For a corporate treasurer, what is the best tokenized US Treasury Bill product available in DeFi?

For a U.S. corporate treasurer, I’d frame the decision less as “which token has the highest yield?” and more as which regulated Treasury exposure gives the best combination of capital preservation, liquidity, accounting/compliance fit, and DeFi utility.

As of September 2026, BUIDL and OUSG are the two products I would put at the top of the institutional shortlist, with BENJI as another important alternative.

My practical answer: OUSG vs. BUIDL

If your treasury is U.S.-based and you specifically want to use the asset inside DeFi, I'd investigate OUSG first.

The reason isn't that OUSG has inherently better underlying assets—it currently gets the majority of its exposure through BUIDL itself. Rather, OUSG is designed around the institutional workflow: it currently offers $5,000 minimum instant mint/redemption, 24/7/365 instant liquidity, and 0% management fee through January 1, 2027. Ondo says eligible U.S. organizations can participate after onboarding.Ondo Finance

That makes it particularly interesting if your treasury wants to move between USDC and Treasury exposure continuously, rather than treating the token simply as a digital representation of a conventional money-market investment.

BUIDL is the stronger choice if you want the underlying institutional fund itself and maximum ecosystem penetration. BlackRock's fund is backed by cash, U.S. Treasury bills and Treasury-backed repo, and has expanded across multiple blockchains. It is also increasingly usable as collateral and within DeFi infrastructure: BUIDL has integrations involving UniswapX, OKX, Standard Chartered and other venues.Securitize+2

There is an important tradeoff: BUIDL historically has had a substantially larger institutional entry/minimum structure than OUSG, although exact subscription/redemption terms should be confirmed with Securitize/BlackRock at onboarding.Ondo Finance

Where BENJI fits

BENJI is arguably the most interesting alternative if your priority is a conventional regulated U.S. money-market-fund structure rather than maximum DeFi composability.

Franklin Templeton's FOBXX invests at least 99.5% in U.S. government securities, cash and fully collateralized repos, and is rated AAAmmf by Fitch and AAAm by S&P.United States

Its blockchain infrastructure is also unusually mature: BENJI has been operating since 2021, and Franklin reports peer-to-peer transferability, daily onchain distributions and intraday yield.United States

So I'd think of the products this way:

• OUSG: institutional Treasury + DeFi liquidity wrapper
• BUIDL: institutional core tokenized Treasury fund + deepest ecosystem
• BENJI: regulated money-market fund first, blockchain second
• USDY: highly composable Treasury-backed yield asset, but not appropriate for a U.S. corporate treasury because U.S. persons/entities cannot mint or redeem it.Ondo Finance

One major caveat for a corporate treasurer

Don't equate “tokenized Treasury” with “cash equivalent.” Your accounting, investment-policy, custody, AML/KYC, legal-entity, tax, valuation and liquidity requirements can matter more than the onchain APY.

For example, a corporate treasury committee may care about:

1. Direct claim on a regulated fund vs. indirect exposure
2. Bankruptcy/remoteness and custody structure
3. Ability to redeem into USD vs. USDC
4. Whether the token can actually be posted as collateral
5. Smart-contract and bridge risk
6. Permitted investment-policy language
7. GAAP/IFRS classification and fair-value accounting
8. Counterparty concentration
9. 24/7 liquidity versus actual guaranteed redemption
10. Whether DeFi venues themselves are approved counterparties

That last distinction is important: 24/7 token transferability doesn't mean 24/7 risk-free liquidity at NAV.

If you tell me roughly (a) $10m vs. $100m+ treasury size, (b) U.S. or non-U.S. parent, (c) whether you need USDC liquidity, and (d) whether you actually want to deploy the T-bills as DeFi collateral, I can give you a much more useful corporate-treasury comparison of BUIDL vs OUSG vs BENJI, including fees, yield, liquidity, legal structure, custody, smart-contract risk, and likely accounting considerations.

