Market Overview: RWA Tokenization in 2026

Before diving into individual platforms, the macro context is important:

• •Total RWA TVL: ~$12.3B across all protocols (DeFiLlama, March 2026)
• •Dominant asset class: US Treasuries and government bonds (~52% of tokenized RWA value)
• •Private credit: ~$3.1B tokenized across Centrifuge, Maple, Goldfinch, and TrueFi
• •Institutional adoption: 47 traditional finance institutions have deployed tokenized products
• •Regulatory clarity: SEC no-action letters for tokenized securities, MiCA accommodating security tokens in the EU

Ondo Finance: Tokenized US Treasuries at Scale

Overview

Ondo Finance has become the dominant protocol for tokenized US Treasury exposure. Its flagship product, OUSG (Ondo US Government Bond Fund), provides on-chain access to short-duration US Treasury bills, while USDY offers a yield-bearing stablecoin alternative backed by the same underlying assets.

Key Metrics

• •TVL: ~$485M (OUSG + USDY combined, March 2026)
• •Asset type: US Treasury bills (T-bills), short-duration government bonds
• •Yield: 4.8–5.2% APY (tracks Fed funds rate minus management fees)
• •Management fee: 0.15% annually
• •Minimum investment: $100,000 for OUSG (institutional); no minimum for USDY
• •Chain support: Ethereum, Polygon, Solana, Mantle, Sui, Aptos

Regulatory Status

Ondo operates through a regulated fund structure with Ankura Trust as custodian and Clear Street as broker-dealer. OUSG is offered under Reg D (accredited investors only in the US), while USDY targets non-US persons under Reg S. This dual structure provides regulatory clarity but limits US retail access to OUSG.

Risk Profile

• •Credit risk: Minimal (US government-backed)
• •Smart contract risk: Low (audited by C4, code is minimal wrapper around NAV oracle)
• •Liquidity risk: Low (T-bills are highly liquid; redemptions processed T+1)
• •Regulatory risk: Low (compliant structure with licensed entities)
• •Counterparty risk: Moderate (reliance on Ankura Trust and Clear Street)

Best For

Institutional treasuries, DAOs seeking low-risk yield on stablecoin reserves, and protocols wanting to park idle capital in risk-free assets.

Centrifuge: Private Credit and Structured Finance

Overview

Centrifuge pioneered the tokenization of private credit and real-world loans through its Tinlake protocol, and has since evolved into a full structured-finance platform. It connects DeFi liquidity with real-world borrowers in invoice financing, trade finance, and asset-backed lending.

Key Metrics

• •TVL: ~$310M in active pools (March 2026)
• •Asset types: Invoice financing, trade finance, real estate bridge loans, revenue-based financing, equipment leasing
• •Yield: 7–15% APY depending on pool and tranche (senior tranches lower, junior higher)
• •Pool structure: Tranched (senior/junior/mezzanine) with first-loss protection
• •Minimum investment: Varies by pool; institutional pools from $50,000, community pools from $5,000
• •Chain support: Centrifuge Chain (Polkadot parachain), Ethereum (via bridge)

Regulatory Status

Centrifuge pools are structured as Special Purpose Vehicles (SPVs) in jurisdictions like the Cayman Islands or Delaware. Each pool has its own legal entity, offering bankruptcy remoteness from the protocol. KYC/AML is handled per-pool by the asset originator, and Centrifuge has obtained the MiCA CASP pre-registration for EU operations.

Risk Profile

• •Credit risk: Moderate to High (private credit, borrower default possible)
• •Smart contract risk: Medium (complex pool logic, multiple audits by Trail of Bits and SRLabs)
• •Liquidity risk: High (loan maturities 30–180 days; no instant redemption)
• •Regulatory risk: Medium (SPV structures are well-understood but jurisdiction-dependent)
• •Counterparty risk: Moderate (asset originator quality varies)

Best For

Yield-seeking investors comfortable with illiquidity and credit risk, family offices looking for diversified private credit exposure, and DeFi protocols wanting real-yield from actual economic activity.

Maple Finance: Institutional Crypto Lending

Overview

Maple Finance operates institutional-grade lending pools that provide under-collateralized loans to vetted crypto-native borrowers — market makers, trading firms, and crypto funds. After a restructuring following the 2022 credit crisis, Maple relaunched with stricter underwriting, on-chain transparency, and direct lending facilities.

