Best tokenised t-bills in 2026
Tokenised T-bills evaluated across who can actually buy them, legal claim quality, redemption reality, and total fee load.
#1 of 9 · published ranking
Franklin Templeton BENJI (FOBXX)81ChainChoice Score
Why it leads
Best in the pool on legal claim (10/10; next 9/10)
Cost
$50 your cost/yr · Your balance: $25k
9 compared Ranking-blind · 392 modules checked 2026-09-18Scored under methodology v2026.09.15 (2026-09-16)
9tokenised t-bills · sorted by chainchoice score
ranked before any payout data is seen#ProviderCost or feeScoreEvidenceKey strengths
2−4
fee/yr on your balance
$25
+$10 vs cheapest here
no receipt file
$1 minimum — the lowest entry in the categoryFull 1940 Act protections with SEC supervision
3−7
Annual commission
—
no receipt file
Institutional non-US Treasury exposure at the largest scaleSame-block redemption within Circle’s instant capacity
4−1
fee/yr on your balance
$25
+$10 vs cheapest here
no receipt file
S&P AA+f / S1+ rated — the strongest credit assessment in this categoryDirect T-bill holdings in a bankruptcy-remote BVI structure
Same score, not joint · ordered by weighted total (43.70 against 43.60)
5=
fee/yr on your balance
$30
+$15 vs cheapest here
no receipt file
Instant 24/7/365 mint and redeem at NAV, including weekendsAvailable to eligible US investors, unlike most of this set
6−10
fee/yr on your balance
$35
+$20 vs cheapest here
no receipt file
Moody’s A-bf rated with BNY as custodianAudited contracts (Hacken, Verichains) across five chains
7−6
Annual commission
—
no receipt file
Growing onchain utility — accepted as collateral on Euler and Aave HorizonMulti-chain issuance via Securitize
Same score, not joint · ordered by weighted total (37.60 against 37.50)
8=
fee/yr on your balance
$15
lowest here
no receipt file
Same-day subscription and redemption including non-business daysFee rebate for very large holders (effective ~0.10% above $25M)
9−6
Annual commission
—
no receipt file
EEA public offer whose base prospectus target market includes retail clientsLow entry with Ethereum and Base availability
Ranking-blind — order computed before any payout data is joined
Below the table
How this ranking works
Everything the table draws on continues here: how firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and the full guide to choosing.
Direct answer
What is the best tokenised t-bills in 2026?
Franklin Templeton BENJI (FOBXX) ranks #1 overall for tokenised t-bills on ChainChoice. A real 1940 Act money fund at a $20 minimum — US only. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; full reasoning and the audit receipt are below.
Why this score4 published criteria · leads 2 of 4
Published criterionWtScore, and the best hereGap/10Pts
Who can actually buy it7.2·87.7
Legal claim quality6.7·109.0
Redemption reality5.8−264.6
Total fee load4.3−184.6
Σ methodology points25.9/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Considered and not ranked
7 products we looked at and left out
A shortlist is only honest if it says who it turned away. Each of these was assessed against the same published criteria as the ranked table and excluded for a stated reason — not overlooked.
We assessed 11 products here and rank 4 — 36% of what we looked at. That share is of the products we assessed, not of the category: how many exist is not something we can count, so we do not claim a number for it.
BlackRock BUIDL· Ranked elsewhereMountain Protocol USDM· No longer operatingGoldman Sachs / BNY tokenised money market funds (GS DAP × LiquidityDirect)UBS uMINT (UBS USD Money Market Investment Fund Token)Ondo OMMF· Ranked elsewhereJ.P. Morgan Kinexys (Tokenized Money Market Funds / Tokenized Collateral Network)Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA) — Libeara / FundBridge Capital / Standard Chartered
Why it ranks first
Why Franklin Templeton BENJI (FOBXX) leads this category right now
BENJI is the widest-held product in this category (1,124 holders) for one reason: it is the only 1940 Act registered money market fund here with a $20 entry. One token equals one share of the Franklin OnChain U.S. Government Money Fund, with full Investment Company Act protections that every offshore fund and SPV note in this category lacks. Net expenses are 0.20% — but that includes a contractual 0.02% waiver expiring 31 July 2027, so model 0.22% beyond that date. The trade-off: US investors only, retail access runs solely through the Benji app in select states, and tokens move only between Franklin-allowlisted wallets, so 'onchain' buys record-keeping efficiency, not composability.
