description: A handy guide for decision-makers about who’s actually providing on-chain U.S. Treasury yields for DAOs and enterprise treasuries. You'll find concrete lists of vendors, details on eligibility, redemption timelines, and implementation playbooks that you can kick off this quarter.

Who Offers Treasury Yield Strategies Using DeFi for DAO and Enterprise Treasuries?

If you've got stablecoins or some cash just sitting around, there’s a great way to earn on that by tapping into short-duration U.S. Treasury yields - and you can do it all on-chain now! The market really took off in 2024-2025, with top-tier asset managers rolling out tokenized money funds, crypto-native companies wrapping T-bills with cool programmatic settlement, and DAOs pouring billions into these systems.

Check out the handy vendor-specific map below. It’s got some practical selection criteria and real-world examples to get you started. (coindesk.com)

TL;DR shortlist by buyer type

For those U.S. entities on the hunt for a top-notch, institutionally recognized option, check out BlackRock BUIDL (tokenized by Securitize), Franklin Templeton BENJI, Superstate USTB, and WisdomTree WTGXX. These are all 1940 Act or U.S. private funds that come with daily liquidity, institutional custody, and on-chain transfer features. You can dive deeper into this here.
If you’re looking for something a bit more crypto-native and want quick, programmable T-bill exposure: take a look at Ondo (USDY for general access; OUSG for qualified purchasers), OpenEden TBILL, Matrixdock STBT, and Backed bIB01 (Swiss DLT). Each of these has its own rules for KYC, transfer, and redemption. You can find more info here.
For those who prefer a pool-based "cash management" spot for DAOs, Maple Cash Management might be right up your alley. They offer an UST bill/repo strategy with same-day or next-day withdrawals and smooth enterprise onboarding. Check it out here.
If you’re outside the U.S. and on the lookout for a yield-bearing stablecoin backed by T-bills, Mountain Protocol’s USDM (Bermuda-regulated, rebasing) is gaining traction with DAO treasuries beyond U.S. borders (just a heads-up on the US-person restrictions). More details can be found here.
And if you're interested in RWA rails that have already been tested by a big DAO allocator, take a look at Sky/Maker’s Spark. They’ve made multi-billion allocations across BUIDL, Superstate USTB, and Centrifuge/Janus Henderson JTRSY, reflecting what many DAOs are currently doing on a smaller scale. Find out more here.

What changed since 2024--and why it matters

Wall Street has officially gone on-chain! BlackRock kicked things off by launching BUIDL in March 2024 through Securitize. It didn’t take long for it to become the largest tokenized fund out there. By 2025, they were expanding share classes across multiple chains and giving it collateral utility on major exchanges. What does this mean for you? Well, you can now have yield-bearing “cash” that you can use as off-exchange collateral instead of letting those stablecoins just sit idle. Check out more here.
The tokenized Treasury market is really taking off. By March 2025, tokenized T-bills and money funds cleared an impressive $5 billion and just kept on growing. The market is mostly led by a handful of issuers like BUIDL, BENJI, USTB, USDY/OUSG, and USYC. This translates to better liquidity, more integrations, and a wider range of counterparties that are finally ready for institutional action. Want to know more? Head over to this article.
DAOs are stepping up their treasury operations. Spark (Sky/Maker) is now throwing billions into tokenized Treasuries, which is a pretty good sign that risk-managed adoption is happening. You might want to take notes on this one--it’s all about spreading stable reserves across different wrappers and custodians. Curious about the details? Read more here.