Key Metrics

• •TVL: ~$220M in active lending pools (March 2026)
• •Asset types: Under-collateralized institutional loans, USDC/wETH lending
• •Yield: 8–12% APY on USDC pools, 5–8% on wETH pools
• •Loan terms: 30–90 day maturities, rolling facilities for top-tier borrowers
• •Minimum investment: $1,000 for public pools; $100,000 for direct lending vaults
• •Chain support: Ethereum, Solana, Base

Regulatory Status

Maple operates through licensed pool delegates who perform underwriting, credit assessment, and loan servicing. In 2025, Maple obtained a VASP license in the BVI and registered with Singapore MAS. Borrowers sign legally binding loan agreements, and defaults trigger off-chain recovery processes.

Risk Profile

• •Credit risk: High (under-collateralized lending; historical default rate of ~3.2% post-restructuring)
• •Smart contract risk: Low-Medium (audited by Spearbit, relatively straightforward pool contracts)
• •Liquidity risk: Medium (loan maturities are short but no instant withdrawal)
• •Regulatory risk: Medium (VASP-licensed, but under-collateralized lending draws scrutiny)
• •Counterparty risk: High (borrower creditworthiness is the primary risk factor)

Best For

Yield-maximizing allocators who understand credit risk, crypto-native treasuries seeking higher returns than T-bill rates, and institutional investors familiar with credit underwriting.

Securitize: Securities-Grade Tokenization

Overview

Securitize is the only SEC-registered transfer agent and broker-dealer operating a tokenization platform. It powers BlackRock’s BUIDL fund ($1.7B AUM), KKR’s tokenized fund interests, and Hamilton Lane’s private equity tokens. Securitize is less a DeFi protocol and more a regulated financial infrastructure layer.

Key Metrics

• •TVL/AUM: ~$2.4B across all tokenized products (March 2026)
• •Asset types: Money market funds (BUIDL), private equity, venture capital, real estate funds, corporate bonds
• •Yield: Varies by product (BUIDL: ~5.1% APY; PE tokens: 12–18% target IRR)
• •Minimum investment: $100,000 for most products (BUIDL minimum $5M for direct, lower via DeFi integrations)
• •Chain support: Ethereum, Polygon, Avalanche, Arbitrum, Optimism

Regulatory Status

Securitize is the gold standard for regulatory compliance in tokenized securities:

• •SEC-registered broker-dealer (Securitize Markets)
• •SEC-registered transfer agent (Securitize LLC)
• •FINRA member
• •Licensed in all 50 US states
• •MiCA-compliant for EU distribution

This makes Securitize the only platform where traditional institutions can tokenize securities without regulatory ambiguity.

Risk Profile

• •Credit risk: Varies by product (BUIDL: minimal; PE tokens: standard PE risk)
• •Smart contract risk: Low (ERC-3643 compliant tokens with on-chain compliance)
• •Liquidity risk: Medium-High (PE tokens illiquid; BUIDL has weekly redemptions)
• •Regulatory risk: Very Low (fully licensed across jurisdictions)
• •Counterparty risk: Low (BlackRock, KKR, Hamilton Lane as asset managers)

Best For

Traditional financial institutions entering crypto, pension funds and endowments requiring regulatory certainty, and qualified purchasers seeking on-chain access to institutional products.

Goldfinch: Emerging Market Credit

Overview

Goldfinch targets an underserved niche: real-world lending in emerging markets. The protocol provides capital to fintech lenders and credit funds in Africa, Southeast Asia, and Latin America, offering DeFi investors exposure to lending markets that historically returned 12–20% but were inaccessible without local banking infrastructure.

Key Metrics

• •TVL: ~$105M in active loans (March 2026)
• •Asset types: Emerging market loans (consumer lending, SME finance, motorcycle/equipment financing)
• •Yield: 12–18% APY (senior pool 9–11%, junior/backer pool 15–20%)
• •Pool structure: Two-tier (Senior Pool auto-allocates; Backers assess individual borrowers)
• •Minimum investment: No minimum for Senior Pool; $1,000 for Backer positions
• •Chain support: Ethereum only

Regulatory Status

Goldfinch borrowers sign off-chain loan agreements with Warbler Labs (the entity behind the protocol). Legal enforceability relies on borrower jurisdiction, and recovery in default scenarios can be complex across borders. The protocol does not hold a VASP or broker-dealer license but operates in a peer-to-peer lending framework.

