Tokenised T-Bills
Tokenised T-bills evaluated across who can actually buy them, legal claim quality, redemption reality, and total fee load.
16providers tracked
7ranked (methodology v2026.11.1)
12 November 2026Ranking snapshot
3 November 2026oldest read · due 18 DecIndependent. Evidence-based.We rank with a published method and sourced evidence. No one can pay to rank.How it works
$10,000 ·
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Pick a country to see which tokenised T-bills serve it. Nothing is hidden — any that does not is listed with that reason.- 🇺🇸 United States
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Funding & access
7 providers match your requirements
Out of 7 ranked providers. 0 excluded.
What this ranks
Ranked here: tokenised T-bills, tokens that let you earn T-bill yield onchain.Not ranked here: products ranked as money-market funds instead, other than JTRSY, ranked as both, products whose primary market has wound down, and infrastructure institutions build on, not a product a reader opens.7 of the 16 assessed are ranked; 9 were turned away by name. Who, and whyRequirements narrow the list; they never change a published ChainChoice Score. How the ranking works
FR
Franklin Templeton BENJI (FOBXX)
How Franklin Templeton BENJI (FOBXX) was chosen
Leads this ranking on Legal claim qualityA real 1940 Act money fund at a $20 minimum
81 / 100 out of 100published score, #1 of all 7 worldwide
Evidence
High
4/4 criteria scored, with 4 dated sources quoted.Legal claimAccessFee load
Why it leads
- Franklin Templeton BENJI (FOBXX) is 4 points ahead of WisdomTree WTGXX, mainly because it scores higher on its fee load and its legal claim.
- Best in this ranking on legal claim (10/10; next 9/10)
- Ahead of WisdomTree WTGXX on fee load (+2.2 points) and legal claim (+1.7 points)
Tradeoff
Redemption: 2 points below the best in this ranking
fee/yr on your balance
$20
Based on $10,000 balance
How this is calculated
Priced on the published management fee at the balance above for one year, by the same cost model the provider page uses.Share
#ProviderCompare
2
WI
SEC-registered money fund at a $1 minimum
77 / 100 out of 100
3
Largest tokenised Treasury onchain
70 / 100 out of 100
Not priced
4
24/7 instant redemption
69 / 100 out of 100
Not priced
Not confirmed (2) — not ranked until its source is read again; listed, not ruled out.
- Midas mTBILL · Re-read pending, page walled: Midas’s mTBILL documents answer only behind a bot check.
- VanEck VBILL · Re-read pending, page walled: VanEck’s fund page loops on a cookie check and the offering memo needs a login.
Compare providers (0)
See key differences in features, fees, security and more.
Fee load
Total fee load
18% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Fee load (0–10) | ChainChoice Score |
|---|---|---|
| Invesco USTB (Superstate) | 9 | 53 |
| Franklin Templeton BENJI (FOBXX) | 8 | 81 |
| WisdomTree WTGXX | 6 | 77 |
| Circle USYC | 5 | 70 |
| Ondo OUSG | 5 | 69 |
| Janus Henderson Anemoy Treasury Fund (JTRSY) | 5 | 68 |
| OpenEden TBILL | 3 | 59 |
Legal claim
Legal claim quality
28% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Legal claim (0–10) | ChainChoice Score |
|---|---|---|
| Franklin Templeton BENJI (FOBXX) | 10 | 81 |
| WisdomTree WTGXX | 9 | 77 |
| Invesco USTB (Superstate) | 7 | 53 |
| Circle USYC | 6 | 70 |
| Janus Henderson Anemoy Treasury Fund (JTRSY) | 6 | 68 |
| Ondo OUSG | 4 | 69 |
| OpenEden TBILL | 4 | 59 |
Access
Who can actually buy it
30% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Access (0–10) | ChainChoice Score |
|---|---|---|
| Franklin Templeton BENJI (FOBXX) | 8 | 81 |
| WisdomTree WTGXX | 8 | 77 |
| Circle USYC | 3 | 70 |
| Ondo OUSG | 3 | 69 |
| OpenEden TBILL | 3 | 59 |
| Janus Henderson Anemoy Treasury Fund (JTRSY) | 2 | 68 |
| Invesco USTB (Superstate) | 2 | 53 |
Redemption
Redemption reality
24% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Redemption (0–10) | ChainChoice Score |
|---|---|---|
| Ondo OUSG | 8 | 69 |
| Franklin Templeton BENJI (FOBXX) | 6 | 81 |
| WisdomTree WTGXX | 6 | 77 |
| Circle USYC | 6 | 70 |
| Invesco USTB (Superstate) | 6 | 53 |
| Janus Henderson Anemoy Treasury Fund (JTRSY) | 5 | 68 |
| OpenEden TBILL | 3 | 59 |
All 4 published criteria
Every ranked row’s score on each criterion, in the published order. Choose a column to order by it.