Who offers what: the concrete options (with what’s actually new)

1) Tier‑1 asset managers: tokenized money funds

BlackRock BUIDL (via Securitize)
- What it is: This is a USD Institutional Digital Liquidity Fund that’s tokenized on public chains. It invests in cash, U.S. T-bills, and repos, and offers daily dividends on-chain. You can even do peer-to-peer transfers! The custody is super flexible, working with Anchorage, BitGo, Coinbase, and Fireblocks. Plus, it’s accepted as off-exchange collateral and is now multi-chain thanks to some new share classes. (wsj.com)
- 2025-2026 updates that matter operationally:
  - It’s now accepted as collateral on Deribit, Crypto.com, and Binance, and the new share classes on Solana and BNB Chain bring DeFi into the mix. This is a game changer since it cuts down the operational drag for trading desks and treasuries looking for yield-bearing collateral. (prnewswire.com)
Franklin Templeton BENJI (FOBXX on-chain)
- What it is: This is the first U.S.-registered mutual fund that tracks share ownership right on a public chain. It now allows peer-to-peer transfers, and thanks to Zero Hash, institutions can easily convert to USDC for funding and redemption through stablecoin pathways. You can find more about it here.
- Why it’s significant: For businesses that can only hold regulated U.S. funds, BENJI is like having a “money market fund on-chain.” It brings transferability features similar to those of stablecoins, making it a pretty big deal. Check out more details here.
Superstate USTB
- What it is: The Superstate USTB is a Short Duration U.S. Government Securities Fund, and it's represented by the ERC‑20 USTB token. It has a management fee that goes up to 0.15%. You can enjoy daily liquidity, and BNY serves as the custodian. Plus, it supports protocol minting and redeeming, along with a “continuous NAV” feature that allows you to earn interest from the moment you subscribe! Check it out here.
- Why it’s different: What really sets it apart is the real-time NAV accrual. This makes managing accounting and streaming-yield workflows--like automated daily sweeps--way easier for DeFi/native treasuries. You can read more about it over at The Block.
WisdomTree WTGXX (tokenized government money market digital fund)
- What it is: This is a tokenized money fund that falls under the 1940 Act. It's part of their institutional platform called “WisdomTree Connect,” which has now expanded to support 13 tokenized funds across various chains like Ethereum, Arbitrum, Avalanche, Base, and Optimism. Plus, it offers multi-chain custody and allows for USDC/fiat subscriptions. Check out the details here: (businesswire.com)

2) Crypto‑native T‑bill tokens and wrappers

Ondo Finance
- USDY, which is a general-access tokenized note that earns interest and is backed by short-term U.S. Treasuries and bank deposits, is now available on multiple chains thanks to LayerZero. You can find it in the Sui and Solana ecosystems! Plus, the OUSG version, designed for qualified purchasers, allows for instant minting and redemption in USDC or PYUSD, featuring both accumulating and rebasing share classes. (cointelegraph.com)
- Here’s a practical heads-up: when it comes to USDY redemptions, keep in mind that these are done through fiat wires to non-U.S. bank accounts due to compliance requirements. As for OUSG, it has specific instant redemption limits and fee schedules that are easy to find on-chain. Make sure your treasury operations align with these guidelines! (docs.ondo.finance)
OpenEden TBILL
- What it is: This is a cool tokenized U.S. T-bill fund that comes with strict KYC regulations, a Moody’s “A” rating, and a thorough Big-4 audit process. BNY acts as the investment manager and custodian for the underlying assets. It’s natively deployed on Arbitrum, and the added support for XRPL really helps with interoperability for businesses already using Ripple. You can check out more about it here.
- Why it’s notable: It’s got these awesome “Instant TBILL→USDC” redemption features and operates on a bank-grade level, which is perfect for Web3 companies looking for reliable back-office processes. Find out more details here.
Matrixdock STBT (Matrixport)
- What it is: It's a short-term T-bill token that comes with daily rebasing. Plus, it offers better transparency thanks to Chainlink Proof-of-Reserve and allows for cross-chain mobility with Chainlink CCIP. You can cash out on the same day for up to $500k (T+0), or T+2 for amounts beyond that. There’s also a clear fee schedule laid out. Check it out on PR Newswire.