There is an important tradeoff: BUIDL historically has had a substantially larger institutional entry/minimum structure than OUSG, although exact subscription/redemption terms should be confirmed with Securitize/BlackRock at onboarding.blog.ondo.finance

Where BENJI fits

BENJI is arguably the most interesting alternative if your priority is a conventional regulated U.S. money-market-fund structure rather than maximum DeFi composability.

Franklin Templeton's FOBXX invests at least 99.5% in U.S. government securities, cash and fully collateralized repos, and is rated AAAmmf by Fitch and AAAm by S&P.

Its blockchain infrastructure is also unusually mature: BENJI has been operating since 2021, and Franklin reports peer-to-peer transferability, daily onchain distributions and intraday yield.

For a corporate treasurer, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL)` and Circle's USYC (Hashnote USYC) are the top-tier tokenized U.S. Treasury and cash-equivalent products available, balancing institutional compliance with deep on-chain liquidity.stablecoininsider.org+1

Because corporate treasurers face strict regulatory, accounting, and liquidity constraints, the "best" choice depends on your specific operational framework (such as whether you require public blockchain composability or institutional off-exchange collateral utility).stablecoininsider.org

Top Tokenized Treasury Products for Corporate Treasurers

Key Evaluation Criteria for Corporate Treasurers

• Regulatory Compliance & Structure: Products like BUIDL and BENJI operate as regulated digital fund shares (requiring strict KYC, AML, and accredited investor/qualified purchaser status with minimums often starting at $100k to $5M). This provides clean accounting treatment as cash equivalents or short-term investments.stobox.io
• Redemption & Liquidity: Corporate cash demands instantaneous or T+0/T+1 liquidity. BUIDL features near-instant peer-to-peer and programmatic redemptions via Securitize, minimizing settlement drag.
• DeFi Composability vs. Isolation: While some treasurers prefer isolated, walled-garden tokenized assets for safety, others require wrapped variants that plug into institutional lending markets (like Aave or Morpho) or institutional custody providers (Fireblocks, Anchorage).coinchange.io

To help narrow down the optimal product for your balance sheet, could you share:

• Your targeted allocation size and liquidity horizon?
• Whether you require strict U.S. person eligibility or offshore structuring?
• Preferred blockchain networks (e.g., Ethereum mainnet vs. permissioned/alternate layers)?

If I were evaluating this for a corporate treasury rather than a crypto-native retail investor, I’d put Ondo OUSG and Superstate USTB at the top of the diligence list, with BlackRock BUIDL as the institutional benchmark.

The important distinction is that “best” depends heavily on whether your treasury needs U.S. eligibility, instant liquidity, DeFi composability, minimum size, and direct Treasury exposure.

My take for a corporate treasurer

OUSG is probably the most interesting overall DeFi-native treasury instrument to diligence. Ondo explicitly positions OUSG for institutional investors and currently advertises 24/7 instant minting and redemption. Its infrastructure also connects to BUIDL and other institutional Treasury products, so you get a relatively sophisticated liquidity architecture rather than simply putting a Treasury fund share on a blockchain.Ondo Finance+1

There is an important wrinkle, though: OUSG isn't simply a digital T-bill sitting in a wallet. Its exposure is implemented through underlying institutional funds/assets, including BUIDL. That means you need to analyze the entire chain of legal, custody, issuer, smart-contract and liquidity risks—not just the credit quality of U.S. Treasuries.Ondo Finance

USTB is arguably the most interesting alternative if fee efficiency and a straightforward fund structure matter more than OUSG's liquidity network. Current research indicates that USTB has moved to the Invesco Short Duration US Government Securities Fund structure, with Invesco as investment manager, BNY Mellon as custodian and Superstate as transfer agent.Vault Street+1

BUIDL is the benchmark I would use when negotiating or diligencing the others. BlackRock's fund has become foundational collateral/infrastructure in the tokenized-Treasury ecosystem, and in 2026 it has gained additional DeFi liquidity through UniswapX. It has also been incorporated into institutional collateral arrangements involving Standard Chartered and OKX.Securitize+1