| Provider | ChainChoice Score | |||||
|---|---|---|---|---|---|---|
| 1 | Franklin Templeton BENJI (FOBXX) | 8 | 10 | 6 | 8 | 81 |
| 2 | WisdomTree WTGXX | 8 | 9 | 6 | 6 | 77 |
| 3 | Circle USYC | 3 | 6 | 6 | 5 | 70 |
| 4 | Ondo OUSG | 3 | 4 | 8 | 5 | 69 |
| 5 | Janus Henderson Anemoy Treasury Fund (JTRSY) | 2 | 6 | 5 | 5 | 68 |
| 6 | OpenEden TBILL | 3 | 4 | 3 | 3 | 59 |
| 7 | Invesco USTB (Superstate) | 2 | 7 | 6 | 9 | 53 |
How this ranking works
How firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and which tokenised T-bills were assessed and left out.
FirmThis verdict holds under every one-point re-read
See the arithmetic
Every published criterion was moved up and down by one point and the ranking re-run. The same product came first each time. The published rankings file
Why this score4 published criteria · leads 2 of 4
Published criterionWtScore, and the best hereGap/10 out of 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
Why it ranks first
Why Franklin Templeton BENJI (FOBXX) leads this category right now
A real 1940 Act money fund at a $20 minimum — US only. Strongest on legal claim quality (10/10): Each BENJI token is a share of the Franklin OnChain U.S. Government Money Fund, a government money market fund under Rule 2a-7 of the Investment Company Act of 1940 (SEC file 811-23471), so holders keep full registered-fund protections. Weakest on redemption reality (6/10): Redemptions are typically processed by the next business day, only on business days, and may take up to seven days if immediate payment would harm the fund; there is no instant or weekend redemption path. Published price: Franklin's FOBXX summary prospectus dated August 1, 2026 (franklintempleton.com, 9001-PSUM, read 2026-11-03): "Management fees" "0.15%", "Other expenses" "0.07%", "Total annual Fund operating expenses" "0.22%", a "Fee waiver and/or expense reimbursement" of…
Best for
Legal claim — 10/10
Main tradeoff
US investors only — not offered in Canada, the EU or the EEA
Verify before signup
Franklin's FOBXX summary prospectus dated 1 August 2026 (franklintempleton.com, 9001-PSUM, read 3 November 2026): "Management fees" "0.15%", "Other expenses" "0.07%", "Total annual Fund operating expenses" "0.22%", a "Fee waiver and/or expense reimbursement" of "-0.02%", and "Total annual Fund operating expenses after fee waiver and/or expense reimbursement" "0.20%". The waiver holds the ratio at 0.20% "until July 31, 2027"; model 0.22% after that unless it is extended. Distribution and service (12b-1) fees: "None"; the full prospectus says shares "are offered without a sales charge". Minimum: "The minimum initial purchase for most accounts is $20, although you may be subject to a higher investment minimum" (the full prospectus lists Stellar $20 up to Ethereum $5,000,000).
