category.tokenised_tbills.label
category.tokenised_tbills.promise
Audit
Infrastructure
Methodology
2026.04.0
published 2026-04-27
Providers tracked
340+
across 31 categories
Last verified
2026-08-03
editorial freshness
Editorial board
4
audit-log live
Decision guide
What matters most before choosing in this category
The best stablecoin-yield path depends on whether you need transfers, payments, savings-like dollar exposure, or onchain utility. The important decision is not only which stablecoin-yield you use, but where and how you plan to use it.
Key question
Do you care most about issuer trust, liquidity, or how you will pay and transfer with it?
Key question
Do you want a claim on real Treasuries, a protocol-set rate, or a custodial rewards programme?
Key question
Do you need the clearest dollar exposure or the broadest ecosystem support?
Current editor lead
Franklin Templeton BENJI (FOBXX)
A real 1940 Act money fund at a $20 minimum — US only
Data checked Aug 2026
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% \u2014 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 \u2014 rare in this category$20 minimum, the widest real retail access among US productsNine-chain deployment with daily $1.00 NAV
Main tradeoff
US investors only \u2014 non-US buyers are routed to a separate BVI fund at $5,000,000 minimum
Verify before signup
Do not conflate BENJI with iBENJI \u2014 that is a separate BVI fund at 0.50% with a $5M minimum. Check state availability before onboarding.
Weighted criteria
Who can actually buy it30%
Legal claim quality28%
Redemption reality24%
Total fee load18%
Leading options
Shared shortlist for this category
These providers are pulled from the same category comparison catalog used in validation, so the category page, comparison page, and provider reviews stay aligned.
Sky Savings Rate (sUSDS)
Governance-set savings rate on USDS — a policy lever, not a market rate
Editor lead
Sky Savings Rate is the largest onchain stablecoin yield by deposits: 3.52% APY on roughly $4.6B of sUSDS, with no fees, no lockup and no minimum, exiting via an onchain swap subject to PSM liquidity. The point a buyer must understand is that the rate is a GOVERNANCE-SET POLICY VARIABLE, not a market rate \u2014 Sky governance can cut it at any time. The backing blends crypto-collateralised loans with RWA and T-bill allocations, so the holder's claim is on protocol solvency: no legal issuer, no redemption promise, no recourse. Do not conflate it with the newer, higher-yield stUSDS tranche, which carries different risk.
Best for: Largest onchain stablecoin yield pool
Ethena (sUSDe)
Basis-trade yield — a variable trading spread, not interest
sUSDe pays yield from a delta-hedged basis trade, currently around 4% against an inception average of 10.8% \u2014 the double-digit era is over at current funding, and rewards CAN BE ZERO in negative-funding periods. This is not interest: it is a trading spread, and the principal sits behind a CEX-hedged custody chain (Copper/Ceffu) rather than in a protocol you can audit end to end. The regulatory position is decisive for European readers \u2014 BaFin ordered the wind-up of Ethena GmbH in April 2025 and sUSDe is explicitly not offered to EU/EEA residents.
Best for: Basis-trade yield exposure for non-EU, non-US holders
Ondo USDY
Tokenised T-bill note for non-US holders — a note, not the Treasuries
USDY is a tokenised note backed by short-term US Treasuries (98.95% T-bills, ~176-day WAM) issued for a bankruptcy-remote BVI entity with a first-priority security interest and daily third-party attestations \u2014 roughly $2.1B outstanding across 10+ chains at 3.55% APY. Two things the marketing softens: the holder owns a NOTE on a BVI issuer, not the Treasuries themselves; and although it looks like a yield-bearing stablecoin, it is restricted to qualified/professional investors in the EEA, UK and Switzerland and barred entirely to US persons and Canada \u2014 an EU retail buyer cannot legally subscribe.
Best for: Tokenised Treasury exposure for eligible non-US holders
Browse this network
Methodology
How this category is reviewed
Reviewed on issuer trust, liquidity fit, payment and transfer utility, and chain fit — who backs it, where it trades, and how you move it on-chain.
Reviewed on: Who can actually buy it, Legal claim quality, Redemption reality, Total fee load.
This page is a maintained category surface, not a static marketing block. Review freshness, provider positioning, and recommendation logic should stay consistent with quiz and provider pages.
Frequently asked
Questions people ask before choosing tokenised t-bills
REVIEWEDApr 2026METHOD4 criteriaCATEGORYtokenised_tbills
Not financial advice · For informational purposes only · Always do your own research
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