Backed Finance bIB01 (Swiss DLT)

What it is: The bIB01 is an ERC‑20 tracker certificate tied to the iShares $ Treasury Bond 0‑1yr UCITS ETF (IB01). It's issued under Switzerland’s DLT Act and is currently active on Ethereum, Gnosis, and Base. Just a heads up, though--it's not available to U.S. persons. This certificate is used by DAOs, like Arbitrum STEP, who perform their due diligence on risks first. You can find more info here.
Mountain Protocol USDM (non-U.S. only)
- What it is: This is a Bermuda-regulated stablecoin that's fully backed by T-bills and pays out daily yields. It's becoming pretty popular among non-U.S. DAOs for a way to earn passive income while still enjoying the stablecoin experience. Just keep in mind that there are some access restrictions for U.S. persons. You can find more info here.

3) Pool‑based, DAO‑friendly cash management

Maple Finance - Cash Management
- What it is: Think of it as a special pool that helps you earn some yield from short-dated U.S. T-bills and overnight repo. It’s designed for DAOs and corporations, so you'll go through KYC onboarding. You can get your cash back the same day or the next business day (on U.S. banking days). The goal is to hit returns that are close to the 1-month bill/SOFR minus 50 basis points. It's perfect for extending your treasury runway without worrying about DeFi liquidity de-pegs. Check it out here: (maple.finance)

4) Allocator rails DAOs already copy

Centrifuge + Janus Henderson Anemoy JTRSY
- What it is: This is a tokenized short-duration U.S. Treasury fund on the Centrifuge platform. It boasts an impressive S&P AA+f / S1+ fund rating, along with ratings from Moody’s/Particula. Plus, it’s making its way to Solana as deJTRSY for some native DeFi action. It's also getting more integrated into around-the-clock redemption and liquidity frameworks. You can check out more details here.
Spark (Sky/Maker) as a case study
- Back in 2025, Spark upped the ante by committing another $1 billion across BUIDL, USTB, and JTRSY, which brought their total tokenized treasuries exposure to about $2.4 billion. This strategy is what many governance-heavy treasuries are doing: spreading their allocations across different wrappers and issuers to minimize operational and legal risks. For more info, take a look at the article here.

Decision matrix: pick by constraint, not brand

Match Your Constraints to Provider Attributes:

Cost
- Consider your budget. What can you realistically spend?
- Look for providers that offer pricing structures that align with your financial goals.
Scalability
- Think about your future needs. Do you expect to grow?
- Choose a provider that can easily scale with your business.
Support
- Evaluate the level of customer support you might need.
- Make sure the provider offers comprehensive support options.
Reliability
- Look into the provider's uptime history. Do they have a good track record?
- It's crucial to pick someone who can keep your services running smoothly.
Integration
- How easily can the provider integrate with your existing systems?
- A seamless transition will save you time and headaches down the road.
Security
- Security should be a top priority. What measures do they have in place?
- Protecting your data is non-negotiable.
Performance
- Check if the provider can handle your performance requirements.
- You don’t want slowdowns, especially during peak times.
Flexibility
- How adaptable is the provider to your specific needs?
- Flexibility can make a big difference in how well your services work for you.
Compliance
- Ensure the provider meets any relevant compliance standards.
- This is especially important if you’re in a regulated industry.
User Experience
- Assess the overall user experience. Is it intuitive and easy to use?
- A friendly interface can enhance productivity.