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
FR
Franklin Templeton BENJI (FOBXX)
A real 1940 Act money fund at a $20 minimum — US only
A real 1940 Act money fund at a $20 minimum — US only. Strongest on legal claim quality (10/10): Each BENJI token is a share of the Franklin OnChain U.S. Government Money Fund, a government money market fund under Rule 2a-7 of the Investment Company Act of 1940 (SEC file 811-23471), so holders keep full registered-fund protections. Weakest on redemption reality (6/10): Redemptions are typically processed by the next business day, only on business days, and may take up to seven days if immediate payment would harm the fund; there is no instant or weekend redemption path. Published price: Franklin's FOBXX summary prospectus dated August 1, 2026 (franklintempleton.com, 9001-PSUM, read 2026-11-03): "Management fees" "0.15%", "Other expenses" "0.07%", "Total annual Fund operating expenses" "0.22%", a "Fee waiver and/or expense reimbursement" of…
Best for: Legal claim — 10/10
Who can actually buy it · weight 30%8/10Legal claim quality · weight 28%10/10Redemption reality · weight 24%6/10Total fee load · weight 18%8/10
Quick pick
WI
WisdomTree WTGXX
SEC-registered money fund at a $1 minimum — US only
SEC-registered money fund at a $1 minimum — US only. Strongest on legal claim quality (9/10): WTGXX is a government money market fund under Rule 2a-7 of the Investment Company Act of 1940, registered by WisdomTree Digital Trust, so holders own shares of a registered fund; the token is a transfer-agent record rather than a bearer token. Weakest on redemption reality (6/10): Purchases and redemptions settle the same day (T+0) on U.S. trading days, with a 3:30 pm ET cutoff; there is no 24/7 redemption for retail holders. Published price: WisdomTree Digital Trust prospectus (SEC 497, accession 0001214659-26-010324, filed 2026-08-14, read 2026-11-03), WTGXX fee table: "Shareholder Fees (fees paid directly from your investment) None"; "Management Fees 0.25 %"; "Distribution and/or Service…
Best for: Legal claim — 9/10
Who can actually buy it · weight 30%8/10Legal claim quality · weight 28%9/10Redemption reality · weight 24%6/10Total fee load · weight 18%6/10
Quick pick
Circle USYC
Largest tokenised Treasury onchain — and just 38 holders own it
Largest tokenised Treasury onchain — and just 38 holders own it. Strongest on legal claim quality (6/10): Each USYC token represents a share of the Hashnote International Short Duration Fund Ltd., a Cayman Islands registered mutual fund, with Circle International Bermuda Limited, a BMA-licensed digital asset business, as token administrator: an offshore fund share, not a 1940 Act fund share. Weakest on who can actually buy it (3/10): USYC is open only to non-U.S. Persons under the Securities Act, with additional eligibility restrictions and a $100,000 investment minimum; US investors cannot buy it. Published price: Circle's USYC page (circle.com/usyc, read 2026-11-03) lists no management fee; its fee table charges a "Performance Fee" of "10% of Yield", so model the cost as 10% of what the fund earns.
Best for: Legal claim — 6/10
Who can actually buy it · weight 30%3/10Legal claim quality · weight 28%6/10Redemption reality · weight 24%6/10Total fee load · weight 18%5/10
Quick pick
Ondo OUSG
24/7 instant redemption — inherited from its underlying funds, not owned
24/7 instant redemption — inherited from its underlying funds, not owned. Strongest on redemption reality (8/10): OUSG offers 24/7 instant redemption into USDC within published limits of $50M across all investors and $25M per investor per 24 hours, plus daily non-instant USD redemption; the instant path depends on its underlying funds. Weakest on who can actually buy it (3/10): Only investors who are both accredited investors and qualified purchasers can hold OUSG, typically individuals with over $5M or entities with over $25M, and residents of a published list of jurisdictions are excluded. Published price: Ondo's OUSG page (ondo.finance/ousg, read 2026-11-03): "Management Fee" "0.15% 0% (Until January 1, 2027)" and "Fund Expenses" "Up to 0.15%" ("Fund expenses are capped at 0.15%. Management fees are capped at 0.15% and waived until January 1, 2027.").
Best for: Redemption — 8/10
Who can actually buy it · weight 30%3/10Legal claim quality · weight 28%4/10Redemption reality · weight 24%8/10Total fee load · weight 18%5/10
Considered and not ranked
9 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 16 products here and rank 7 — 44% 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.
