Tokenized Treasuries.

Key facts

• 01

  Tokenized Treasuries crossed $9.6B in 2026, the largest RWA category.

  RWA.xyz

• 02

  BlackRock's BUIDL is the largest tokenized money market fund globally.

  BlackRock 2026 Chairman Letter

• 03

  Major issuers settle T+0 on tokenized Treasury exposure.

  BDO · 2026 Tokenization Outlook

• 04

  Franklin Templeton's BENJI fund and Ondo's USDY round out the top three.

  Motley Fool · 2026 RWA

Why Treasuries went first

Short-duration Treasuries are the natural first instrument to tokenize. They are credit-clean, daily-priced, and have a defined regulatory pathway. Asset managers can hold tokenized Treasury exposure inside conventional fund wrappers without restructuring their compliance posture. That is what BlackRock did with BUIDL and what Franklin Templeton did with BENJI.

How tokenized Treasuries settle

A tokenized Treasury is a claim on an underlying basket of short-duration paper. Programmable settlement means the cash leg, the token leg, and the compliance attestation move together inside a single transaction. T+0 settlement on the token leg is now standard; the cash leg follows the corresponding bank rail. The audit trail is end-to-end replayable.

What FY Neura does

FY Neura is Nebula's RWA tokenization platform for issuers running multi-billion mandates and for allocators that need real-time exposure visibility. It tokenizes short-duration Treasuries, structured credit, and corporate paper. It runs inside the client environment, supports T+0 settlement, and emits a continuously verifiable on-chain attestation.

Frequently asked

What are tokenized Treasuries?

Tokenized Treasuries are short-duration US Treasury exposure represented as on-chain tokens with programmable settlement. They form the largest segment of real-world asset tokenization, at approximately $9.6 billion in AUM as of 2026.

How large is the tokenized Treasury market?

Approximately $9.6 billion in AUM as of 2026, making it the largest category of on-chain real-world assets.

Which is the largest tokenized treasury fund?

BlackRock's BUIDL is the largest tokenized money market fund globally per the BlackRock 2026 chairman letter, followed by Franklin Templeton's BENJI and Ondo's USDY.