Risk Profile

• •Credit risk: Very High (emerging market borrowers; limited recourse in default)
• •Smart contract risk: Medium (audited by Trail of Bits, complex multi-party pool logic)
• •Liquidity risk: Very High (loan maturities 12–36 months; senior pool withdrawals subject to utilization)
• •Regulatory risk: High (cross-border lending, uncertain enforcement)
• •Counterparty risk: Very High (borrower quality varies significantly)

Best For

Impact-oriented investors, yield seekers comfortable with emerging market credit risk, and allocators looking for non-correlated returns to crypto market cycles.

Head-to-Head Comparison

Choosing the Right Platform

For DAO Treasuries and Protocol Reserves

Ondo Finance is the clear choice. Low risk, regulatory clarity, multi-chain support, and T-bill yields make OUSG and USDY ideal for parking idle stablecoin reserves. MakerDAO and Frax already allocate significant reserves to tokenized treasuries through similar rails.

For Yield-Seeking DeFi Investors

Centrifuge or Maple depending on risk appetite. Centrifuge offers tranched risk (choose senior for lower risk, junior for higher yield), while Maple provides straightforward lending yields. Both require locking capital for loan durations.

For Traditional Finance Entering Crypto

Securitize is the only platform that checks every compliance box. If you are a pension fund, endowment, or RIA, Securitize’s SEC registration removes the regulatory ambiguity that prevents many institutions from allocating to tokenized assets.

For Diversified Portfolio Exposure

A blended allocation across platforms optimizes risk-adjusted returns:

1. •40% Ondo OUSG — risk-free base yield (4.8%)
2. •25% Centrifuge senior tranche — moderate credit yield (8–10%)
3. •20% Maple USDC pool — crypto-native institutional yield (9–11%)
4. •10% Goldfinch senior pool — emerging market diversification (9–11%)
5. •5% Goldfinch backer — high-yield satellite position (15–18%)

Blended portfolio yield: ~7.5–9.2% APY with diversified risk across asset classes and geographies.

Regulatory Outlook for 2026 and Beyond

The regulatory environment is trending decisively in favor of RWA tokenization:

• •SEC safe harbor for tokenized securities is expected by Q3 2026
• •MiCA explicitly accommodates security tokens and asset-referenced tokens
• •Basel III revisions may recognize tokenized treasuries as HQLA (High-Quality Liquid Assets) for bank capital requirements
• •Singapore MAS is piloting a tokenized bond framework under Project Guardian
• •DTCC partnership with Chainlink for cross-chain settlement of tokenized securities

The convergence of regulatory clarity and institutional demand suggests RWA tokenization will be a multi-trillion-dollar market by 2030, with the platforms discussed here likely serving as core infrastructure.

FAQ

What is RWA tokenization and why does it matter for DeFi?

RWA tokenization is the process of creating blockchain-based digital tokens that represent ownership of real-world assets like US Treasuries, private credit, real estate, or equity. It matters for DeFi because it introduces stable, yield-generating assets that are not correlated with crypto market volatility, dramatically expanding the types of financial products available on-chain.

Which RWA tokenization platform has the lowest risk?

Ondo Finance offers the lowest risk profile because its products are backed by US Treasury bills — the global risk-free rate benchmark. Securitize also carries very low platform risk due to its SEC registration and partnerships with institutions like BlackRock, though individual product risk varies.

Can US retail investors access tokenized RWAs?

Access varies by platform. Ondo’s OUSG requires accredited investor status, while USDY is restricted to non-US persons. Maple’s public pools are accessible. Securitize products generally require qualified purchaser status ($5M+ net investments). Goldfinch’s senior pool has no restriction but backer positions may require KYC. The regulatory trend is toward broader retail access by late 2026.

How do tokenized treasuries compare to stablecoins for yield?

Tokenized treasuries like Ondo’s OUSG provide 4.8–5.2% yield directly from US government bonds, while most stablecoins (USDC, USDT) earn zero yield for holders. Yield-bearing stablecoins like USDY pass through treasury yields minus fees. The key difference is that tokenized treasuries offer transparent, auditable backing while stablecoins rely on issuer reserves.

Need help navigating RWA tokenization for your project? Browse verified DeFi and infrastructure providers on The Signal to find specialized partners.