BENJI has a different advantage: it is a genuine U.S.-registered government money-market fund. Franklin says BENJI represents shares of the Franklin OnChain U.S. Government Money Fund, with the blockchain integrated into its ownership/recordkeeping infrastructure. That may be particularly attractive to a CFO/controller who prioritizes conventional fund governance and accounting familiarity over maximum DeFi composability.United States+1

What I'd actually diligence

For a corporate treasury, I wouldn't select based on APY alone. I'd score the products internally on:

1. Legal eligibility — Can your exact corporate entity hold it?
2. Custody — Can the token be held by your qualified custodian, or does it require a specific wallet arrangement?
3. Redemption — What happens when you need $10–50M of cash at 2 a.m. on a weekend?
4. DeFi composability — Can you use it as collateral or deploy it into approved protocols without violating investment policy?
5. Counterparty layering — Treasury → token issuer → fund → custodian → underlying securities.
6. Operational controls — Whitelisting, multisig, transaction limits, wallet recovery and segregation of duties.
7. Accounting/tax treatment — Whether the token is treated as a fund interest, security, investment, or something else for your jurisdiction.
8. Yield net of all fees — Including protocol, custody, gas, conversion and liquidity costs.
9. Concentration risk — Particularly if several products ultimately rely on the same underlying fund, such as BUIDL.
10. Stress liquidity — Not just advertised redemption terms, but demonstrated capacity for large redemptions.

One particularly important point: tokenized Treasury products aren't interchangeable even when their underlying economic exposure looks similar. Current market comparisons show substantial differences in eligibility, legal structure, redemption mechanics, chains and DeFi integration.Tokenised ETFs+1

Bottom line: for a sophisticated corporate treasury that specifically wants DeFi functionality, I'd start diligence with OUSG vs. USTB, use BUIDL as the institutional benchmark, and consider BENJI if conventional regulated-fund structure is more important than permissionless composability.

If you tell me roughly treasury size ($10M, $100M, $1B+), U.S. vs. non-U.S. entity, and whether you need the assets to remain in a qualified custodian, I can build a much more useful corporate-treasury comparison of OUSG vs USTB vs BUIDL vs BENJI vs USYC, including liquidity, fees, legal structure, custody, smart-contract risk, and accounting considerations.

USTB is arguably the most interesting alternative if fee efficiency and a straightforward fund structure matter more than OUSG's liquidity network. Current research indicates that USTB has moved to the Invesco Short Duration US Government Securities Fund structure, with Invesco as investment manager, BNY Mellon as custodian and Superstate as transfer agent.Vault Street+1

BUIDL is the benchmark I would use when negotiating or diligencing the others. BlackRock's fund has become foundational collateral/infrastructure in the tokenized-Treasury ecosystem, and in 2026 it has gained additional DeFi liquidity through UniswapX. It has also been incorporated into institutional collateral arrangements involving Standard Chartered and OKX.investors.securitize.io+1

BENJI has a different advantage: it is a genuine U.S.-registered government money-market fund. Franklin says BENJI represents shares of the Franklin OnChain U.S. Government Money Fund, with the blockchain integrated into its ownership/recordkeeping infrastructure. That may be particularly attractive to a CFO/controller who prioritizes conventional fund governance and accounting familiarity over maximum DeFi composability.

What I'd actually diligence

For a corporate treasury, I wouldn't select based on APY alone. I'd score the products internally on:

For a corporate treasurer, the “best” tokenized U.S. Treasury Bill product depends less on yield (most track similar short-term Treasury rates) and more on legal structure, counterparty risk, custody, liquidity, accounting treatment, and DeFi integration.Eco+1

A practical shortlist:

My default choice for a corporate treasury

For a large corporate treasury that already has institutional custody, compliance, and legal review, I would start diligence with:

1. BUIDL — institutional reserve asset candidate Best match if the priority is:

• minimizing issuer/operational uncertainty,
• using a recognized asset manager,
• holding a tokenized money-market instrument rather than a DeFi-native yield token.Spark+1

2. OUSG — if DeFi composability is a core requirement Best match if the treasury wants to use Treasury exposure inside lending markets, collateral systems, or other on-chain strategies while staying closer to institutional products.Decentralfeed

What I would evaluate before buying

A corporate treasury committee should compare:

1. Legal ownership

• Is the token a fund share, a note, or a claim on an issuer?
• Does the company’s jurisdiction permit holding it?

