Tokenized Treasuries and real-world assets (RWAs)
Wall Street assets recorded on blockchains: what's actually tokenized, who can buy, and what can go wrong.
Tokenized Treasuries are shares in funds holding US Treasury bills, recorded as tokens on a blockchain. BlackRock's BUIDL, launched on Ethereum in March 2024, is the best-known example. The market held about $14.2 billion on November 4, 2026, according to RWA.xyz. They pay T-bill interest on-chain, but depend on the issuer, are usually limited to qualified investors, and aren't insured deposits.
What tokenization means
Tokenizing a real-world asset (RWA) means recording ownership of it, or of a fund that holds it, as tokens on a blockchain. The asset itself stays in the traditional system: Treasury bills are still held by a custodian bank. The token is a digital record of who owns shares, which can be moved between approved wallets at any hour and used by smart contracts.
Example: BlackRock's BUIDL
BlackRock launched the BlackRock USD Institutional Digital Liquidity Fund, ticker BUIDL, on Ethereum on March 20, 2024. According to BlackRock's announcement:
- The fund invests 100% of its assets in cash, US Treasury bills and repurchase agreements.
- It aims to keep a stable value of $1 per token.
- Interest accrues daily and is paid out as new tokens each month.
- Securitize acts as transfer agent and tokenization platform; Bank of New York Mellon is custodian and administrator.
- It's open only to qualified investors, through Securitize Markets.
BUIDL has since been issued on several other blockchains. Its tokens can only be held by whitelisted wallets: unlike a stablecoin, you can't just send BUIDL to anyone.
How big the market is
RWA.xyz, which tracks tokenized Treasury funds, showed $14.23 billion of tokenized US Treasury products on November 4, 2026, held by about 85,800 addresses, with an average seven-day yield of 3.51%. The largest were:
| Product | Issuer | Value (Nov 4, 2026) |
|---|---|---|
| USDY | Ondo | $2.40 billion |
| USYC | Circle | $2.24 billion |
| BUIDL | BlackRock | $2.00 billion |
| iBENJI | Franklin Templeton | $1.71 billion |
| BENJI | Franklin Templeton | $0.93 billion |
Source: RWA.xyz Treasuries dashboard, "distributed" value. The total was $15.2 billion in early May 2026, so the market shrank slightly over the following six months. Rankings change often.
Why crypto firms use them
- A yield on idle dollars on-chain. Stablecoins like USDC pay holders nothing; tokenized Treasury funds pass on T-bill interest, roughly the short-term rate set by the Federal Reserve.
- Collateral. Some exchanges and DeFi protocols accept tokenized Treasury funds as collateral, so firms can earn interest on margin.
- Backing other tokens. Stablecoin issuers and DeFi protocols hold them in reserves.
- Settlement speed. Transfers between approved wallets settle in minutes, at any hour.
What can go wrong
- You rely on the issuer and the legal structure. The token is only as good as the fund behind it and your legal claim to it. If the token and the official shareholder record ever disagree, the official record wins.
- Redemption limits. Redemptions go through the issuer, on business days, to approved holders only. On-chain markets for these tokens are thin.
- Smart-contract and key risks on top of ordinary fund risks.
- Not a bank deposit and not FDIC insured. A $1 target isn't a guarantee.
- Mostly not for retail. Most products are limited to qualified or non-US investors. Retail "tokenized Treasury" offers from unknown platforms deserve extra suspicion: check them like any investment platform.
Related reading: Real-world blockchain use cases: what worked and what didn't · Permissioned vs. permissionless blockchains
Frequently asked questions
What are tokenized Treasuries?
Shares in funds holding US Treasury bills (or similar), recorded as tokens on a blockchain. The bills stay with a traditional custodian; the token records who owns the fund shares.
What is BlackRock BUIDL?
BlackRock's tokenized money market fund, launched on Ethereum on March 20, 2024. It invests in cash, T-bills and repos, targets $1 per token, pays interest as new tokens monthly, and is open only to qualified investors.
How big is the tokenized Treasury market?
About $14.2 billion on November 4, 2026, according to RWA.xyz, led by Ondo's USDY, Circle's USYC and BlackRock's BUIDL.
Can I buy tokenized Treasuries?
Most products are restricted to qualified, institutional or non-US investors and to whitelisted wallets. For most people in the US, ordinary Treasury bills or money market funds are the direct route.
Where to next
Sources
- BlackRock launches its first tokenized fund, BUIDL, on the Ethereum network (BlackRock press release, March 20, 2024)
- Tokenized Treasuries dashboard (RWA.xyz)
- BlackRock and Circle lead tokenized Treasuries as market value climbs to $15.20B (Bitcoin.com News, May 3, 2026, citing RWA.xyz)
- Treasury bills (TreasuryDirect)
Written for beginners and checked against the sources listed. Last reviewed November 5, 2026. This page is educational and is not financial, tax or legal advice. How we write and check pages.