description: Decision-makers’ guide to who actually offers on-chain U.S. Treasury yield for DAO and enterprise treasuries—with concrete vendor shortlists, eligibility nuances, redemption timelines, and implementation playbooks you can run this quarter.

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

If you’re holding stablecoins or idle fiat-like balances, you can now earn short-duration U.S. Treasury yield entirely on-chain. The market matured fast in 2024–2025: Tier‑1 asset managers launched tokenized money funds, crypto‑native issuers wrapped T‑bills with programmatic settlement, and DAOs started allocating billions across these rails. Below is a current, vendor‑specific map with actionable selection criteria and hands‑on examples. (coindesk.com)

TL;DR shortlist by buyer type

If you’re a U.S. entity seeking the most institutionally recognized wrapper: BlackRock BUIDL (tokenized by Securitize), Franklin Templeton BENJI, Superstate USTB, and WisdomTree WTGXX. These are 1940 Act or U.S. private funds with daily liquidity, institutional custody, and on‑chain transfer features. (wsj.com)
If you want crypto‑native, programmable T‑bill exposure with fast on/off‑ramps: Ondo (USDY for general access; OUSG for qualified purchasers), OpenEden TBILL, Matrixdock STBT, Backed bIB01 (Swiss DLT). Each has different KYC, transfer, and redemption rules. (docs.ondo.finance)
If you prefer a pool‑based “cash management” venue for DAOs: Maple Cash Management (UST bill/repo strategy) with same‑day or next‑day withdrawals and enterprise onboarding. (maple.finance)
If you’re non‑U.S. and want a yield‑bearing stablecoin backed by T‑bills: Mountain Protocol’s USDM (Bermuda‑regulated, rebasing) is popular with DAO treasuries outside the U.S. (note US‑person restrictions). (theblock.co)
If you want RWA rails already battle‑tested by a large DAO allocator: Sky/Maker’s Spark has deployed multi‑billion allocations across BUIDL, Superstate USTB, and Centrifuge/Janus Henderson JTRSY—mirroring what many DAOs now do at smaller scale. (cryptonews.net)

What changed since 2024—and why it matters

Wall Street is live on-chain. BlackRock launched BUIDL in March 2024 via Securitize; it quickly became the largest tokenized fund, and in 2025 expanded share classes to multiple chains and gained collateral utility on top exchanges. Result: yield-bearing “cash” you can post as off-exchange collateral instead of idle stablecoins. (wsj.com)
Tokenized Treasury market scale-up. Tokenized T‑bills/money funds cleared $5B by March 2025 and continued growing; market leadership is concentrated among half a dozen issuers (BUIDL, BENJI, USTB, USDY/OUSG, USYC). Translation: liquidity, integrations, and counterparties are finally “institutional.” (coindesk.com)
DAOs industrialize treasury ops. Spark (Sky/Maker) now allocates in the billions into tokenized Treasuries, signaling risk‑managed adoption patterns you can emulate (e.g., splitting stable reserves across multiple wrappers and custodians). (cryptonews.net)

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: USD Institutional Digital Liquidity Fund tokenized on public chains; invests in cash, U.S. T‑bills, and repos; daily dividends on-chain; P2P transfers; flexible custody with Anchorage, BitGo, Coinbase, Fireblocks. Accepted as off‑exchange collateral, and now multi‑chain via new share classes. (wsj.com)
- 2025–2026 updates that matter operationally:
  - Accepted as collateral on Deribit, Crypto.com and Binance; new share classes on Solana and BNB Chain add DeFi utility. This reduces operational drag for trading desks and treasuries needing yield-bearing collateral. (prnewswire.com)
Franklin Templeton BENJI (FOBXX on-chain)
- What it is: The first U.S.-registered mutual fund to record share ownership on a public chain. Now supports P2P transfers; USDC conversion via Zero Hash lets institutions fund and redeem through stablecoin rails more easily. (franklintempleton.com)
- Why it’s significant: For enterprises that can only hold regulated U.S. funds, BENJI offers “money market fund on-chain” with transferability features akin to stablecoins. (coindesk.com)
Superstate USTB
- What it is: Short Duration U.S. Government Securities Fund represented by ERC‑20 USTB; management fee up to 0.15%; daily liquidity; BNY as custodian; supports protocol mint/redeem and “continuous NAV” (instant interest accrual from the moment you subscribe). (superstate.com)
- Why it’s different: Real‑time NAV accrual makes accounting and streaming‑yield workflows (e.g., automated daily sweep) cleaner for DeFi/native treasuries. (theblock.co)
WisdomTree WTGXX (tokenized government money market digital fund)
- What it is: 1940 Act tokenized money fund with institutional platform “WisdomTree Connect” now supporting 13 tokenized funds across Ethereum, Arbitrum, Avalanche, Base, and Optimism. Offers multi-chain custody and USDC/fiat subscriptions. (businesswire.com)