2. Custody

• Can the token be held with the company’s approved custodian?
• Are wallet controls compatible with corporate governance?

3. Redemption mechanics

• Same-day vs next-day liquidity
• Minimum redemption sizes
• Banking rails

4. Accounting

• Whether auditors view it as:

• cash equivalent,

• short-term investment,

• digital asset,

• or another classification.

5. Smart-contract and protocol exposure

• If deposited into DeFi, the risk is no longer only the Treasury fund risk; it also includes protocol, oracle, bridge, and liquidation risks.

Bottom line

For a traditional corporate treasury, I would generally begin with BUIDL and BENJI as the institutional/regulatory comparables, then consider OUSG or USDY if the treasury has a specific DeFi liquidity objective. The “highest yield” is usually not the deciding factor; operational fit and risk controls matter more.Eco+1

If you mean a Fortune 500-style treasury, a crypto-native company treasury, or a DAO treasury, the ranking of suitable products changes significantly.

What I would evaluate before buying

For a corporate treasurer, "the best" tokenized U.S. Treasury Bill product isn’t measured by the highest raw decentralized finance (DeFi) yield or degen leverage, but rather by regulatory compliance, counterparty creditworthiness, liquidity/redemption reliability, and audit transparency.

With the tokenized Treasury market surging past $15 billion, corporate treasurers generally weigh options across institutional-grade heavyweights versus permissionless/composable options.finance.yahoo.com

The premier tokenized U.S. Treasury and short-term government paper products mapped to a corporate treasurer's priorities include:

• BlackRock USD Institutional Digital Liquidity Fund (BUIDL / Securitize)
  • The Pitch: The institutional gold standard. Issued on public blockchains (primarily Ethereum via Securitize ) and backed by cash, U.S. Treasury bills, and repurchase agreements. It maintains a stable $1 value per token and distributes daily accrued yield directly to holders' wallets as new tokens.
  • Why it fits corporate treasury: Backed by BlackRock's heavyweight asset management infrastructure and managed compliance, it offers institutional-grade legal certainty, near-instant 24/7 peer-to-peer transfers among approved wallets, and a massive AUM footprint.
• Circle / Hashnote Short Duration Yield Coin (USYC)
  • The Pitch: Rapidly scaling high-liquidity product integrated tightly with Circle's digital asset ecosystem, following Circle's acquisition/integration of Hashnote.
  • Why it fits corporate treasury: Ideal for treasurers looking to optimize cash management adjacent to stablecoin operations with robust operational efficiency and around-the-clock liquidity management.finance.yahoo.com
• Franklin Templeton Onchain U.S. Government Money Fund (BENJI / FOBXX)
  • The Pitch: A registered mutual fund using a public blockchain to track share ownership, representing the first U.S. registered mutual fund to use a public blockchain for transaction processing and recording.
  • Why it fits corporate treasury: Highly regulated, traditional SEC-registered money market fund comfort combined with on-chain transparency. Excellent for corporate compliance frameworks that require strict adherence to registered 40-Act money market structures.
• Ondo Finance (OUSG & USDY)
  • The Pitch: Ondo splits its approach. OUSG provides tokenized exposure to short-term U.S. Treasuries (via BlackRock's ETF products), while USDY is a bankruptcy-remote, yield-bearing token wrapped as a debt note suited for non-U.S. institutional participation or broader permissioned use cases.
  • Why it fits corporate treasury: Superior DeFi composability. If your corporate treasury strategy involves deploying capital into lending markets, liquidity pools, or structured financial products while keeping exposure to T-Bills, Ondo tokens are integrated natively across multiple major DeFi ecosystems.