Best for
Genuine 1940 Act protections — rare in this category
Main tradeoff
US investors only — not offered in Canada, the EU or the EEA
Verify before signup
Check state availability before onboarding.
Recommendation summary
What should decide this category
What is your jurisdiction and investor class, and does this product actually admit you?
Are you a retail buyer, an accredited investor, or an institution — and what is your ticket size?
Do you need a contractual redemption right, or is a buffer allowance acceptable?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
Franklin Templeton BENJI (FOBXX)
A real 1940 Act money fund at a $20 minimum — US only
BENJI is the widest-held product in this category (1,124 holders) for one reason: it is the only 1940 Act registered money market fund here with a $20 entry. One token equals one share of the Franklin OnChain U.S. Government Money Fund, with full Investment Company Act protections that every offshore fund and SPV note in this category lacks. Net expenses are 0.20% — but that includes a contractual 0.02% waiver expiring 31 July 2027, so model 0.22% beyond that date. The trade-off: US investors only, retail access runs solely through the Benji app in select states, and tokens move only between Franklin-allowlisted wallets, so 'onchain' buys record-keeping efficiency, not composability.
Best for: Genuine 1940 Act protections — rare in this category
Who can actually buy it · 30%
8/10
Legal claim quality · 28%
10/10
Redemption reality · 24%
6/10
Total fee load · 18%
8/10
Quick pick
WisdomTree WTGXX
SEC-registered money fund at a $1 minimum — US only
WTGXX is a US-registered 1940 Act money market fund with a stable $1.00 NAV and the lowest entry in the category at $1 via WisdomTree Prime — the second of only two products here carrying full Investment Company Act protections. It was renamed from Government to Treasury Money Market Digital Fund on 1 November 2025 with a revised investment strategy, a change most write-ups miss. The 0.25% total annual fund operating expense figure is confirmed in the fund's SEC-filed prospectus, revised 14 August 2026. The 24/7 trading launched for institutions only, and sells from a single affiliated dealer's inventory — not from the fund.
Best for: $1 minimum — the lowest entry in the category
Who can actually buy it · 30%
8/10
Legal claim quality · 28%
9/10
Redemption reality · 24%
6/10
Total fee load · 18%
6/10
Quick pick
Circle USYC
Largest tokenised Treasury onchain — and just 38 holders own it
USYC is the biggest tokenised Treasury product in existence at roughly $3B, and the single most revealing fact about the category is that **38 wallets hold it**. It is a Cayman fund share (Hashnote International Short Duration Fund Ltd., acquired by Circle in January 2025), open to non-US persons only, with a $100,000 minimum. Circle's fee table lists no management fee, but Circle takes 10% of whatever the fund earns — about 35bp a year at Circle's estimated gross yield of 3.55% on 14 September 2026 — plus 0.04% subscription and 0.03% redemption fees on combined daily volume above the first $1M per wallet. Your claim runs against the fund's T-bill portfolio, not against Circle and not against USDC reserves.
Best for: Institutional non-US Treasury exposure at the largest scale
Who can actually buy it · 30%
3/10
Legal claim quality · 28%
6/10
Redemption reality · 24%
6/10
Total fee load · 18%
5/10
Quick pick
Janus Henderson Anemoy Treasury Fund (JTRSY)
S&P-rated BVI fund — 30 holders, 500k minimum, non-US only
JTRSY is a BVI professional fund holding US T-bills with a remaining maturity of 0 to 6 months directly, notable for carrying an S&P AA+f / S1+ rating — at the time the highest given to any tokenised fund. Two things a buyer must separate. The Janus Henderson name sits on the fund but the legal obligor is a 30-holder BVI vehicle, not the asset manager's balance sheet — relying on the brand's covenant means relying on the wrong entity. And the rating covers fund credit quality, explicitly NOT smart-contract or Centrifuge protocol risk across its nine chains. Subscriptions and redemptions run daily and settle T+0 with a 10:00 ET cutoff or T+1 with a 15:00 ET cutoff, with no instant path.
Best for: S&P AA+f / S1+ rated — the strongest credit assessment in this category
Who can actually buy it · 30%
2/10
Legal claim quality · 28%
6/10
Redemption reality · 24%
5/10
Total fee load · 18%
6/10
Frequently asked
Questions people ask before choosing tokenised t-bills
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How this ranking is built
Reviewed on who can actually buy it, legal claim quality, redemption reality, and total fee load.
Data checked Sep 2026 · Independent rankings · We show our work
Not financial advice · For informational purposes only · Always do your own research