Top 10 Companies Leading The Tokenized Treasury Revolution In 2026

Until recently, U.S. Treasury bills were entirely within traditional financial institutions. To get exposure would usually require a brokerage account, a money market fund, or a direct investment in government securities. This is no longer the case today.

Many blockchain initiatives are turning Treasury bills into programmable on-chain financial services that can be transferred between wallets, interacted with by DeFi applications, and settled 24/7. What began as a novel concept has evolved into one of the quickest-growing segments of real-world assets (RWAs). According to industry estimates, tokenized Treasury products have increased from under $1 billion several years ago to more than $10 billion worth of onchain assets in 2026.

The appeal is simple. Investors can access short-term government bonds on the platform, but still enjoy the speed, transparency and composability of blockchain infrastructure. The outcome is a new type of financial instrument between conventional money markets and decentralized finance.

Here are ten projects helping drive that transition.

Ondo Finance

Few companies have done more to popularize onchain Treasury products than Ondo Finance.

The company’s flagship products, OUSG and USDY, have become some of the most widely recognized Treasury-backed assets in crypto. The primary audience for OUSG is institutional investors, and USDY was created to expand the opportunity for yield-based on the Treasury to be accessible beyond the traditional realm of finance. The platform has garnered billions of dollars in value and is continuing to grow across various blockchain networks.

The key feature that makes Ondo stand out is usability. Rather than simply tokenizing Treasuries, it has worked to make those assets useful across the broader onchain economy.

BlackRock BUIDL

The arrival of BlackRock changed the conversation around tokenized Treasuries.

Its BUIDL fund quickly became one of the largest products in the sector and helped validate the entire category. Backed by Treasury bills, cash, and repurchase agreements, BUIDL demonstrated that one of the world’s largest asset managers viewed blockchain infrastructure as a legitimate distribution channel.

More importantly, other projects now use BUIDL as reserve collateral and building blocks for additional financial products.

Franklin Templeton Benji

Franklin Templeton was actually one of the earliest major institutions to embrace blockchain-based Treasury products.

Through its Benji platform and tokenized government money market fund, the company has steadily expanded access to Treasury-backed assets across multiple blockchains. The platform recently introduced intraday yield functionality, allowing yield to accrue continuously rather than through traditional end-of-day calculations.

That type of innovation shows how tokenization can do more than replicate traditional finance; it can improve it.

Hashnote USYC

Hashnote created USYC, one of the largest tokenized Treasury products currently operating on-chain.

The project gained even more attention after becoming part of Circle’s broader ecosystem. USYC is designed to combine Treasury-backed yield with liquidity that can be integrated into digital asset markets. By 2026, it had grown into one of the largest Treasury-backed products in the sector by assets under management.

Its rise highlights how quickly institutional-grade Treasury products are becoming part of crypto infrastructure.

Superstate USTB

Founded by former investment industry veterans, Superstate has positioned USTB as a modern alternative to traditional Treasury exposure.

The project focuses on bringing regulated investment products onto blockchain rails while maintaining the compliance standards institutions expect. USTB has become one of the better-known Treasury products among professional investors exploring tokenized finance.

Rather than treating blockchain as a marketing tool, Superstate has focused on building familiar investment products in a new format.

WisdomTree WTGXX

WisdomTree has quietly built one of the more serious tokenization strategies in traditional finance.

It offers services for its treasury segment that give investors access to government-backed yields via blockchain-based services and support the company’s deep expertise in financial asset management. The involvement of the company is a sign of new interest from well-known asset managers in tokenization, apart from crypto-native companies.

Mountain Protocol

Unlike some competitors that focus exclusively on institutional investors, Mountain Protocol has taken a slightly different approach.

Its USDM product combines Treasury-backed reserves with stablecoin functionality, creating a bridge between payments and yield generation. Users effectively gain exposure to Treasury returns while retaining many of the characteristics that make stablecoins useful in everyday transactions.

That hybrid model has attracted growing attention as investors search for more productive forms of digital cash.

Securitize

Although many people associate Securitize with tokenization infrastructure, the company has become a critical part of the Treasury ecosystem.

It serves as a key partner behind several major products, including BlackRock’s BUIDL. By handling issuance, compliance, investor management, and tokenization infrastructure, Securitize helps traditional financial firms launch blockchain-native investment products without building everything themselves.

In many ways, it provides the plumbing that allows Treasury tokenization to scale.

Maple Cash Management

Maple Finance is best known for institutional credit markets, but its Treasury-related cash management offerings have become increasingly important.

The company allows institutions to park capital in Treasury-backed strategies while remaining connected to broader onchain financial markets. This creates a more flexible alternative to leaving capital idle in traditional banking systems.

For professional investors, that combination of yield and blockchain accessibility is becoming increasingly attractive.

Figure Markets and YLDS

Figure Markets has emerged as another player helping bridge Treasury exposure and blockchain finance.

The yield-bearing products of its have been enticing larger RWA participants, with various partnerships with treasury-focused platforms looking to diversify their liquidity offerings. With tokenized fixed-income markets evolving, initiatives such as Figure are contributing to the development of a wider fixed-income tokenization ecosystem.

Why Treasury Bills Have Become Crypto’s Favorite Real-World Asset

There is a reason Treasury products have become the breakout success story of tokenization.

Unlike real estate, private equity, or other complex assets, Treasury bills are highly liquid, widely understood, and backed by the U.S. government. They offer a relatively predictable source of yield that can be wrapped into blockchain-based products without introducing excessive complexity.

Projects like Ondo Finance, BlackRock BUIDL, Franklin Templeton Benji, Hashnote USYC, Superstate USTB, WisdomTree WTGXX, Mountain Protocol, Securitize, Maple, and Figure Markets are all approaching the opportunity from different angles. Some focus on institutional investors. Others target broader accessibility. Some operate as funds, while others provide infrastructure.

Yet they share the same underlying goal: transforming one of the world’s most important financial instruments into something that can operate natively on internet-based financial rails.

If tokenized Treasuries continue growing at their current pace, they may ultimately become the foundation upon which much of the future onchain financial system is built. The story is no longer just about putting assets on a blockchain. It is about making those assets programmable, composable, and available to a global financial ecosystem that never closes

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