2) Crypto‑native T‑bill tokens and wrappers

Ondo Finance
- USDY (general‑access, interest‑bearing tokenized note backed by short‑term U.S. Treasuries and bank deposits) is now multichain via LayerZero and present on Sui/Solana ecosystems; OUSG (qualified purchaser version) supports instant mint/redemption in USDC/PYUSD with accumulating vs. rebasing share classes. (cointelegraph.com)
- Practical nuance: USDY redemptions are fiat wires to non‑U.S. bank accounts (compliance constraint); OUSG has clear instant redemption limits and fee schedules accessible on-chain. Align treasury ops with these cutoffs. (docs.ondo.finance)
OpenEden TBILL
- What it is: Tokenized U.S. T‑bill fund with stringent KYC, Moody’s “A” rating, Big‑4 audit process, and BNY as investment manager/custodian of underlying assets. Native deployments on Arbitrum; XRPL support broadens interoperability for enterprises already on Ripple rails. (cointelegraph.com)
- Why it’s notable: “Instant TBILL→USDC” redemption features and bank‑grade operations appeal to Web3 corporates that want predictable back‑office flows. (outposts.io)
Matrixdock STBT (Matrixport)
- What it is: Short‑term T‑bill token with daily rebasing; enhanced transparency via Chainlink Proof‑of‑Reserve and cross‑chain mobility via Chainlink CCIP. T+0 redemptions up to $500k and T+2 beyond; explicit fee schedule. (prnewswire.com)
Backed Finance bIB01 (Swiss DLT)
- What it is: ERC‑20 tracker certificate for the iShares $ Treasury Bond 0‑1yr UCITS ETF (IB01); issued under Switzerland’s DLT Act; live on Ethereum, Gnosis, and Base. Not available to U.S. persons. Used by DAOs (e.g., Arbitrum STEP) following risk due‑diligence. (assets.backed.fi)
Mountain Protocol USDM (non‑U.S. only)
- What it is: Bermuda‑regulated, fully T‑bill backed, rebasing stablecoin that pays daily yield; increasingly used by non‑U.S. DAOs for passive treasury carry while keeping stablecoin‑like UX. Observe jurisdictional access limits for U.S. persons. (theblock.co)

3) Pool‑based, DAO‑friendly cash management

Maple Finance – Cash Management
- What it is: A permissioned pool sourcing yield from short‑dated U.S. T‑bills and overnight repo with KYC onboarding for DAOs and corporates; same‑day or next‑day liquidity (U.S. banking days) and target returns near the 1‑month bill/SOFR less 50 bps. Built for treasury runway extension without DeFi liquidity de‑pegs. (maple.finance)

4) Allocator rails DAOs already copy

Centrifuge + Janus Henderson Anemoy JTRSY
- What it is: A tokenized short‑duration U.S. Treasury fund on Centrifuge; S&P AA+f / S1+ fund rating, plus Moody’s/Particula ratings; rolling out to Solana as deJTRSY for native DeFi usage. Increasingly integrated with 24/7 redemption/liquidity frameworks. (janushenderson.com)
Spark (Sky/Maker) as a case study
- In 2025, Spark committed a further $1B across BUIDL, USTB, and JTRSY, taking total tokenized treasuries exposure to ~$2.4B. This is the playbook many governance‑heavy treasuries follow: split allocations across multiple wrappers/issuers to diversify operational and legal risk. (cryptonews.net)

Decision matrix: pick by constraint, not brand

Match your constraints to provider attributes:

“We need U.S. 1940 Act exposure and auditors we already work with.”
- Consider BENJI, WTGXX, BUIDL share classes, or USTB. Each offers daily liquidity, institutional custodians (BNY, etc.), and on‑chain transfer features. (franklintempleton.com)
“We must post collateral on exchanges or prime brokers while still earning yield.”
- BUIDL and USYC have explicit exchange collateral integrations; verify custody and tri‑party flows. (prnewswire.com)
“We need fast programmatic mint/redeem with USDC.”
- OUSG supports instant mint/redemption; USTB supports protocol mint/redeem; WisdomTree Connect enables USDC subscriptions. (docs.ondo.finance)
“We’re a non‑U.S. DAO that wants a stablecoin UX with embedded T‑bill yield.”
- USDM (Bermuda‑regulated, rebasing) or USDY (eligibility/KYC; fiat redemptions to non‑U.S. bank). Check access rules. (theblock.co)
“We want to run everything on a specific L2 or alt‑L1.”
- Check native share classes: BUIDL (multiple chains including Solana/BNB), USDY on Solana/Sui/Mantle, JTRSY on Solana, STBT cross‑chain via CCIP. (prnewswire.com)

