Tokenized Treasuries Compared: BUIDL, OUSG, USDY and USTB

Tokenized Treasuries provide onchain exposure to government-security portfolios through different legal structures. BUIDL, OUSG and USTB use fund structures; USDY is a tokenized note. Compare investor access, the claim you hold and redemption terms before comparing their yields.

The first filter is access. The next is the claim you hold. Only then does the yield become useful. A product with a slightly better return does nothing for you if you're ineligible to redeem it or its exit schedule doesn't fit your needs.

This comparison uses product documentation reviewed on October 13, 2026. It focuses on structure and use, rather than a live APY ranking. Rates change with market conditions, and exact investor terms depend on the current offering documents.

The four products at a glance

The table describes mechanisms, not a ranking. BUIDL's issuer materials, Ondo's product documentation and Superstate's fund page define the respective structures. BUIDL, OUSG, USDY, USTB.

BUIDL puts a fund onchain

BUIDL is BlackRock's tokenized institutional liquidity fund, distributed through Securitize. Its initial launch materials describe a portfolio of cash, US Treasury bills and repurchase agreements, with a stable token-value target and monthly distributions of accrued income. Those are fund features, with fund eligibility and administration attached. BUIDL launch announcement.

A stable-value target shouldn't be read as a deposit guarantee. You hold an interest in a managed investment vehicle. Its documents determine the assets, expenses, redemption conditions and transfer rules.

The distinction matters for someone comparing BUIDL with a stablecoin. A stablecoin is often used as a payment asset, while BUIDL's structure is aimed at eligible fund investors. A lending application accepting the token adds another set of rules on top of the fund.

For practical use, check the supported share class, chain and service provider. A new deployment can make the token easier to integrate without making all fund functions permissionless. Eligibility and wallet approval remain part of the product's operating model.

OUSG adds a portfolio and liquidity service

OUSG provides exposure primarily to short-term US government securities through a portfolio that includes funds from external asset managers and liquidity holdings. A holder owns the OUSG fund interest. The portfolio can include another tokenized fund without making OUSG identical to that underlying holding.

Its current documentation lists a $5,000 minimum for instant subscriptions and redemptions. It also describes daily limits. The advertised management fee is 0.15%, waived until January 1, 2027. These are dated product terms, so a comparison used after that date needs an update. OUSG product terms.

The useful feature is the liquidity service around the portfolio. An eligible holder can seek an instant stablecoin redemption within the available limits, even while the underlying assets have their own settlement cycle. That service depends on the product's cash management and operating arrangements.

If you're moving a large balance, read the instant-redemption limit before testing the smallest possible withdrawal. Success at the minimum size tells you little about a full exit. Ondo maintains a separate page for those limits. Instant minting and redemption limits.

USDY needs a closer legal read

USDY is a note rather than the same fund-share structure as OUSG. The current documentation describes changes under the Ondo Stocks umbrella and says backing can differ by issuance date. That makes the terms attached to your exact token relevant, especially if you're relying on an older description of the product. USDY basics.

It also has two income formats. Accumulating USDY increases its reference value as income accrues. Rebasing rUSDY aims to keep its reference price at one dollar and changes the balance instead. The wrapper linking them adds contract mechanics that an integrating application needs to handle correctly. USDY and rUSDY comparison.

A larger rUSDY balance and a higher USDY reference price can express similar economic exposure through different wallet behavior. The reference value also isn't a promise about the price available in every market. A thin pool can trade away from it.

Check direct redemption access separately from the ability to acquire the token. A user may find a market route to buy an asset while remaining subject to restrictions at the issuer. USDY eligibility.

USTB offers a fund ownership route

USTB now represents ownership in the Invesco Short Duration US Government Securities Fund. The current page names Invesco Advisers as investment manager and Superstate Services as transfer agent. It describes a Delaware statutory trust structure, investor eligibility and subscriptions or redemptions using dollars or USDC, with tokenized and book-entry ownership. Current USTB fund page.

That last feature is useful context. Tokenization can be one way to record and operate fund ownership alongside familiar financial administration. The blockchain doesn't need to replace every existing process for the token to be useful.

Its Protocol Redeem feature adds an Ethereum-based onchain route, available subject to dynamic limits and a liquidity facility. The fund's disclosures distinguish that service from normal market-day liquidity. A token existing on another network doesn't imply access to the same instant-redemption function.

The comparison with OUSG should therefore focus on portfolio policy, costs and redemption operations. Both can serve cash-management needs for eligible holders, but they needn't offer the same liquidity service or underlying fund exposure.

Compare the exit before the income

Imagine a treasury team that needs to pay suppliers at short notice. A yield difference may be less valuable than a reliable route back to a payment asset. A reserve intended to sit untouched for longer can accept different liquidity terms.

Write down the required exit time and size before choosing a product. Then check the permitted redemption assets, fees, business-hour dependencies and limits. The chain where you hold the token can also affect the steps needed to reach the issuer's redemption route.

If you rely on selling into a pool, inspect the pool itself. Fund assets under management measure the size of the product. They don't measure the bids waiting for your token on a particular chain. A large fund can have a small secondary market.

These dated terms give the comparison more substance than a live yield race:

The fee descriptions exclude any additional underlying or transaction costs. For BUIDL and USDY, obtain the current terms for the applicable offering before completing a cost ranking. A launch minimum or a fee from a different issuance can produce the wrong answer. OUSG terms, USTB terms.

Watch for double-counted exposure

An investment product can hold another fund. That creates layers in the ownership chain. Adding their reported sizes together may count some capital more than once, depending on the dataset's methodology.

The same care applies when a token moves across networks. A bridged balance can be a representation of existing value, rather than new fund subscriptions. Our OFT explainer explains how cross-chain supply accounting works; the RWA introduction explains why market totals need a definition.

Finally, Treasury exposure and tokenization-sector exposure are different purchases. The yield on a Treasury-related asset follows its portfolio and terms. The price of a project token follows a separate set of rights, market expectations and supply dynamics. Use the token value-capture comparison for that second decision.