What is the best tokenized treasury fund?
Tokenized Treasury products pass through the risk-free rate on-chain, usually with KYC gating and restricted transfers. Ranked by on-chain assets under management, the clearest signal of institutional trust in a given fund.
Short answer
BlackRock USD (BUIDL) currently tops this list with a safety score of 96/100, market cap of $2.25B and 8 chain deployments, paying a vetted APY of 3.81% as of Oct 5, 2026.
Ranked by on-chain AUM among tokenized Treasury and RWA funds — updated daily.
| # | Asset | On-chain AUM | Yield | Safety | Chains | Liquidity |
|---|---|---|---|---|---|---|
| 1 | $2.25B | 3.81% | 96 | $3.05B | ||
| 2 | $2.20B | 3.62% | 88 | $2.21B | ||
| 3 | $557.65M | — | 64 | $0.00 | ||
| 4 | $492.65M | — | 64 | $0.00 | ||
| 5 | $414.06M | — | 64 | $0.00 | ||
| 6 | $398.21M | — | 64 | $0.00 | ||
| 7 | $334.99M | — | 64 | $0.00 | ||
| 8 | $333.33M | — | 64 | $0.00 | ||
| 9 | $291.74M | — | 63 | $0.00 | ||
| 10 | $252.03M | — | 63 | $0.00 |
Frequently asked
+ − What is the largest tokenized Treasury fund?
The fund at the top of the table above by on-chain AUM. Size correlates with institutional adoption and, usually, redemption reliability, but always check the fund's own eligibility and KYC terms.
+ − Can retail investors buy tokenized Treasuries?
Some products are open to any KYC'd user; others restrict access to qualified or non-US investors. Check the eligibility terms on each asset page before assuming access.
+ − How is a tokenized Treasury different from a stablecoin?
A stablecoin issuer keeps the Treasury income and the token stays freely transferable at $1. A tokenized Treasury fund passes the yield to holders and its share price rises with accrued interest instead of holding a $1 peg.