Practical playbooks you can implement this quarter

U.S. enterprise runway playbook (compliance‑first)

Objective: Park $20M of operating cash for 6–12 months with daily liquidity and exchange‑grade collateral utility.
Allocation (illustrative):
- 40% BUIDL (primary) to enable off‑exchange collateral lines and potential multi‑chain DeFi usage. Custody via Anchorage or BitGo; subscribe using USD or USDC rails via Securitize/Zero Hash. (prnewswire.com)
- 30% Superstate USTB for continuous NAV and protocol mint/redeem workflows (e.g., automated daily treasury sweeps from operational wallets). (superstate.com)
- 30% Franklin BENJI to diversify fund providers; use P2P transfers for internal account routing; fund with USDC conversion on Benji platform. (franklintempleton.com)
Why it works: You keep 100% of balances in regulated wrappers with clean audit trails, while enabling programmatic treasury operations and collateralization.

DAO stable reserve playbook (global team, multi‑chain ops)

Objective: Earn T‑bill yield, maintain on‑chain composability, and keep friction low for monthly working‑capital needs.
Allocation (illustrative):
- 35% Ondo OUSG (QP entities) for instant USDC mints/redemptions; wrap/unwrap between accumulating and rebasing share classes depending on accounting preference. (ondo-finance.pages.dev)
- 35% OpenEden TBILL for Moody’s‑rated exposure and BNY‑managed custody; deploy on Arbitrum and route instant redemptions to USDC as needed. (cointelegraph.com)
- 30% Matrixdock STBT for daily rebasing yield and CCIP‑powered cross‑chain mobility; T+0 redemptions under $500k smooth monthly expenses. (matrixdock.com)
Why it works: Three issuers, three admin/custody stacks, and two redemption modes reduce operational single‑point‑of‑failure risk.

Non‑U.S. working capital with “stablecoin UX”

Objective: Keep a single token in ops wallets that accrues T‑bill yield automatically.
Tactic: Hold USDM (rebasing) for day‑to‑day balances; use CEX/DEX liquidity where supported; enforce allowlist controls in treasury policies to respect jurisdictional restrictions (no U.S. persons). (theblock.co)

Cash pool for ecosystem grants/endowments

Objective: Earn conservative carry with predictable liquidity across multiple legal wrappers.
Tactic: Split across JTRSY (AA+f/S1+ rated), BENJI, and BUIDL; publish a quarterly “liquidity SLA” (e.g., T+0 up to $X, T+2 unlimited) and custody map for community transparency; mirror the Spark allocator pattern at smaller scale. (janushenderson.com)

Emerging best practices we see working now

Allocate across at least two wrapper types
- Combine a 1940 Act tokenized fund (e.g., BENJI/WTGXX/USTB/BUIDL) with a crypto‑native wrapper (USDY, STBT, TBILL) to diversify legal regimes, transfer mechanics, and liquidity venues. (franklintempleton.com)
Prioritize “protocol mint/redeem” and instant rails
- Instant mint/redeem (OUSG) and protocol‑level subscription/redemption (USTB) reduce operational delay and slippage during market events. (docs.ondo.finance)
Treat “exchange‑collateralable” as a first‑class requirement
- If you trade or hedge, choose wrappers already accepted by exchanges/prime brokers (BUIDL, USYC) and confirm your custodian’s tri‑party support. (prnewswire.com)
Engineer cross‑chain safely
- Prefer native share classes or proven interoperability (e.g., Chainlink CCIP for STBT, official multichain share classes for BUIDL) over ad‑hoc bridges. Include a per‑chain risk budget in treasury policy. (matrixdock.com)
Build compliance into the transaction path
- Use allowlists/transfer‑restricted tokens where required; rely on USDC/Zero Hash rails for subscription flows (BENJI, BUIDL), and respect non‑U.S. redemption requirements (USDY). (franklintempleton.com)
Publish liquidity SLAs and redemption tiers
- Example: “T+0 up to $500k via STBT, T+2 above; OUSG instant up to $25M; BENJI daily at NAV.” This sets expectations across finance, ops, and grants teams. (forum.arbitrum.foundation)