Market Overview: RWA Tokenization in 2026

Before diving into individual platforms, the macro context is important:

• •Total RWA TVL: ~$12.3B across all protocols (DeFiLlama, March 2026)
• •Dominant asset class: US Treasuries and government bonds (~52% of tokenized RWA value)
• •Private credit: ~$3.1B tokenized across Centrifuge, Maple, Goldfinch, and TrueFi
• •Institutional adoption: 47 traditional finance institutions have deployed tokenized products
• •Regulatory clarity: SEC no-action letters for tokenized securities, MiCA accommodating security tokens in the EU

Ondo Finance: Tokenized US Treasuries at Scale

Overview

Ondo Finance has become the dominant protocol for tokenized US Treasury exposure. Its flagship product, OUSG (Ondo US Government Bond Fund), provides on-chain access to short-duration US Treasury bills, while USDY offers a yield-bearing stablecoin alternative backed by the same underlying assets.

Key Metrics

• •TVL: ~$485M (OUSG + USDY combined, March 2026)
• •Asset type: US Treasury bills (T-bills), short-duration government bonds
• •Yield: 4.8–5.2% APY (tracks Fed funds rate minus management fees)
• •Management fee: 0.15% annually
• •Minimum investment: $100,000 for OUSG (institutional); no minimum for USDY
• •Chain support: Ethereum, Polygon, Solana, Mantle, Sui, Aptos

Regulatory Status

Ondo operates through a regulated fund structure with Ankura Trust as custodian and Clear Street as broker-dealer. OUSG is offered under Reg D (accredited investors only in the US), while USDY targets non-US persons under Reg S. This dual structure provides regulatory clarity but limits US retail access to OUSG.

Risk Profile

• •Credit risk: Minimal (US government-backed)
• •Smart contract risk: Low (audited by C4, code is minimal wrapper around NAV oracle)
• •Liquidity risk: Low (T-bills are highly liquid; redemptions processed T+1)
• •Regulatory risk: Low (compliant structure with licensed entities)
• •Counterparty risk: Moderate (reliance on Ankura Trust and Clear Street)

Best For

Institutional treasuries, DAOs seeking low-risk yield on stablecoin reserves, and protocols wanting to park idle capital in risk-free assets.

Centrifuge: Private Credit and Structured Finance

Overview

Centrifuge pioneered the tokenization of private credit and real-world loans through its Tinlake protocol, and has since evolved into a full structured-finance platform. It connects DeFi liquidity with real-world borrowers in invoice financing, trade finance, and asset-backed lending.

Key Metrics

• •TVL: ~$310M in active pools (March 2026)
• •Asset types: Invoice financing, trade finance, real estate bridge loans, revenue-based financing, equipment leasing
• •Yield: 7–15% APY depending on pool and tranche (senior tranches lower, junior higher)
• •Pool structure: Tranched (senior/junior/mezzanine) with first-loss protection
• •Minimum investment: Varies by pool; institutional pools from $50,000, community pools from $5,000
• •Chain support: Centrifuge Chain (Polkadot parachain), Ethereum (via bridge)

Regulatory Status

Centrifuge pools are structured as Special Purpose Vehicles (SPVs) in jurisdictions like the Cayman Islands or Delaware. Each pool has its own legal entity, offering bankruptcy remoteness from the protocol. KYC/AML is handled per-pool by the asset originator, and Centrifuge has obtained the MiCA CASP pre-registration for EU operations.

Risk Profile

• •Credit risk: Moderate to High (private credit, borrower default possible)
• •Smart contract risk: Medium (complex pool logic, multiple audits by Trail of Bits and SRLabs)
• •Liquidity risk: High (loan maturities 30–180 days; no instant redemption)
• •Regulatory risk: Medium (SPV structures are well-understood but jurisdiction-dependent)
• •Counterparty risk: Moderate (asset originator quality varies)

Best For

Yield-seeking investors comfortable with illiquidity and credit risk, family offices looking for diversified private credit exposure, and DeFi protocols wanting real-yield from actual economic activity.

Maple Finance: Institutional Crypto Lending

Overview

Maple Finance operates institutional-grade lending pools that provide under-collateralized loans to vetted crypto-native borrowers — market makers, trading firms, and crypto funds. After a restructuring following the 2022 credit crisis, Maple relaunched with stricter underwriting, on-chain transparency, and direct lending facilities.