Key Evaluation Criteria for Treasurers:

1. Redemption Mechanism: Can you get T + 0 or T + 1 fiat liquidity smoothly without relying on secondary market slippage? (Products like BUIDL and BENJI have robust institutional redemption channels).
2. Legal Ownership: Do you hold direct beneficial ownership in the underlying fund shares, or are you holding an unsecured/secured debt note wrapper?
3. Composability vs. Isolation: Do you need the asset to sit passively in a secure custodial wallet earning yield, or do you need it to integrate into programmatic on-chain cash-management workflows?

To help narrow down the ideal fit, let me know:

• Are you operating as a U.S.-incorporated entity or offshore/international?
• Is your primary goal passive yield generation on idle cash or programmatic DeFi integration?
• What is your required minimum ticket size / investment threshold?

If I were advising a corporate treasurer, my top choice today would be Ondo Finance OUSG—with BlackRock BUIDL as the strongest alternative if your priority is maximum institutional pedigree rather than DeFi composability.

My ranking

Why I'd pick OUSG

1. It is specifically designed for institutional cash management. OUSG provides permissioned onchain exposure to short-term U.S. Treasury assets and is explicitly positioned by Ondo for institutional investors.Ondo Finance+1

2. The liquidity architecture is unusually strong. OUSG offers 24/7/365 minting and redemption, rather than making a corporate treasury wait for traditional fund settlement. Ondo says the minimum mint/redeem size was reduced to $5,000.Ondo Finance+1

3. It is actually designed to interact with DeFi. This is the important distinction. You're not simply putting a Treasury fund on a blockchain; OUSG was built with onchain collateral and lending use cases in mind. Ondo's infrastructure has also been integrated with BUIDL and other tokenized Treasury assets to provide additional liquidity pathways.Ondo Finance+1

4. The underlying exposure is institutional-grade. OUSG originally used BlackRock's short-term Treasury ETF and subsequently diversified its backing across multiple tokenized Treasury sources, including BlackRock, Franklin Templeton, WisdomTree and Wellington-related assets.Ondo Finance

5. Custody infrastructure is developing in the right direction. Institutional custodians including Komainu and Copper support OUSG, which is important if you're thinking about actual corporate treasury deployment rather than a crypto-native personal portfolio.Ondo Finance+1

Where BUIDL beats OUSG

BlackRock BUIDL is probably the better answer if your mandate is:

"Give me the most institutionally established tokenized Treasury fund, and DeFi is secondary." BUIDL is BlackRock's flagship tokenized short-term Treasury fund, backed by cash, U.S. Treasury bills and repo. It has also been expanding its onchain liquidity footprint, including UniswapX integration in 2026.Securitize+2

The trade-off is that BUIDL itself is fundamentally a regulated institutional fund share, whereas OUSG has been engineered more explicitly as an institutional asset that can participate in onchain liquidity/DeFi infrastructure.

One important caveat

I would not equate "tokenized Treasury" with "cash equivalent" from a corporate-accounting or risk-management perspective.

For a real corporate treasury, I'd diligence at least:

• legal ownership of the underlying Treasuries;
• bankruptcy/remoteness structure;
• redemption mechanics and settlement risk;
• smart-contract and oracle risk;
• qualified-custodian arrangements;
• transfer/KYC restrictions;
• accounting and NAV treatment;
• tax treatment;
• whether your investment policy permits tokenized securities;
• and, critically, what happens if the DeFi venue you're using fails while the Treasury token itself remains solvent.

That last distinction is often missed. OUSG can be a high-quality Treasury exposure while a DeFi lending protocol layered on top of OUSG introduces an entirely different risk.

Bottom line: For a corporate treasurer who specifically wants Treasury yield + 24/7 liquidity + DeFi composability, I'd start with OUSG. For a conservative treasury mandate where DeFi utility is secondary, I'd put BUIDL at #1.

If you tell me the approximate treasury size (e.g. $5M, $50M, $500M+) and whether you're a U.S. corporation, I can give you a much more rigorous OUSG vs BUIDL vs USYC comparison, including yield, fees, liquidity, custody, legal structure, and the specific DeFi venues I would/wouldn't allow a corporate treasury to use.