Midas mTBILL· Re-read pending, walledVanEck VBILL· Re-read pending, walledBlackRock 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
What this ranking does not assess
- Contract failure: the code holding the funds is exploited.
- Control failure: a key or vote changes the rules, freezes or mints.
- Custody failure: whoever holds the assets loses or withholds them.
- Information failure: the number is wrong or bought, or your data leaks.
These can still cost you money here; the ranking does not measure them, so a high place says nothing about them. Which criterion scores each family, and why the others do not apply, is in /data/risk-coverage.json.
How this ranking is built
Reviewed on who can actually buy it, legal claim quality, redemption reality, and total fee load.
Data checked Nov 2026 · Independent rankings · We show our work
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
Direct answer
What is the best tokenised T-bill 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; the full reasoning and the audit receipt are under Methodology.
How you can lose money here, and what the ranking scores
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by Legal claim quality · 28% (Franklin Templeton BENJI (FOBXX) 10/10, WisdomTree WTGXX 9/10, Circle USYC 6/10)
- Regulatory failure: no licence where you are, or a forced market exit.Scored by Who can actually buy it · 30% (Franklin Templeton BENJI (FOBXX) 8/10, WisdomTree WTGXX 8/10, Circle USYC 3/10)
- Exit failure: you cannot get out at par, on time, or with what is yours.Scored by Redemption reality · 24% (Franklin Templeton BENJI (FOBXX) 6/10, WisdomTree WTGXX 6/10, Circle USYC 6/10)
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: Total fee load (18%).
FAQs
3 questions readers ask before choosing tokenised T-bills.
Frequently asked
Questions people ask before choosing tokenised T-bills
What actually pays the yield on tokenised T-bills, and can it stop?
Short-dated government debt pays it - the underlying is Treasury bills, and the yield is the interest those bills earn less the wrapper fees. It can stop for the ordinary reasons: rates fall, the fund gates or winds down, or the issuer suspends the share class. What it is NOT is a rate the platform sets or guarantees, and where a product advertises a figure without naming the instrument behind it, this ranking scores the silence rather than the number.
Why can I not buy most of these?
Because most of this market is sold under securities exemptions that admit only professional, accredited or institutional buyers, and eligibility is scored here as its own axis rather than mentioned as a footnote. Who can actually buy it is the first criterion on the page for that reason: a product you cannot legally hold is not a better product for you, however well it scores on fees or redemption
What matters most when choosing a tokenised T-bill?
Whether you can legally hold it, and what the claim actually is. A registered fund share, an offshore fund share and a subordinated note are not equivalent however similar the marketing reads.
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Best picks
Best tokenised T-bills in 2026
The best tokenised T-bill depends first on whether you are allowed to hold it. Eligibility carries the heaviest weight for an uncomfortable reason: most products in this category exclude the reader entirely by jurisdiction, investor class or minimum, and a yield you cannot access is not a yield. After that, what separates them is the legal claim — a registered fund share, an offshore fund share and a subordinated note issued by an SPV are three different instruments wearing the same wrapper — and whether redemption is a contractual right or a buffer the issuer may withdraw.
Best overall
FR
Franklin Templeton BENJI (FOBXX)
A real 1940 Act money fund at a $20 minimum — US only
Data checked Nov 2026
A real 1940 Act money fund at a $20 minimum — US only. Strongest on legal claim quality (10/10): Each BENJI token is a share of the Franklin OnChain U.S. Government Money Fund, a government money market fund under Rule 2a-7 of the Investment Company Act of 1940 (SEC file 811-23471), so holders keep full registered-fund protections. Weakest on redemption reality (6/10): Redemptions are typically processed by the next business day, only on business days, and may take up to seven days if immediate payment would harm the fund; there is no instant or weekend redemption path. Published price: Franklin's FOBXX summary prospectus dated August 1, 2026 (franklintempleton.com, 9001-PSUM, read 2026-11-03): "Management fees" "0.15%", "Other expenses" "0.07%", "Total annual Fund operating expenses" "0.22%", a "Fee waiver and/or expense reimbursement" of…
Best for: Legal claim — 10/10
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Written and reviewed by Mathias Siemonsmeier, Founder
Not financial advice · For informational purposes only · Always do your own research