$15B in tokenized Treasuries. Every credible asset manager has shipped a product. The DAO treasury conversation has converged on a single question - which one - and that's the wrong one.
2026-04-30 - 12 min read
$15B in tokenized Treasuries. Every credible asset manager has shipped a product - BlackRock's BUIDL at $2.58B, Ondo, Franklin Templeton, Superstate, Centrifuge, Hashnote-now-Circle. RWA is no longer a thesis; it's a deliverable. The DAO treasury conversation has converged on a single question - which product, and how much . In our view, that's the wrong frame. The trap: if your reserve yields 5.0% while your liabilities sit in a native token at 80% annualized vol, getting the Treasury allocation "right" doesn't make it a strategy - it makes it a footnote. This piece walks through the four products that matter (BUIDL, OUSG, USDY, FOBXX), the on-chain allocations DAOs made since 2022, the five risk dimensions that should drive your haircut math, and the part most pieces skip: what goes next to the Treasury bucket. Market structure, April 2026 Tokenized US Treasuries went from ~$770M (early 2024) → ~$5B (late 2024) → ~$10B (late 2025) → $15.07B ( rwa.xyz , April 2026). The category is ~48% of the broader $29B onchain RWA stack and growing faster than every sub-segment except tokenized private credit. A triopoly with a long tail. Circle USYC ($2.91B) overtook BUIDL on aggregator integrations in Q1. BlackRock BUIDL ($2.58B) remains the institutional anchor. Ondo USDY ($2.14B) and Franklin BENJI ($2.03B) round out the four-comma club. Behind them: Anemoy JTRSY ($1.28B), WisdomTree WTGXX ($867M), Superstate USTB ($817M), Ondo OUSG ($683M), ChinaAMC CUMIU ($547M), Spiko USTBL ($153M). 76 products, ~61,099 holders. Live AUM table - April 2026 The four-comma club no longer has three members. It has four - and the leader isn't BlackRock. Rank Product Issuer AUM 30d Δ Holders 1 USYC Circle (Hashnote) $2.91B +8.1% 43 2 BUIDL BlackRock / Securitize $2.58B +14.5% 101 3 USDY Ondo USDY LLC $2.14B +13.3% 16,673 4 BENJI (FOBXX) Franklin Templeton $2.03B +44.5% 1,130 5 JTRSY Janus Henderson Anemoy $1.28B down 17 6 WTGXX WisdomTree $867M +4.8% 868 7 USTB Superstate $817M +28.3% 99 8 OUSG Ondo I LP $683M up 53 9 CUMIU ChinaAMC $547M up 2 10 USTBL Spiko $153M -4.7% 890 Total category - $15.07B - ~61,099 Source: rwa.xyz April 2026. Concentration tell: BUIDL's top 10 wallets control ~98% of supply. USYC has 43 holders. USDY has 16,673. The first two are protocol-aggregator plumbing. USDY is the only product with anything resembling a retail base - and Ondo's own OUSG is the single largest BUIDL holder via its feeder structure. Structurally, the "Treasury market" is four asset managers running each other's plumbing. The four-way comparison Vector BUIDL OUSG USDY FOBXX (BENJI) Issuer BlackRock USD Institutional Digital Liquidity Fund Ltd. (BVI) Ondo I LP (Delaware) Ondo USDY LLC (Delaware SPV) Franklin Templeton - '40 Act registered MMF Underlying T-bills, repos, cash Feeder into BlackRock/PIMCO MMFs Short UST + bank deposits US gov MMF Yield (Apr 2026) ~5.0% ~5.2% ~5.4% ~5.0% AUM (Apr 2026) $2.58B $683M $2.14B $2.03B Custody BNY Mellon BNY Mellon (mostly) Ankura Trust State Street + BNY; Anchorage Digital onchain Eligibility Qualified purchasers (Reg D 506(c)) Qualified purchasers Reg S - non-US persons only US registered '40 Act Minimum $5M $100K $500 $20 Redemption T+0 USDC swap (capped $100M revolver) T+0 USDC swap (~$50M reserve) T+0 secondary, thin Daily NAV, T+1 Chains ETH, Aptos, Arb, Avax, Op, Polygon, Solana, BNB ETH, Polygon, Solana, Sui ETH, Solana, Mantle, Sui, Aptos Stellar, Polygon, Solana, Aptos, Avax, Base, Arb, ETH Composability Aave V3, Morpho, Spark, Pendle, Binance collateral frxUSD backing; Aave Horizon collateral Bridge/Lido stablecoin pilots Aave Horizon (Apr 2026) The takeaways: Yield differences are 40 bps across the four. Not the variable that matters. The variables: minimum check, KYC posture, redemption mechanics, bankruptcy waterfall. Only BUIDL and FOBXX have G-SIB custody (BNY Mellon, State Street). USDY's custodian is Ankura Trust - smaller, less-tested. Price it in. OUSG is structurally a feeder into BlackRock and PIMCO MMFs . Double-layer counterparty risk for ~20 bps. USDY's Reg S restriction is load-bearing. DAOs with US contributors on the multisig cannot hold USDY - and most DAOs we see allocating to it have not run the contributor-residency check. That's a problem. FOBXX has the lowest minimum ($20), the fullest regulatory wrapper, and the slowest redemption. The safest product on the list and the least DeFi-native . What actually got allocated The part most analyses skip: the precedents. The lifecycle that got every one of these allocations on-chain - STEP and Spark Grand Prix codified it: The STEP / Spark Grand Prix template. Wrapping-entity setup is where most DAOs underestimate cost and time - count 6–10 weeks for Cayman foundation setup before a single dollar moves. Arbitrum DAO - STEP, the template STEP 1 (July 2024): 35M ARB (~$25–30M) approved 99.4% on Snapshot. Six winners - BUIDL 31%, USDY, Superstate USTB, Mountain USDM, OpenEden TBILL, Backed bIB01. By October 2024 , ~$700K passive