“We need exposure to the U.S. 1940 Act and the auditors we’re already familiar with.”
- You might want to check out BENJI, WTGXX, BUIDL share classes, or USTB. They all offer daily liquidity, work with institutional custodians like BNY, and have on-chain transfer capabilities. (franklintempleton.com)
“We have to post collateral on exchanges or prime brokers while still earning yield.”
- BUIDL and USYC come with specific exchange collateral integrations, so don’t forget to verify custody and tri-party flows. (prnewswire.com)
“We need a speedy programmatic mint/redeem option for USDC.”
- OUSG allows for instant minting and redemption, while USTB supports protocol mint/redeem. Plus, WisdomTree Connect lets you subscribe with USDC. (docs.ondo.finance)
“We're a non-U.S. DAO looking for a stablecoin experience with built-in T-bill yield.”
- You might consider USDM (which is Bermuda-regulated and rebasing) or USDY (note the eligibility/KYC and that fiat redemptions go to a non-U.S. bank). Just be sure to check the access rules. (theblock.co)
“We want to operate everything on a certain L2 or alternative L1.”
- Look into native share classes: BUIDL (which supports multiple chains, including Solana and BNB), USDY on Solana/Sui/Mantle, JTRSY on Solana, and STBT that’s cross-chain via CCIP. (prnewswire.com)

Practical playbooks you can implement this quarter

U.S. Enterprise Runway Playbook (Compliance-First)

Objective

The goal here is pretty straightforward: we want to park $20M of operating cash for about 6 to 12 months. We'll need daily liquidity and some solid exchange-grade collateral to work with.

Allocation (Illustrative)

40% BUIDL (Primary): This portion is all about setting up off-exchange collateral lines and possibly diving into multi-chain DeFi. For custody, we’re looking at Anchorage or BitGo, and you can subscribe using USD or USDC rails through Securitize/Zero Hash. Check this out for more info: (prnewswire.com).
30% Superstate USTB: Here we’re aiming for continuous NAV and automated mint/redeem workflows, which means we’ll have those daily treasury sweeps happening without a hitch. Get more details here: (superstate.com).
30% Franklin BENJI: This bit is all about diversifying our fund providers. We’ll utilize P2P transfers for smoothing out our internal account routing, and we can fund it through USDC conversion on the Benji platform. More info available here: (franklintempleton.com).

Why It Works

This approach keeps 100% of our balances in regulated wrappers, which means we have clean audit trails--super important! Plus, it allows us to automate our treasury operations and manage collateralization effectively.

DAO Stable Reserve Playbook (Global Team, Multi-Chain Ops)

Objective: Our goal here is pretty straightforward: we want to earn T-bill yields, keep things composable on-chain, and maintain low friction for our monthly working-capital needs.
Allocation (illustrative):
- 35% Ondo OUSG (QP entities) for quick USDC mints and redemptions. We can wrap and unwrap between accumulating and rebasing share classes based on what works best for our accounting. Check it out here: ondo-finance.pages.dev.
- 35% OpenEden TBILL for exposure backed by Moody’s ratings and custody managed by BNY. We’ll be deploying on Arbitrum and can route instant redemptions to USDC whenever necessary. Learn more: cointelegraph.com.
- 30% Matrixdock STBT for daily rebasing yield and cross-chain mobility powered by CCIP. With T+0 redemptions for amounts under $500k, we can easily manage our monthly expenses. More info here: matrixdock.com.
Why it works: By spreading our investments across three different issuers with three separate admin/custody systems and two redemption options, we minimize the risk of operational hiccups.

3) Non-U.S. Working Capital with “Stablecoin UX”

Objective: We want to keep just one token in our operations wallets that will automatically earn T-bill yields.
Tactic: For our everyday balances, we'll be holding onto USDM (which is rebasing). We’ll tap into CEX/DEX liquidity whenever it's available, and we’ll make sure to stick to our treasury policies with allowlist controls to comply with jurisdictional rules (no U.S. folks involved). You can check out more about this here.

4) Cash Pool for Ecosystem Grants/Endowments

Objective: The goal here is to earn a steady return while keeping liquidity predictable across different legal structures.
Tactic: We’ll diversify by spreading funds across JTRSY (which has an AA+f/S1+ rating), BENJI, and BUIDL. To keep the community in the loop, we’ll publish a quarterly “liquidity SLA” that outlines our terms (like T+0 up to $X and T+2 for unlimited), along with a custody map for transparency. Plus, we’ll follow the Spark allocator pattern, but on a smaller scale. Check it out more in detail here.

