bills is large enough that every sophisticated on-chain entity has been moving in this direction.

Are tokenized T-bills safer than stablecoins?

On credit risk, usually yes — they hold actual Treasuries rather than bank deposits and commercial paper. On operational risk, it depends on the issuer. BlackRock, Franklin Templeton, and Ondo have institutional-grade custody and auditing. Newer issuers may have less mature operational infrastructure. The legal structure (bankruptcy-remote trust vs direct issuer liability) also matters.

How is BUIDL different from USDY?

BUIDL is a SEC-registered money-market fund structure with daily distribution through rebasing. It's restricted to qualified institutional buyers in the US. USDY is a non-US structure designed for broader on-chain access, with monthly NAV updates rather than daily rebasing. Both hold similar underlying assets (T-bills, reverse repos) but have different regulatory wrappers and accessibility.

Can I use tokenized T-bills as collateral in DeFi?

Increasingly yes. Aave has added USDY and similar tokens to its market. Morpho runs vaults that accept tokenized T-bills as collateral. The challenge has been oracle pricing — most tokenized T-bills have NAV-based pricing rather than real-time market pricing, which complicates liquidation mechanics. Pendle also offers yield-stripping on tokenized T-bills.

Will tokenized T-bills keep growing?

Yes, at least at this scale. The total stablecoin market cap is roughly $200B; the addressable market for tokenized T-bills at the current yield spread is probably 10–20% of that, or $20–40B within 2–3 years. BlackRock has been adding new products beyond BUIDL. JPMorgan, Goldman Sachs, and other traditional players are launching or considering tokenized Treasury products. The institutional momentum is clear.

Tokenized Treasuries by Market Cap: Live Rankings

Return

Tokenized Treasuries

15 Assets

Market Cap

$11.62B

24h Volume

$1.62M

24h Change

+0.03%

Top: USYC

25.7%

USYC

Circle USYC

Price

$1.12

24h

+0.00%

+0.13%

Market Cap

$2.99B

Volume

$224.83K

FDV

$2.99B

+0.00%

30d

+0.28%

Vol/MCap

0.0001

BUIDL

BlackRock USD Institutional Digital Liquidity Fund

Price

$1.00

24h

+0.00%

Market Cap

$2.54B

Volume

$0.00

FDV

$2.54B

+0.00%

30d

+0.00%

Vol/MCap

USDY

Ondo US Dollar Yield

Price

$1.13

24h

+0.91%

+0.23%

Market Cap

$2.14B

Volume

$1.11M

FDV

$2.14B

+0.08%

30d

+0.35%

Vol/MCap

0.0005

EUTBL

Spiko EU T-Bills Money Market Fund

Price

$1.22

24h

+0.19%

-0.74%

Market Cap

$1.05B

Volume

$0.00

FDV

$1.05B

+0.02%

30d

-1.14%

Vol/MCap

JTRSY

Janus Henderson Anemoy Treasury Fund

Price

$1.10

24h

+0.01%

+0.07%

Market Cap

$989.04M

Volume

$0.00

FDV

$989.04M

+0.00%

30d

+0.28%

Vol/MCap

USTB

Superstate Short Duration U.S. Government Securities Fund (USTB)