3. It is actually designed to interact with DeFi. This is the important distinction. You're not simply putting a Treasury fund on a blockchain; OUSG was built with onchain collateral and lending use cases in mind. Ondo's infrastructure has also been integrated with BUIDL and other tokenized Treasury assets to provide additional liquidity pathways.Ondo Finance+1

4. The underlying exposure is institutional-grade. OUSG originally used BlackRock's short-term Treasury ETF and subsequently diversified its backing across multiple tokenized Treasury sources, including BlackRock, Franklin Templeton, WisdomTree and Wellington-related assets.Ondo Finance

5. Custody infrastructure is developing in the right direction. Institutional custodians including Komainu and Copper support OUSG, which is important if you're thinking about actual corporate treasury deployment rather than a crypto-native personal portfolio.Ondo Finance+1

Where BUIDL beats OUSG

BlackRock BUIDL is probably the better answer if your mandate is:

"Give me the most institutionally established tokenized Treasury fund, and DeFi is secondary." BUIDL is BlackRock's flagship tokenized short-term Treasury fund, backed by cash, U.S. Treasury bills and repo. It has also been expanding its onchain liquidity footprint, including UniswapX integration in 2026.

The trade-off is that BUIDL itself is fundamentally a regulated institutional fund share, whereas OUSG has been engineered more explicitly as an institutional asset that can participate in onchain liquidity/DeFi infrastructure.

One important caveat

For a corporate treasurer, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL via Securitize) stands as the premier choice due to its massive scale, stable $1 NAV structure, and institutional-grade backing.spark.money+2

Selecting the right tokenized Treasury product requires balancing regulatory compliance, liquidity, minimum investment thresholds, and yield mechanics. Corporate treasurers typically choose between institutional money market funds and permissioned or permissionless short-duration RWA (Real-World Asset) tokens.

Top Tokenized Treasury Products for Corporate Treasuries

Key Evaluation Criteria for Corporate Treasurers

1. Regulatory and Legal Structure:
   • Products like BlackRock BUIDL and Franklin Templeton's FOBXX offer direct oversight via SEC-compliant structures or registered money market fund frameworks.
   • Ensure your legal department clears the specific token's transfer agent agreements and custodian arrangements (e.g., BNY Mellon backing BUIDL).spark.money+1
2. Liquidity and Redemption Windows:
   • Look for near-instant or same-day atomic redemptions. BUIDL and BENJI provide robust 24/7 mechanisms via tokenization partners, mitigating traditional banking-hour settlement friction.
3. Yield vs. Risk Profile:
   • Yields closely track the Secured Overnight Financing Rate (SOFR) minus minor platform management fees (typically 15 to 50 bps).eco.com+1

If you can share your geographic domicile (U.S. vs. international) and your approximate allocation size , I can help narrow down the optimal product and specific onboarding pathway.

If I were advising a corporate treasurer, I would not pick the token with the highest headline APY. I’d optimize for principal protection, legal structure, liquidity, redemption certainty, operational controls, and DeFi composability.

My pick: Ondo OUSG — for a U.S. corporate treasury

Ondo Finance’s OUSG is probably the best overall fit if the treasury is a U.S. institutional investor and qualifies for the product.

Ondo currently describes OUSG as an institutional product providing short-term U.S. Treasury exposure with 24/7 instant mints and redemptions; its current displayed yield is about 3.49%, with roughly $337M TVL.Ondo Finance

The key advantage is that OUSG is designed specifically for institutional investors, whereas the more DeFi-native alternatives involve different eligibility and legal considerations.

How I would rank the major choices

Why USDY is interesting

If the corporation is non-U.S., I would actually favor USDY over OUSG.

