Glossary
Tokenized Treasury
An ERC-20 (or other on-chain token) representing a beneficial interest in a fund holding short-term US Treasuries — the largest RWA category by TVL.
BlackRock's BUIDL, Ondo's OUSG and USDY, Franklin's BENJI, and several others tokenize money-market-style holdings of short-term US Treasuries. Each token represents one share of an off-chain fund, redeemable 1:1 against the fund operator.
Tokenized Treasuries have grown into a multi-billion-dollar category because they offer a regulated, audited 4–5% yield with a much better UX than buying T-bills directly. They are increasingly used as DeFi collateral and as a stablecoin reserve asset.