Emerging best practices we see working now

Mix it up with at least two wrapper types
- Pair a 1940 Act tokenized fund (like BENJI/WTGXX/USTB/BUIDL) with a crypto-native wrapper (think USDY, STBT, TBILL) to spread out your legal frameworks, transfer processes, and liquidity options. (franklintempleton.com)
Focus on “protocol mint/redeem” and speedy transactions
- Quick mint/redeem options (like OUSG) and protocol-level subscription/redemption (like USTB) can seriously cut down on delays and slippage when the market gets wild. (docs.ondo.finance)
Make “exchange-collateralable” a top priority
- If you're into trading or hedging, go for wrappers that exchanges or prime brokers already accept (like BUIDL, USYC) and double-check that your custodian has tri-party support. (prnewswire.com)
Develop cross-chain solutions safely
- When possible, stick with native share classes or reliable interoperability options (for instance, Chainlink CCIP for STBT or official multichain share classes for BUIDL) instead of piecemeal bridges. Plus, don’t forget to include a per-chain risk budget in your treasury policy. (matrixdock.com)
Incorporate compliance into the transaction flow
- Use allowlists or transfer-restricted tokens when necessary; for subscription flows (like BENJI and BUIDL), lean on USDC/Zero Hash routes, and keep U.S. redemption rules in mind (like with USDY). (franklintempleton.com)
Set clear liquidity SLAs and redemption tiers
- For instance: “T+0 up to $500k via STBT, T+2 above that; OUSG instant up to $25M; BENJI daily at NAV.” This helps everyone from finance to ops to grants know what to expect. (forum.arbitrum.foundation)

Nuts-and-bolts: eligibility, custody, and redemption details leaders often miss

Eligibility isn’t one-size-fits-all:
- So, BUIDL is aimed at qualified purchasers, while BENJI is a mutual fund registered in the U.S. but you’ll need to go through onboarding on their platform. USTB and OUSG also target qualified purchasers, and both USDY and USDM come with some non-U.S. and KYC restrictions. Before you wire any funds, definitely get your entity status verified by legal. (wsj.com)
Redemption options vary--and that’s key for your liquidity strategy:
- For OUSG, you can redeem instantly on-chain, while STBT has T+0 and T+2 tiers. BENJI offers daily redemptions, USDY processes fiat wires to non-U.S. banks, and USTB operates daily with a continuous NAV. Oh, and JTRSY is working on building instant redemption liquidity with market makers. Make sure you document these service level agreements (SLAs) and plan your buffers accordingly. (docs.ondo.finance)
Custody is just as important as APY:
- BNY Mellon is involved with several different wrappers, including USTB manager relationships and BENJI, plus others. And let's not forget that OpenEden TBILL invests under BNY as well. Just double-check that your custodian can handle the token class and can interface with any exchange collateral programs you might need later. (superstate.com)
Cross-chain is a thing now--but stick with native when you can:
- It’s best to go for official share classes, like BUIDL on Solana or BNB, or look for CCIP-enabled tokens like STBT instead of relying on third-party bridges. If you absolutely have to use a bridge, make sure you set transaction and value limits according to your policy. (prnewswire.com)

Example architecture: a minimal, auditable stack

Wallet and approvals
- We've got a secure multi-signature setup with spend limits based on policies. For custody, we're working with Anchorage, BitGo, and Fireblocks for BUIDL, or using enterprise-grade MPC wherever possible. Check it out here.
Subscription/redemption rails
- You can make USDC subscriptions through Securitize or Zero Hash for BUIDL, plus the Benji platform (BENJI) works too! For working capital needs, instant redemption is available with OUSG. Need to make urgent payments under $500k? No problem, STBT T+0 has got you covered! More details can be found here.
Reporting
- Utilize provider dashboards for things like NAV/yield and custody statements (USTB offers continuous NAV; there's also transparency panels and Proof of Reserves with OpenEden and Matrixdock). Don’t forget to export your monthly reports to your finance systems. You can read more on that here.