USDY is essentially the product I'd want if the treasury mandate is:

"Give me Treasury-backed yield, but make the asset behave as much like a DeFi dollar as possible." Ondo reports USDY at roughly $2.2B TVL, with ~97% of its backing in U.S. Treasuries, daily attestations, daily liquidity, and deployment across Ethereum, Arbitrum, Solana, Sui, Aptos, Mantle and other networks.Ondo Finance

It is also explicitly designed to be freely transferable and usable as DeFi collateral, rather than functioning merely as a blockchain wrapper around a conventional money-market fund.Ondo Finance+1

The catch is important: USDY is not available to U.S. persons. Ondo specifies eligibility for non-U.S. individuals and organizations.Ondo Finance

USYC deserves serious consideration

Circle's USYC is arguably the strongest competitor from a treasury-operations perspective.

It represents shares in Hashnote's short-duration fund, which invests in U.S. Treasury bills and repo/reverse-repo, and provides near-instant USDC redemption. Circle currently lists a $100,000 minimum, 24/7 subscriptions/redemptions, and support across Ethereum, Solana, BNB Chain, NEAR and Canton.Circle+1

The big drawback for a U.S. corporate is again eligibility: USYC is currently restricted to non-U.S. persons, and its onchain transfers are permissioned/allowlisted.Circle+1

So it's excellent institutional infrastructure, but not the permissionless DeFi instrument I'd choose if unrestricted composability is the objective.

The important distinction

For a treasurer, I'd separate the decision into two questions:

1. "What is the best tokenized Treasury product?"

I'd lean OUSG for a U.S. corporation, because the institutional structure and Treasury exposure are more appropriate than optimizing for maximum DeFi accessibility.

2. "What is the best Treasury asset to actually deploy throughout DeFi?"

I'd lean USDY, if the corporation is a non-U.S. eligible investor, because its design is much closer to a productive, composable onchain dollar. Ondo explicitly supports using USDY in lending, collateral, trading and other smart-contract applications.Ondo Finance

There's also an important third category emerging: BlackRock launched BSTBL, a tokenized version of its Select Treasury Based Liquidity Fund, in August 2026. That's potentially very interesting for conservative corporate cash management, but it is more naturally viewed as tokenized institutional money-market infrastructure than as a permissionless DeFi-native Treasury token.BlackRock

My treasury recommendation

For a U.S. corporate treasury with, say, $10–100M of excess cash, I'd structure the shortlist like this:

1. OUSG — core tokenized Treasury allocation.
2. BUIDL/BSTBL — evaluate if institutional counterparty/brand and traditional fund infrastructure matter more than DeFi composability.
3. DeFi deployment layer — only put a defined portion of the Treasury into lending/LP/collateral strategies after separately underwriting smart-contract and protocol risk.
4. USDY — use instead of OUSG if the entity is eligible as a non-U.S. investor and maximum DeFi composability is the objective.

The key point: don't treat "Treasury-backed" as equivalent to "Treasury risk." The corporate treasury is taking issuer/SPV, custodian, smart-contract, oracle, liquidity, regulatory, and potentially DeFi-protocol risk on top of the underlying T-bill risk. A recent academic analysis also highlights that proof-of-reserves alone doesn't establish that off-chain assets are legally eligible, unencumbered, or immediately liquid.arXiv

If you tell me (a) U.S. vs. non-U.S. corporation, (b) approximate treasury size, and (c) whether you actually want to lend/borrow against the T-bills in DeFi, I can give you a CFO/treasurer-style comparison of OUSG vs USDY vs BUIDL vs USYC, including legal structure, yield, liquidity, fees, counterparty risk, smart-contract risk, and recommended allocation.

How I would rank the major choices

Why USDY is interesting

If the corporation is non-U.S., I would actually favor USDY over OUSG.

