Tokenized Money Market Funds Compared: BUIDL, BENJI, Ondo, More

What a tokenised money fund is

It is a fund that holds short-term government debt, cash and repurchase agreements, with its shares issued as tokens. The fund is an ordinary legal vehicle with a manager, custodian and transfer agent. The token records who owns the shares and lets them move between approved wallets at any hour.

The yield comes from the underlying Treasury bills and repo, not from anything onchain, so the products earn roughly the same: rwa.xyz showed trailing one-year returns of 3.61% for BUIDL, 3.67% for BENJI, 3.64% for USDY and 3.53% for OUSG as of 2 October 2026. Where they differ is in wrapper: who may buy, the minimum, how the token is priced, which chains it runs on and how redemptions settle.

Two pricing models dominate. Some funds keep a stable $1.00 share price and pay yield as new tokens (Franklin's FOBXX is one). Others let the token price rise as income accrues (Ondo's OUSG and USDY work this way). The difference matters when a lending protocol has to value the token, which we cover in RWAs as DeFi collateral.

The main funds side by side

The tables below use rwa.xyz data read on 2 October 2026. Values change daily and some managers split one strategy across several share classes or funds. Minimums and investor eligibility are as rwa.xyz lists them; the fund documents remain authoritative, so check them before relying on any figure.

Fund (token)	Value	Holders	Domicile / form	Minimum	Who may buy
Circle USYC	$2.40B	35	Bermuda company	100,000 USDC	Non-US investors
Ondo USDY	$2.28B	18,385	BVI company (tokenised note)	see Ondo	Non-US investors
BlackRock BUIDL	$2.25B	106	BVI company	$5M	Qualified institutions
Franklin iBENJI	$1.71B	46	BVI company	$5M	Non-US institutions, US QIBs
WisdomTree WTGXX	$1.23B	910	Delaware statutory trust	$1	US investors
Franklin BENJI (FOBXX)	$738.1M	1,128	US-registered fund	$20	US investors
Superstate USTB	$572.4M	104	Delaware statutory trust	100,000 USDC	US accredited investors
Janus Henderson JTRSY (Centrifuge)	$344.5M	30	BVI segregated portfolio co.	500,000 USDC	Non-US professionals
Ondo OUSG	$319.7M	84	US limited partnership	5,000 USDC	US qualified purchasers

Fund	Networks listed by rwa.xyz	Stellar?
BUIDL	Ethereum, Arbitrum, Avalanche, Optimism, Polygon, Solana, Aptos, BNB Chain, Tempo	No
BENJI	Stellar, Ethereum, Polygon, Arbitrum, Avalanche, Aptos, Solana, Base	Yes (original)
USDY	13 networks incl. Ethereum, Solana, Sui, Aptos, Stellar	Yes
USYC	Ethereum, Solana, BNB Chain	No
WTGXX	8 networks incl. Ethereum, Solana, Base, Stellar	Yes
OUSG	Ethereum, Solana, Polygon, XRP Ledger	No
JTRSY	9 networks incl. Ethereum, Base, Stellar	Yes

Fund by fund

BUIDL is the institutional benchmark, BENJI the regulated retail pioneer, USYC and USDY the largest offshore wrappers, and OUSG a fund that mostly holds other tokenised funds. The differences are legal and operational: who administers the fund, who can redeem, and how quickly.

BlackRock BUIDL. The BlackRock USD Institutional Digital Liquidity Fund launched in March 2024 (rwa.xyz records inception on 20 March). Securitize is transfer agent, BNY Mellon administrator and custodian, PwC auditor. Redemptions are requested through Securitize; tokens received before 3pm ET are paid in dollars by wire, with USDC redemptions handled through service providers. Its management fee is listed at 0.50%.

Franklin Templeton BENJI (FOBXX). The first US-registered mutual fund to record share ownership on a public blockchain, launched on Stellar in 2021. It targets a $1.00 share price, charges 0.20% after a waiver and has a $20 minimum. Holders must be onboarded through Franklin. Full detail in Franklin Templeton's BENJI on Stellar. Franklin's separate iBENJI fund for institutions is now larger than BENJI itself.

Circle USYC. A Bermuda-domiciled fund with 35 holders and a 100,000 USDC minimum, per rwa.xyz. Very concentrated: each holder averages tens of millions.

Ondo USDY and OUSG. USDY is a tokenised note for non-US investors, secured by short-term Treasuries and bank deposits held by a collateral agent; it is on Stellar among 13 networks. OUSG is a US fund for qualified purchasers which, per rwa.xyz, primarily holds BUIDL alongside Franklin, WisdomTree, Fidelity and Wellington vehicles. Part of the headline market total is therefore one tokenised fund holding another.

Others. WisdomTree's WTGXX ($1.23B, $1 minimum, US investors) and Spiko's euro and dollar T-bill funds are the main Stellar-native alternatives; rwa.xyz attributes $1.7B on Stellar to Spiko. Superstate's USTB and Janus Henderson's JTRSY (issued through Centrifuge) were two of the three winners of Spark's $1B allocation.

