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RWA and Tokenized Treasuries: A Practical Guide

A clear, data-driven guide to rwa and tokenized treasuries.

Tokenized Treasuries

Funds such as BlackRock's BUIDL (launched March 2024 on Ethereum), Franklin Templeton's BENJI and Ondo's OUSG hold short-term T-bills and issue tokens to qualified investors. Combined tokenized Treasury value passed $2 billion in 2024.

Yield pass-through

Holders earn roughly the 3-month T-bill yield minus fees, around 4–5 percent in 2024, distributed by rebasing or price accrual. Compare with stablecoin lending to judge risk premium.

Private credit

Protocols like Maple, Centrifuge and Goldfinch lend to businesses on-chain. Defaults in 2022, including Orthogonal Trading on Maple, showed credit risk is real.

Legal structure

Tokens represent shares in a fund or claims through an SPV, subject to KYC transfer restrictions and securities laws. On-chain transfer does not remove off-chain legal processes.

DeFi integration

Sky and Maker hold RWA vaults; Ondo's USDY targets non-US users. RWAs add yield to DeFi but tie it to traditional custody and courts.

By the numbers

For RWA and Tokenized Treasuries, the reference figures are topic of RWA and Tokenized Treasuries, level of Intermediate, updated of 2026. The comparison table below lines up product, issuer, underlying — BUIDL: BlackRock / T-bills, repo; BENJI: Franklin Templeton / Government MMF; OUSG: Ondo / Short T-bill ETFs.

Modeling RWA and Tokenized Treasuries with the Stablecoin Yield Vs Tbill Comparator

The Stablecoin Yield Vs Tbill Comparator takes three inputs — Principal ($), Stablecoin APY (%), T-bill yield (%). Annual edge = principal × (APY − T-bill). With its default inputs (Principal ($) = 10000; Stablecoin APY (%) = 8; T-bill yield (%) = 4.5) it returns 350 $; swap in the figures from RWA and Tokenized Treasuries above to reproduce the scenario yourself.

Modeling RWA and Tokenized Treasuries with the Inflation Adjusted Crypto Return Calculator

The Inflation Adjusted Crypto Return Calculator takes three inputs — Nominal return (%), Inflation (%), Years. Real return = (1 + nominal) ÷ (1 + inflation)^years − 1. With its default inputs (Nominal return (%) = 60; Inflation (%) = 3.5; Years = 2) it returns 49.36 %; swap in the figures from RWA and Tokenized Treasuries above to reproduce the scenario yourself.

Data Table

For educational and informational purposes only. Not financial, investment, tax or legal advice. Figures are approximate and historical; crypto assets are volatile and you may lose capital. Do your own research.