Price

$11.09

24h

+0.01%

+0.07%

Market Cap

$988.46M

Volume

$0.00

FDV

$988.46M

+0.00%

30d

+0.29%

Vol/MCap

OUSG

Price

$115.31

24h

+0.01%

+0.07%

Market Cap

$555.16M

Volume

$0.00

FDV

$555.16M

+0.00%

30d

+0.28%

Vol/MCap

USTBL

Spiko US T-Bills Money Market Fund

Price

$1.08

24h

+0.01%

+0.07%

Market Cap

$163.22M

Volume

$49.95

FDV

$163.22M

+0.00%

30d

+0.28%

Vol/MCap

0.0000

THBILL

Theo Short Duration US Treasury Fund

Price

$1.03

24h

-0.07%

+0.51%

Market Cap

$126.60M

Volume

$251.78K

FDV

$126.60M

+0.40%

30d

+0.48%

Vol/MCap

0.0020

MTBILL

Midas mTBILL

Price

$1.06

24h

+0.02%

+0.09%

Market Cap

$53.91M

Volume

$1.06K

FDV

$53.91M

+0.00%

30d

+0.27%

Vol/MCap

0.0000

BIB01

Backed IB01 $ Treasury Bond 0-1yr

Price

$120.43

24h

+0.01%

+0.02%

Market Cap

$18.75M

Volume

$11.66K

FDV

$18.75M

+0.00%

30d

+0.28%

Vol/MCap

0.0006

BIBTA

Backed IBTA $ Treasury Bond 1-3yr

Price

$5.93

24h

+0.17%

-0.03%

Market Cap

$1.27M

Volume

$582.38

FDV

$1.27M

+0.00%

30d

-0.27%

Vol/MCap

0.0005

USDM1

Price

$1.01

24h

+0.00%

+0.44%

Market Cap

$1.03M

Volume

$20.22

FDV

$1.03M

+0.00%

30d

+0.49%

Vol/MCap

0.0000

NTBILL

Nest Treasury Vault

Price

$1.05

24h

+0.00%

+0.03%

Market Cap

$865.43K

Volume

$872.30

FDV

$865.43K

+0.00%

30d

+0.24%

Vol/MCap

0.0010

TBLLX

TBLL xStock

Price

$105.76

24h

-0.34%

-0.21%

Market Cap

$241.28K

Volume

$188.66

FDV

$593.66M

+0.00%

30d

+0.50%

Vol/MCap

0.0008


USYC Circle USYC	$1.12	+0.00%	+0.00%	+0.13%	$2.99B	$2.99B	$224.83K
BUIDL BlackRock USD Institutional Digital Liquidity Fund	$1.00	+0.00%	+0.00%	+0.00%	$2.54B	$2.54B	$0.00
USDY Ondo US Dollar Yield	$1.13	+0.08%	+0.91%	+0.23%	$2.14B	$2.14B	$1.11M
EUTBL Spiko EU T-Bills Money Market Fund	$1.22	+0.02%	+0.19%	-0.74%	$1.05B	$1.05B	$0.00
JTRSY Janus Henderson Anemoy Treasury Fund	$1.10	+0.00%	+0.01%	+0.07%	$989.04M	$989.04M	$0.00
USTB Superstate Short Duration U.S. Government Securities Fund (USTB)	$11.09	+0.00%	+0.01%	+0.07%	$988.46M	$988.46M	$0.00
OUSG OUSG	$115.31	+0.00%	+0.01%	+0.07%	$555.16M	$555.16M	$0.00
USTBL Spiko US T-Bills Money Market Fund	$1.08	+0.00%	+0.01%	+0.07%	$163.22M	$163.22M	$49.95
THBILL Theo Short Duration US Treasury Fund	$1.03	+0.40%	-0.07%	+0.51%	$126.60M	$126.60M	$251.78K
MTBILL Midas mTBILL	$1.06	+0.00%	+0.02%	+0.09%	$53.91M	$53.91M	$1.06K
BIB01 Backed IB01 $ Treasury Bond 0-1yr	$120.43	+0.00%	+0.01%	+0.02%	$18.75M	$18.75M	$11.66K
BIBTA Backed IBTA $ Treasury Bond 1-3yr	$5.93	+0.00%	+0.17%	-0.03%	$1.27M	$1.27M	$582.38
USDM1 USDM1	$1.01	+0.00%	+0.00%	+0.44%	$1.03M	$1.03M	$20.22
NTBILL Nest Treasury Vault	$1.05	+0.00%	+0.00%	+0.03%	$865.43K	$865.43K	$872.30
TBLLX TBLL xStock	$105.76	+0.00%	-0.34%	-0.21%	$241.28K	$593.66M	$188.66

Return

Tokenized Treasuries

15 Assets

Market Cap

$11.62B

24h Volume

$1.62M

24h Change

+0.03%

Top: USYC

25.7%

USYC

Circle USYC

Price

$1.12

24h

+0.00%

+0.13%

Market Cap

$2.99B

Volume

$224.83K

FDV

$2.99B

+0.00%

30d

+0.28%

Vol/MCap

0.0001

BUIDL

BlackRock USD Institutional Digital Liquidity Fund

Price

$1.00

24h

+0.00%

Market Cap

$2.54B

Volume

$0.00

FDV

$2.54B

+0.00%

30d

+0.00%

Vol/MCap

USDY

Ondo US Dollar Yield

Price

$1.13

24h

+0.91%

+0.23%

Market Cap

$2.14B

Volume

$1.11M

FDV

$2.14B

+0.08%

30d

+0.35%

Vol/MCap

0.0005

EUTBL

Spiko EU T-Bills Money Market Fund

Price

$1.22

24h

+0.19%

-0.74%

Market Cap

$1.05B

Volume

$0.00

FDV

$1.05B

+0.02%

30d

-1.14%

Vol/MCap

JTRSY

Janus Henderson Anemoy Treasury Fund

Price

$1.10

24h

+0.01%

+0.07%

Market Cap

$989.04M

Volume

$0.00

FDV

$989.04M

+0.00%

30d

+0.28%

Vol/MCap

USTB

Superstate Short Duration U.S. Government Securities Fund (USTB)

