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Tokenized treasuries
A tokenized treasury is a token representing a claim on, or economic exposure to, short-term US government debt — T-bills or a fund holding them. Not a stock token, not a stablecoin.
Updated 17 Aug 2026. Structure, not yields. We do not publish AUM or APY.
A tokenized treasury is a token that represents a claim on, or economic exposure to, short-term US government debt — T-bills held directly, or shares in a fund that holds them. The token is a record of a position. The position is a fund share or a note, and the issuer decides what that means.
It is not a stock token, and it is not a stablecoin, even when the price sits near a dollar. Those three things get filed together because they all look like a balance in a wallet. They are different instruments with different risks and different rules about who may hold them.
Treasuries, stablecoins, stock tokens
| Tokenized treasury | Stablecoin | Robinhood Stock Token | |
|---|---|---|---|
| Exposure | Short-term US government debt, directly or through a fund | A fixed unit of account, backed by reserves | The price of one share or ETF |
| Return to the holder | Yield from the underlying bills, moving with rates | Normally none — the issuer keeps reserve income | Price movement of the underlying, per the issuer’s terms |
| What you do not own | The bills themselves, in most structures | Any claim on the reserve portfolio | Legal or beneficial rights in the share, including votes |
| Typical eligibility | Restricted — often qualified or institutional investors only | Broad, subject to sanctions and local rules | Restricted — not offered to US persons |
| Read first | The fund or note documents | The reserve attestation | The issuer’s terms |
The stablecoin distinction is the one people get wrong. A dollar-shaped price is not the definition. A stablecoin is engineered to stay at a number and usually pays the holder nothing; a tokenized treasury is an interest-bearing claim whose value comes from the bills behind it, and whose price may be designed to rise rather than hold.
The names people mean
These are the products that come up when the category is discussed. Naming them is not a recommendation, and we do not have a relationship with any of them.
| Product | Issuer / structure | What to check |
|---|---|---|
| BUIDL | BlackRock, tokenized through Securitize | Institutional eligibility, which chains it is issued on, how distributions reach holders |
| OUSG | Ondo | Investor restrictions, what the fund holds underneath, redemption terms and timing |
| USDY | Ondo | Different eligibility from OUSG — who it may be offered to, and how yield accrues |
| USTB | Superstate | Fund structure, eligibility, and which chains carry the share record |
| BENJI (FOBXX) | Franklin Templeton | A registered fund with an onchain share record — discussed alongside these, structured differently |
For every one of them the same three things decide whether it is relevant to you: eligibility, chain, and how the yield changes. Read the issuer. We are not publishing a yield table or an assets-under-management figure, because those numbers conflict across sources, move with rates and flows, and are stale by the time anyone reads a page like this.
What to check before you believe a number
Eligibility first — several of these are closed to retail holders entirely, and a token appearing in a wallet interface does not mean you are permitted to hold it. Then the chain, because the same product name can exist on several networks with different transfer restrictions and different liquidity.
Then redemption: who can redeem, on what schedule, and what happens when markets are closed. A token trades all day; the T-bill market does not. That gap is where the interesting failure modes live, and it is the part marketing pages skip.
Robinhood Chain and treasuries
We have not verified that Robinhood Chain issues or lists any treasury product. Its documented flagship real-world asset is Robinhood Stock Tokens, which is a different wrapper: exposure to a share or ETF, not a claim on government debt.
If treasury tokens do appear there, they will be someone else’s instrument with someone else’s documents, and we will read those before writing about them. Until then, anyone quoting a Robinhood treasury ticker is quoting something we cannot find.
Questions people actually type
What is a tokenized treasury?
A token representing a claim on, or economic exposure to, short-term US government debt — T-bills held directly or shares in a fund that holds them.
Are they the same as stablecoins?
No. A stablecoin holds a price and normally pays the holder nothing. A tokenized treasury is an interest-bearing claim on government debt, and the yield is the point.
Can anyone buy one?
Usually not. Most of these products restrict holders by jurisdiction and investor status, and several are limited to qualified or institutional investors. Eligibility is the first thing to check, not the last.
Where does this sit in the wider category?
Under real-world assets, next to tokenized stocks. Both wrap something offchain; they wrap very different things. Koi is the independent team writing all of this down.
Questions
What is a tokenized treasury?
A tokenized treasury is a token that represents a claim on, or economic exposure to, short-term US government debt — either T-bills held directly or shares in a fund that holds them.
Are tokenized treasuries stablecoins?
No — a stablecoin is designed to hold a fixed price and typically pays holders nothing, while a tokenized treasury is an interest-bearing claim on government debt whose value comes from the underlying bills.
Who can buy tokenized treasuries?
Most of these products restrict holders by jurisdiction and investor status, and several are limited to qualified or institutional investors, so eligibility has to be checked with the issuer before anything else.
Do tokenized treasuries pay a fixed yield?
No — yield tracks short-term government debt and moves with rates, and the way it reaches holders differs by product, with some accruing in the token price and others distributing new tokens.
Are tokenized treasuries available on Robinhood Chain?
We have not verified any treasury product issued or listed on Robinhood Chain; the documented flagship real-world asset there is Robinhood Stock Tokens, which is a different wrapper entirely.
What is the difference between a tokenized treasury and a tokenized stock?
A tokenized treasury gives exposure to short-term government debt and pays yield from it, while a tokenized stock tracks the price of a share or ETF and usually carries no ownership of that security.