Options on Stellar

For a Stellar user the relevant list is shorter. rwa.xyz lists these tokenised money market and T-bill funds on Stellar as of 2 October 2026:

Fund on Stellar	Value (all chains)	Minimum	Who may buy
Franklin BENJI (FOBXX)	$738.1M	$20	US investors
Spiko EU T-Bills (EUTBL)	$685.4M	€1,000	Non-US investors
Spiko US T-Bills (USTBL)	$151.8M	$1,000	US and non-US investors
WisdomTree WTGXX	$1.23B	$1	US investors
Ondo USDY (tokenised note)	$2.28B	see Ondo	Non-US investors
Franklin gBENJI (Luxembourg UCITS)	$58.0M	$1M	Non-US investors

Most of these are permissioned on Stellar: the issuer must approve your trustline before you can hold the token. Etherfuse's USTRY, a tokenised Treasury-note product rather than a money fund, is a freely transferable alternative; see Etherfuse Stablebonds.

The cash-management use case

A tokenised money fund does for a crypto treasury what a sweep account does for a company: idle dollars earn short-term rates without leaving the system they are used in. The appeal is not a higher yield than a conventional fund, but holding it in the same wallet as stablecoins and moving it at any hour.

Consider a trading firm holding $100M in USDC. A stablecoin pays its holder nothing; the issuer keeps the reserve income. Moved into a fund paying about 3.6%, the same dollars earn roughly $3.6M a year. The catch has always been the round trip: sell stablecoins, wire to a fund, wait for settlement, and reverse the process when you need margin. Tokenised funds collapse that into token transfers.

• Continuous accrual. Franklin says BENJI accrues yield "by the second" when transferred and pays dividends daily, including weekends.
• Transfers between holders. Approved holders can move shares to each other without redeeming. Cumulative BENJI peer-to-peer transfer volume passed $211M by 31 March 2026, per the SDF.
• Collateral without selling. Bybit (from September 2026) and Binance (from February 2026) accept Benji shares as off-exchange collateral for institutional credit lines, per crypto.news.

The limit is that the primary market keeps banking hours. FOBXX's prospectus says purchases and redemptions happen on business days during normal hours; BUIDL has a 3pm ET cut-off. Tokens move 24/7, but turning them into dollars at net asset value does not.

Why stablecoin issuers and DeFi protocols hold them

A stablecoin issuer or DeFi protocol holds a tokenised fund for the same reason a bank holds T-bills: liquid, low-risk reserves that pay interest. The difference is that onchain reserves are verifiable on the ledger and can be moved by smart contracts. Ethena's USDtb and Sky's Spark are the clearest public examples.

• Ethena USDtb. Launched in December 2024 with 90% of reserves in BUIDL. Ethena described it as a backstop for its USDe stablecoin and as collateral for exchange margin.
• Sky / Spark. In March 2025 Spark allocated $500M to BUIDL, $300M to Superstate's USTB and $200M to Janus Henderson's JTRSY, intended once approved by governance as collateral backing USDS and sUSDS.
• Lending venues. On Stellar, XOXNO's published mainnet configuration includes Ondo's USDY and Centrifuge's tokenised JTRSY as collateral-only assets, priced from NAV-based feeds. See RWAs as DeFi collateral.

For individual savers, the comparison is with stablecoin lending, which pays variable rates set by borrowing demand. Our stablecoin yield guide sets out where each kind of yield comes from and what can go wrong.

What to check before relying on one

• Eligibility. Most funds exclude US retail; several exclude all US persons. Check you can legally hold and redeem.
• Who you have a claim against. A registered fund, a BVI fund and a tokenised note give very different legal rights.
• Redemption mechanics. Cut-off times, settlement currency (dollars by wire versus USDC) and business-day rules determine how fast you can get out.
• Issuer controls. Most tokens are permissioned: the issuer can freeze or reverse transfers. On Stellar these powers are visible in the issuer's flags; see Stellar RWA tokenisation.
• Concentration. With tens of holders, one large redemption can halve a fund's onchain footprint.
• Where it is used. If you deposit a fund token into a lending venue, you add that venue's oracle and contract risk on top of the fund's. Compare venues in DeFi lending platforms and the failure modes in DeFi risks.

The takeaway

Tokenised money market funds are ordinary funds in new plumbing. They pay roughly the T-bill rate and differ in who can hold them, where they live and how they settle. The demand comes from large holders of stablecoins who want yield and collateral in one asset — which is why a handful of institutional funds hold most of the $14.75B. For the wider market picture, see why demand for tokenised RWAs is growing.

Sources: rwa.xyz Treasury fund data and asset records (2 October 2026); Franklin OnChain U.S. Government Money Fund summary prospectus (1 August 2025); Stellar Development Foundation five-year BENJI release; crypto.news on USDtb (16 December 2024) and on Franklin and Bybit (28 September 2026); Spark Tokenization Grand Prix winners announcement (22 March 2025); XOXNO rs-lending-xlm mainnet configuration (configs/mainnet/spokes.json and markets.json).