Tokenized Treasury Bills in 2026: The Complete Guide
Franklin Templeton, Ondo, OpenEden, and Superstate are competing for the tokenized T-bill market. Here is everything you need to know.
Why Tokenized T-Bills Have Won
Of all the real-world asset categories that moved on-chain, tokenized US Treasury bills have achieved the fastest adoption and the clearest product-market fit. The reason is straightforward: they offer something no native crypto product can — real yield backed by the full faith and credit of the United States government.
In a market that has oscillated between extreme speculation and extreme fear, a product yielding 4-5% APY with US government backing and on-chain accessibility has found a natural home in sophisticated wallets worldwide.
The Major Issuers
Franklin Templeton BENJI (FOBXX) Franklin Templeton was among the first traditional asset managers to tokenize a money market fund. BENJI represents shares in the Franklin OnChain US Government Money Fund, which invests primarily in US government securities and repurchase agreements. The fund has full regulatory standing as a money market fund and is among the most credible products in the space.
Ondo Finance USDY USDY is a tokenized note backed by short-term US Treasuries and bank demand deposits. Unlike some competitors, USDY is designed for accessibility — it targets a broader audience including non-US qualified investors. Ondo has been aggressive in expanding USDY across multiple chains and DeFi integrations.
OpenEden TBILL OpenEden offers one of the most straightforward tokenized T-bill products. TBILL accrues yield daily and is redeemable for USDC. The protocol has focused on institutional-grade infrastructure with bank-level custody and full transparency of the underlying holdings.
Superstate USTB Superstate focuses on institutional and accredited investor access to tokenized US government securities. USTB has seen strong adoption from crypto-native funds and DAOs seeking to earn yield on idle treasury capital.
How to Evaluate Which Is Right for You
When choosing between tokenized T-bill products, consider four factors:
Access requirements — Some products have geographic restrictions or accreditation requirements. Check each issuer documentation before purchasing.
Yield mechanics — Some products accrue yield automatically (rebasing tokens), while others accrue through price appreciation. Understand which mechanism applies to your chosen product.
Redemption time — How quickly can you convert back to USDC or ETH? Most products offer daily redemption windows, but terms vary.
Chain availability — Different products are available on different chains. Consider where your capital currently lives before choosing.
The Yield Comparison
As of April 2026, the federal funds rate environment supports T-bill yields in the 4-5% range. After issuer fees (typically 0.15-0.50% annually), net yields to holders range from approximately 3.5-4.8% APY depending on the product.
This compares favorably to traditional savings accounts (0.5-1% at most retail banks) and most DeFi stablecoin yields on a risk-adjusted basis.
Trading Tokenized T-Bills on Terminal One
All major tokenized Treasury bill products are available on Terminal One under the Treasury Bills sector. The platform provides real-time pricing, historical performance data, and one-click purchase execution across multiple chains.
