Key Takeaways
- The market cap of tokenized treasury products has more than doubled in 2025.
- Different token models have different advantages
- Yields in the year to Christmas range from 2.3%-4.2%.
Various forms of tokenized U.S. Treasury exposure have been around for years, but the concept really took off in 2025.
The market capitalization of all yield-bearing, on-chain Treasury products has more than doubled since the start of the year, reaching over nine billion dollars by December.
However, not all tokenized Treasury platforms are equal. As investors count up their yields this Christmas, who has Crypto Santa rewarded the most?
Mapping the World of Tokenized Treasuries
On-chain Treasury platforms exist in a continuum.
At one end of the spectrum, tokenized money market funds (MMFs) like BlackRock’s BUIDL employ blockchain settlement, but otherwise function exactly the same as their off-chain peers.
At the other end, tokens like Ondo’s USDY are built for permissionless Decentralized Finance (DeFi) integration.
Treasury tokens can be grouped into two classes: those with a fixed net asset value (NAV) and those whose yield is reflected in rising prices.
Fixed-NAV, or “rebasing” products, function like traditional MMF shares, distributing dividends periodically by issuing new tokens to investors.
Meanwhile, floating price tokens accrue yield automatically as the underlying assets increase in value and income from maturing Treasuries is reinvested.
Treasury Token Returns 2025
Among floating-price Treasury tokens, Superstate’s USTB has delivered the greatest yield in 2025.
Come Christmas morning, a $1,000 investment in USTB at the start of the year would have grown into $1,038.1, for an annualized return of 4.11%
Variable-Price Treasury Tokens
| Asset |
Price 01/01 |
Price 12/06 |
YTD Return |
Annualized Return |
| USTB |
$10.51 |
$10.91 |
3.81% |
4.11% |
| OUSG |
$109.43 |
$113.54 |
3.75% |
4.05% |
| UMINT |
$100.62 |
$104.38 |
3.74% |
4.03% |
| USDY |
$1.07 |
$1.10 |
2.90% |
3.13% |
| USYC |
$1.08 |
$1.11 |
2.26% |
2.43% |
*Data sourced from CoinGecko
Comparing fixed-NAV tokenized MMFs and yield-bearing stablecoins is more difficult.
Only Franklin Templeton, WisdomTree, and Fidelity disclose year-to-date returns for their respective tokenized dollar funds, and data is currently only available through November.
To reflect a decline in Treasury rates toward the end of the year, in the following table, annualized returns have been adjusted down by ten basis points.
Fixed-Price Treasury Tokens
| Asset |
YTD Return on 10/31 |
Adjusted Annualized Return |
| YLDS* |
2.33% |
2.56% |
| BENJI |
3.45% |
4.0% |
| WTGXX |
3.43% |
4.02% |
| FYHXX |
3.41% |
3.91% |
*YLDS yield calculated based on the Treasury’s Secure Overnight Financing Rate.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