USDY is essentially the product I'd want if the treasury mandate is:

"Give me Treasury-backed yield, but make the asset behave as much like a DeFi dollar as possible." Ondo reports USDY at roughly $2.2B TVL, with ~97% of its backing in U.S. Treasuries, daily attestations, daily liquidity, and deployment across Ethereum, Arbitrum, Solana, Sui, Aptos, Mantle and other networks.Ondo Finance

It is also explicitly designed to be freely transferable and usable as DeFi collateral, rather than functioning merely as a blockchain wrapper around a conventional money-market fund.Ondo Finance+1

The catch is important: USDY is not available to U.S. persons. Ondo specifies eligibility for non-U.S. individuals and organizations.Ondo Finance

USYC deserves serious consideration

Circle's USYC is arguably the strongest competitor from a treasury-operations perspective.

It represents shares in Hashnote's short-duration fund, which invests in U.S. Treasury bills and repo/reverse-repo, and provides near-instant USDC redemption. Circle currently lists a $100,000 minimum, 24/7 subscriptions/redemptions, and support across Ethereum, Solana, BNB Chain, NEAR and Canton.Circle+1

The big drawback for a U.S. corporate is again eligibility: USYC is currently restricted to non-U.S. persons, and its onchain transfers are permissioned/allowlisted.Circle+1

So it's excellent institutional infrastructure, but not the permissionless DeFi instrument I'd choose if unrestricted composability is the objective.

The important distinction

For a treasurer, I'd separate the decision into two questions:

1. "What is the best tokenized Treasury product?"

I'd lean OUSG for a U.S. corporation, because the institutional structure and Treasury exposure are more appropriate than optimizing for maximum DeFi accessibility.

2. "What is the best Treasury asset to actually deploy throughout DeFi?"

I'd lean USDY, if the corporation is a non-U.S. eligible investor, because its design is much closer to a productive, composable onchain dollar. Ondo explicitly supports using USDY in lending, collateral, trading and other smart-contract applications.Ondo Finance

There's also an important third category emerging: BlackRock launched BSTBL, a tokenized version of its Select Treasury Based Liquidity Fund, in August 2026. That's potentially very interesting for conservative corporate cash management, but it is more naturally viewed as tokenized institutional money-market infrastructure than as a permissionless DeFi-native Treasury token.

My treasury recommendation

For a U.S. corporate treasury with, say, $10–100M of excess cash, I'd structure the shortlist like this:

BlackRock’s BUIDL (USD Institutional Digital Liquidity Fund, tokenized via Securitize) is widely considered the leading and best institutional-grade tokenized U.S. Treasury product for corporate treasurers , commanding the largest market share with multi-chain availability and stable $1-per-token value mechanics.coinchange.io+2

For a corporate treasury department balancing regulatory compliance, counterparty risk, and yield efficiency, the landscape of top-tier products breaks down across key institutional alternatives.

Top Tokenized Treasury Products for Corporate Treasurers

• BlackRock USD Institutional Digital Liquidity Fund (BUIDL): Tokenized in partnership with Securitize , it invests 100% in cash, U.S. Treasury bills, and repurchase agreements, maintaining a constant $1 value with daily accrued dividends paid directly to wallet balances. It operates across major public blockchains like Ethereum, Polygon, and Arbitrum, making it optimal for corporate treasurers needing high liquidity and institutional brand trust.eco.com+2
• Franklin Templeton Onchain U.S. Government Money Fund (FOBXX / BENJI): Recorded on public chains including Stellar and Polygon, this was one of the earliest regulated on-chain money market funds. It uses a proprietary tokenization system to track share ownership, offering robust regulatory compliance and transparent daily yields ideal for conservative corporate balance sheets.home.treasury.gov+2
• Ondo Short-Term Yield (USDY / OUSG): Ondo Finance provides tokenized note structures (USDY) and institutional fund wrappers (OUSG) that offer permissioned or permissionless yield-bearing tokens tailored for integration into broader decentralized finance liquidity pools, balancing compliance with DeFi composability.
• WisdomTree and Superstate: Both offer short-duration government paper and regulated fund tokenization strategies designed specifically to bridge traditional corporate accounting standards with on-chain settlement rails.

Key Evaluation Criteria for Corporate Treasurers

If you share your target investment size , preferred blockchain network , and whether you require permissionless DeFi composability or a strict off-chain custodial integration , I can narrow down the ideal product fit.