Key Metrics

• •TVL: ~$220M in active lending pools (March 2026)
• •Asset types: Under-collateralized institutional loans, USDC/wETH lending
• •Yield: 8–12% APY on USDC pools, 5–8% on wETH pools
• •Loan terms: 30–90 day maturities, rolling facilities for top-tier borrowers
• •Minimum investment: $1,000 for public pools; $100,000 for direct lending vaults
• •Chain support: Ethereum, Solana, Base

Regulatory Status

Maple operates through licensed pool delegates who perform underwriting, credit assessment, and loan servicing. In 2025, Maple obtained a VASP license in the BVI and registered with Singapore MAS. Borrowers sign legally binding loan agreements, and defaults trigger off-chain recovery processes.

Risk Profile

• •Credit risk: High (under-collateralized lending; historical default rate of ~3.2% post-restructuring)
• •Smart contract risk: Low-Medium (audited by Spearbit, relatively straightforward pool contracts)
• •Liquidity risk: Medium (loan maturities are short but no instant withdrawal)
• •Regulatory risk: Medium (VASP-licensed, but under-collateralized lending draws scrutiny)
• •Counterparty risk: High (borrower creditworthiness is the primary risk factor)

Best For

Yield-maximizing allocators who understand credit risk, crypto-native treasuries seeking higher returns than T-bill rates, and institutional investors familiar with credit underwriting.

Securitize: Securities-Grade Tokenization

Overview

Securitize is the only SEC-registered transfer agent and broker-dealer operating a tokenization platform. It powers BlackRock’s BUIDL fund ($1.7B AUM), KKR’s tokenized fund interests, and Hamilton Lane’s private equity tokens. Securitize is less a DeFi protocol and more a regulated financial infrastructure layer.

Key Metrics

• •TVL/AUM: ~$2.4B across all tokenized products (March 2026)
• •Asset types: Money market funds (BUIDL), private equity, venture capital, real estate funds, corporate bonds
• •Yield: Varies by product (BUIDL: ~5.1% APY; PE tokens: 12–18% target IRR)
• •Minimum investment: $100,000 for most products (BUIDL minimum $5M for direct, lower via DeFi integrations)
• •Chain support: Ethereum, Polygon, Avalanche, Arbitrum, Optimism

Regulatory Status

Securitize is the gold standard for regulatory compliance in tokenized securities:

• •SEC-registered broker-dealer (Securitize Markets)
• •SEC-registered transfer agent (Securitize LLC)
• •FINRA member
• •Licensed in all 50 US states
• •MiCA-compliant for EU distribution

This makes Securitize the only platform where traditional institutions can tokenize securities without regulatory ambiguity.

Risk Profile

• •Credit risk: Varies by product (BUIDL: minimal; PE tokens: standard PE risk)
• •Smart contract risk: Low (ERC-3643 compliant tokens with on-chain compliance)
• •Liquidity risk: Medium-High (PE tokens illiquid; BUIDL has weekly redemptions)
• •Regulatory risk: Very Low (fully licensed across jurisdictions)
• •Counterparty risk: Low (BlackRock, KKR, Hamilton Lane as asset managers)

Best For

Traditional financial institutions entering crypto, pension funds and endowments requiring regulatory certainty, and qualified purchasers seeking on-chain access to institutional products.

Goldfinch: Emerging Market Credit

Overview

Goldfinch targets an underserved niche: real-world lending in emerging markets. The protocol provides capital to fintech lenders and credit funds in Africa, Southeast Asia, and Latin America, offering DeFi investors exposure to lending markets that historically returned 12–20% but were inaccessible without local banking infrastructure.

Key Metrics

• •TVL: ~$105M in active loans (March 2026)
• •Asset types: Emerging market loans (consumer lending, SME finance, motorcycle/equipment financing)
• •Yield: 12–18% APY (senior pool 9–11%, junior/backer pool 15–20%)
• •Pool structure: Two-tier (Senior Pool auto-allocates; Backers assess individual borrowers)
• •Minimum investment: No minimum for Senior Pool; $1,000 for Backer positions
• •Chain support: Ethereum only

Regulatory Status

Goldfinch borrowers sign off-chain loan agreements with Warbler Labs (the entity behind the protocol). Legal enforceability relies on borrower jurisdiction, and recovery in default scenarios can be complex across borders. The protocol does not hold a VASP or broker-dealer license but operates in a peer-to-peer lending framework.