Price

$11.09

24h

+0.01%

+0.07%

Market Cap

$988.46M

Volume

$0.00

FDV

$988.46M

+0.00%

30d

+0.29%

Vol/MCap

OUSG

Price

$115.31

24h

+0.01%

+0.07%

Market Cap

$555.16M

Volume

$0.00

FDV

$555.16M

+0.00%

30d

+0.28%

Vol/MCap

USTBL

Spiko US T-Bills Money Market Fund

Price

$1.08

24h

+0.01%

+0.07%

Market Cap

$163.22M

Volume

$49.95

FDV

$163.22M

+0.00%

30d

+0.28%

Vol/MCap

0.0000

THBILL

Theo Short Duration US Treasury Fund

Price

$1.03

24h

-0.07%

+0.51%

Market Cap

$126.60M

Volume

$251.78K

FDV

$126.60M

+0.40%

30d

+0.48%

Vol/MCap

0.0020

MTBILL

Midas mTBILL

Price

$1.06

24h

+0.02%

+0.09%

Market Cap

$53.91M

Volume

$1.06K

FDV

$53.91M

+0.00%

30d

+0.27%

Vol/MCap

0.0000

BIB01

Backed IB01 $ Treasury Bond 0-1yr

Price

$120.43

24h

+0.01%

+0.02%

Market Cap

$18.75M

Volume

$11.66K

FDV

$18.75M

+0.00%

30d

+0.28%

Vol/MCap

0.0006

BIBTA

Backed IBTA $ Treasury Bond 1-3yr

Price

$5.93

24h

+0.17%

-0.03%

Market Cap

$1.27M

Volume

$582.38

FDV

$1.27M

+0.00%

30d

-0.27%

Vol/MCap

0.0005

USDM1

Price

$1.01

24h

+0.00%

+0.44%

Market Cap

$1.03M

Volume

$20.22

FDV

$1.03M

+0.00%

30d

+0.49%

Vol/MCap

0.0000

NTBILL

Nest Treasury Vault

Price

$1.05

24h

+0.00%

+0.03%

Market Cap

$865.43K

Volume

$872.30

FDV

$865.43K

+0.00%

30d

+0.24%

Vol/MCap

0.0010

TBLLX

TBLL xStock

Price

$105.76

24h

-0.34%

-0.21%

Market Cap

$241.28K

Volume

$188.66

FDV

$593.66M

+0.00%

30d

+0.50%

Vol/MCap

0.0008


USYC Circle USYC	$1.12	+0.00%	+0.00%	+0.13%	$2.99B	$2.99B	$224.83K
BUIDL BlackRock USD Institutional Digital Liquidity Fund	$1.00	+0.00%	+0.00%	+0.00%	$2.54B	$2.54B	$0.00
USDY Ondo US Dollar Yield	$1.13	+0.08%	+0.91%	+0.23%	$2.14B	$2.14B	$1.11M
EUTBL Spiko EU T-Bills Money Market Fund	$1.22	+0.02%	+0.19%	-0.74%	$1.05B	$1.05B	$0.00
JTRSY Janus Henderson Anemoy Treasury Fund	$1.10	+0.00%	+0.01%	+0.07%	$989.04M	$989.04M	$0.00
USTB Superstate Short Duration U.S. Government Securities Fund (USTB)	$11.09	+0.00%	+0.01%	+0.07%	$988.46M	$988.46M	$0.00
OUSG OUSG	$115.31	+0.00%	+0.01%	+0.07%	$555.16M	$555.16M	$0.00
USTBL Spiko US T-Bills Money Market Fund	$1.08	+0.00%	+0.01%	+0.07%	$163.22M	$163.22M	$49.95
THBILL Theo Short Duration US Treasury Fund	$1.03	+0.40%	-0.07%	+0.51%	$126.60M	$126.60M	$251.78K
MTBILL Midas mTBILL	$1.06	+0.00%	+0.02%	+0.09%	$53.91M	$53.91M	$1.06K
BIB01 Backed IB01 $ Treasury Bond 0-1yr	$120.43	+0.00%	+0.01%	+0.02%	$18.75M	$18.75M	$11.66K
BIBTA Backed IBTA $ Treasury Bond 1-3yr	$5.93	+0.00%	+0.17%	-0.03%	$1.27M	$1.27M	$582.38
USDM1 USDM1	$1.01	+0.00%	+0.00%	+0.44%	$1.03M	$1.03M	$20.22
NTBILL Nest Treasury Vault	$1.05	+0.00%	+0.00%	+0.03%	$865.43K	$865.43K	$872.30
TBLLX TBLL xStock	$105.76	+0.00%	-0.34%	-0.21%	$241.28K	$593.66M	$188.66

Tokenized Treasuries Sector Analytics

Tokenized Treasuries

Tokenized Treasuries Sector Analytics

Tokenized Treasuries