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

Eligibility is not uniform:
- BUIDL targets qualified purchasers; BENJI is a U.S. registered mutual fund but requires platform onboarding; USTB targets QPs; OUSG targets QPs; USDY and USDM have non‑U.S./KYC constraints. Have legal confirm your entity status before wiring. (wsj.com)
Redemption modes differ—and drive your liquidity plan:
- Instant on‑chain redemption for OUSG; T+0/T+2 tiers for STBT; BENJI daily; USDY fiat wires to non‑U.S. banks; USTB daily with continuous NAV; JTRSY building instant redemption liquidity with market makers. Document these SLAs and size your buffers accordingly. (docs.ondo.finance)
Custody matters as much as APY:
- BNY Mellon shows up across multiple wrappers (USTB manager relationships, BENJI/others; OpenEden TBILL invests under BNY). Ensure your custodian can hold the token class and interface with exchange collateral programs if needed. (superstate.com)
Cross‑chain is here—but use native when available:
- Prefer official share classes (BUIDL Solana/BNB) or CCIP‑enabled tokens (STBT) over third‑party bridges. If you must bridge, set transaction and value caps per policy. (prnewswire.com)

Example architecture: a minimal, auditable stack

Wallet and approvals
- Safe multi‑sig with policy‑based spend limits; custody via Anchorage/BitGo/Fireblocks for BUIDL or enterprise‑grade MPC where allowed. (wsj.com)
Subscription/redemption rails
- USDC subscriptions via Securitize/Zero Hash (BUIDL) and Benji platform (BENJI); OUSG instant redemption for working‑capital; STBT T+0 for urgent payments under $500k. (prnewswire.com)
Reporting
- Use provider dashboards for NAV/yield and custody statements (USTB continuous NAV; OpenEden/Matrixdock transparency panels and PoR). Export monthly to finance systems. (theblock.co)

The forward view to watch in 2026 planning

Collateralization flywheel
- With BUIDL/USYC accepted broadly as collateral and multichain share classes rolling out, expect more exchanges and prime brokers to allow yield‑bearing “cash” as margin—improving capital efficiency in treasury and trading. (prnewswire.com)
Multichain distribution of money funds
- We’re seeing share classes on Solana/BNB and broader EVM coverage from WisdomTree; this makes chain‑local DeFi integrations (lending, AMMs, structured notes) practical for treasuries. (prnewswire.com)
DAO allocator benchmarks
- Spark’s diversified deployments across BUIDL/USTB/JTRSY will likely remain the reference architecture others mirror at smaller scale. (cryptonews.net)

Quick vendor directory (what to ask in diligence)

BlackRock BUIDL (Securitize): Ask about your custodian integration, exchange collateral workflows, and which share classes your chain stack supports. (prnewswire.com)
Franklin BENJI: Confirm P2P transfer access, USDC conversion setup, and treasury policy for token recovery/transfer restrictions. (franklintempleton.com)
Superstate USTB: Validate continuous NAV data feeds and protocol mint/redeem automation in your ops scripts. (theblock.co)
WisdomTree WTGXX: Verify chain coverage and whether your wallets qualify for institutional onboarding through WisdomTree Connect. (businesswire.com)
Ondo USDY/OUSG: Clarify eligibility (QP vs. general), instant limits, and non‑U.S. redemption rules for USDY. (docs.ondo.finance)
OpenEden TBILL: Confirm Moody’s rating, BNY management/custody, and instant redemption mechanics. (openeden.com)
Matrixdock STBT: Document T+0/T+2 thresholds, CCIP routing, and PoR monitoring in your ops runbook. (forum.arbitrum.foundation)
Backed bIB01: Confirm Swiss DLT eligibility, chain choice (Base/Gnosis/Ethereum), and your DAO’s status (no U.S. persons). (theblock.co)
Maple Cash: Align your internal KYC and signer workflows with Maple’s permissioned pool and same‑day liquidity windows. (maple.finance)
Centrifuge/Janus Henderson JTRSY: Confirm ratings, DeFi venues (e.g., Solana deployments), and market‑maker backed instant redemption terms. (janushenderson.com)

Bottom line

For U.S. enterprises, the cleanest path is a multi‑issuer basket of tokenized money funds (BUIDL/USTB/BENJI/WTGXX) plus one crypto‑native wrapper (e.g., OUSG) for instant operational mobility. (wsj.com)
For non‑U.S. DAOs, a blend of USDY/USDM/TBILL/STBT with clear redemption SLAs provides yield with stablecoin‑like UX. Document jurisdictional constraints and redemption paths up front. (docs.ondo.finance)
Emulate allocator leaders (Spark) by diversifying issuers, custodians, and redemption modes—and write it into policy. It’s how you keep earning the risk‑free rate without operational surprises. (cryptonews.net)

If you want a vendor‑agnostic implementation plan tailored to your entity status, custody stack, and chain preferences, 7Block Labs can help you standardize the flows, controls, and reporting in under four weeks—while your assets start earning from day one.