Risk Profile

• •Credit risk: Very High (emerging market borrowers; limited recourse in default)
• •Smart contract risk: Medium (audited by Trail of Bits, complex multi-party pool logic)
• •Liquidity risk: Very High (loan maturities 12–36 months; senior pool withdrawals subject to utilization)
• •Regulatory risk: High (cross-border lending, uncertain enforcement)
• •Counterparty risk: Very High (borrower quality varies significantly)

Best For

Impact-oriented investors, yield seekers comfortable with emerging market credit risk, and allocators looking for non-correlated returns to crypto market cycles.

Head-to-Head Comparison

Choosing the Right Platform

For DAO Treasuries and Protocol Reserves

Ondo Finance is the clear choice. Low risk, regulatory clarity, multi-chain support, and T-bill yields make OUSG and USDY ideal for parking idle stablecoin reserves. MakerDAO and Frax already allocate significant reserves to tokenized treasuries through similar rails.

For Yield-Seeking DeFi Investors

Centrifuge or Maple depending on risk appetite. Centrifuge offers tranched risk (choose senior for lower risk, junior for higher yield), while Maple provides straightforward lending yields. Both require locking capital for loan durations.

For Traditional Finance Entering Crypto

Securitize is the only platform that checks every compliance box. If you are a pension fund, endowment, or RIA, Securitize’s SEC registration removes the regulatory ambiguity that prevents many institutions from allocating to tokenized assets.

For Diversified Portfolio Exposure

A blended allocation across platforms optimizes risk-adjusted returns:

1. •40% Ondo OUSG — risk-free base yield (4.8%)
2. •25% Centrifuge senior tranche — moderate credit yield (8–10%)
3. •20% Maple USDC pool — crypto-native institutional yield (9–11%)
4. •10% Goldfinch senior pool — emerging market diversification (9–11%)
5. •5% Goldfinch backer — high-yield satellite position (15–18%)

Blended portfolio yield: ~7.5–9.2% APY with diversified risk across asset classes and geographies.

Regulatory Outlook for 2026 and Beyond

The regulatory environment is trending decisively in favor of RWA tokenization:

• •SEC safe harbor for tokenized securities is expected by Q3 2026
• •MiCA explicitly accommodates security tokens and asset-referenced tokens
• •Basel III revisions may recognize tokenized treasuries as HQLA (High-Quality Liquid Assets) for bank capital requirements
• •Singapore MAS is piloting a tokenized bond framework under Project Guardian
• •DTCC partnership with Chainlink for cross-chain settlement of tokenized securities

The convergence of regulatory clarity and institutional demand suggests RWA tokenization will be a multi-trillion-dollar market by 2030, with the platforms discussed here likely serving as core infrastructure.

FAQ

What is RWA tokenization and why does it matter for DeFi?

RWA tokenization is the process of creating blockchain-based digital tokens that represent ownership of real-world assets like US Treasuries, private credit, real estate, or equity. It matters for DeFi because it introduces stable, yield-generating assets that are not correlated with crypto market volatility, dramatically expanding the types of financial products available on-chain.

Which RWA tokenization platform has the lowest risk?

Ondo Finance offers the lowest risk profile because its products are backed by US Treasury bills — the global risk-free rate benchmark. Securitize also carries very low platform risk due to its SEC registration and partnerships with institutions like BlackRock, though individual product risk varies.

Can US retail investors access tokenized RWAs?

Access varies by platform. Ondo’s OUSG requires accredited investor status, while USDY is restricted to non-US persons. Maple’s public pools are accessible. Securitize products generally require qualified purchaser status ($5M+ net investments). Goldfinch’s senior pool has no restriction but backer positions may require KYC. The regulatory trend is toward broader retail access by late 2026.

How do tokenized treasuries compare to stablecoins for yield?

Tokenized treasuries like Ondo’s OUSG provide 4.8–5.2% yield directly from US government bonds, while most stablecoins (USDC, USDT) earn zero yield for holders. Yield-bearing stablecoins like USDY pass through treasury yields minus fees. The key difference is that tokenized treasuries offer transparent, auditable backing while stablecoins rely on issuer reserves.

Need help navigating RWA tokenization for your project? Browse verified DeFi and infrastructure providers on The Signal to find specialized partners.