The forward view to watch in 2026 planning

Collateralization flywheel
- With BUIDL/USYC gaining traction as accepted collateral and the rollout of multichain share classes, we're pretty much set to see more exchanges and prime brokers allowing yield-bearing "cash" as margin. This is a real game-changer for boosting capital efficiency in both treasury and trading. (prnewswire.com)
Multichain distribution of money funds
- We’re noticing share classes popping up on Solana/BNB and even broader EVM coverage from WisdomTree. This shift makes it way easier for treasuries to dive into chain-local DeFi integrations like lending, AMMs, and structured notes. (prnewswire.com)
DAO allocator benchmarks
- Spark’s diverse deployments across BUIDL/USTB/JTRSY are likely going to be the model that others look to, especially if they’re scaling down. (cryptonews.net)

Quick vendor directory (what to ask in diligence)

BlackRock BUIDL (Securitize): Make sure to ask about your custodian integration, how the exchange collateral workflows work, and find out which share classes your chain stack supports. (prnewswire.com)
Franklin BENJI: Double-check that you have access for P2P transfers, set up for USDC conversion, and clarify the treasury policy regarding token recovery and transfer restrictions. (franklintempleton.com)
Superstate USTB: Validate that your continuous NAV data feeds are up and running, and confirm that your ops scripts have the protocol mint/redeem automation sorted out. (theblock.co)
WisdomTree WTGXX: Check your chain coverage and see if your wallets are good to go for institutional onboarding via WisdomTree Connect. (businesswire.com)
Ondo USDY/OUSG: Clarify who’s eligible (Qualified Purchasers vs. general) and get the scoop on instant limits and the non-U.S. redemption rules for USDY. (docs.ondo.finance)
OpenEden TBILL: Confirm the Moody’s rating, check on the BNY management/custody situation, and understand the mechanics behind instant redemptions. (openeden.com)
Matrixdock STBT: Document your T+0/T+2 thresholds, CCIP routing, and make sure you have PoR monitoring details in your ops runbook. (forum.arbitrum.foundation)
Backed bIB01: Confirm that you meet Swiss DLT eligibility, decide on your chain choice (Base/Gnosis/Ethereum), and verify your DAO’s status (no U.S. persons allowed). (theblock.co)
Maple Cash: Align your internal KYC and signer workflows with Maple’s permissioned pool and get familiar with the same-day liquidity windows. (maple.finance)
Centrifuge/Janus Henderson JTRSY: Confirm the ratings, check out which DeFi venues are involved (like Solana deployments), and understand the instant redemption terms backed by market makers. (janushenderson.com)

Bottom line

For U.S. companies looking to streamline their operations, the best approach is to mix a bunch of tokenized money funds (like BUIDL, USTB, BENJI, and WTGXX) with a crypto-native wrapper (think OUSG) to ensure quick and easy mobility. You can read more about it here.
For DAOs outside the U.S., consider a combination of USDY, USDM, TBILL, and STBT. This setup comes with solid redemption SLAs and gives you that stablecoin-like experience while still offering yield. Just make sure to document any jurisdictional rules and how redemptions work right from the start. Check out the details here.
Take a page out of the playbook from leading allocators like Spark. Diversifying your issuers, custodians, and redemption options--and writing that into your policy--is key. It’s the best way to snag that risk-free rate without running into unexpected bumps along the way. You can find more insights on this here.

If you're looking for a vendor-neutral implementation plan that suits your entity’s status, custody stack, and chain preferences, 7Block Labs has got you covered. They can help you streamline your flows, controls, and reporting in less than four weeks--plus, your assets will start earning right from day one.