Which venue tokenizes US Treasuries?

TLDR

Several venues tokenize US Treasuries: Ondo (ONDO) via its OUSG fund, Franklin Templetons FOBXX and BlackRocks BUIDL tokenized money market funds, and JPMorgans MONY on Ethereum.

1. Ondo (ONDO): OUSG is a tokenized US Treasuries fund with onchain access and liquidity, per a partnership update on Solana. Project announcement

1. Franklin Templeton FOBXX and BlackRock BUIDL: tokenized money market products backed by Treasuries. Market overview

1. JPMorgan MONY: a tokenized money market fund on Ethereum investing in Treasuries. Launch detail

Deep Dive

1. Ondo OUSG

Ondos OUSG brings tokenized exposure to US Treasuries with 24/7 liquidity and onchain settlement.

1. A recent partnership outlines OUSG as an anchor investor and part of a broader tokenized cash management network. Project announcement

1. The same update highlights cross?chain plans (Solana first, then interoperability to Ethereum and Stellar), reinforcing OUSGs role as tokenized Treasuries collateral. Project announcement

2. Franklin Templeton and BlackRock Funds

Franklin Templetons FOBXX and BlackRocks BUIDL are tokenized money market funds that invest in US Treasuries and operate with regulated fund structures.

1. These are cited as early, real tokenized products in the US market, providing yield exposure via onchain vehicles. Market overview

1. They have become key collateral in institutional workflows and crypto?adjacent markets, bridging traditional fund operations with blockchain rails. Market overview

3. JPMorgan MONY on Ethereum

JPMorgans MONY is a tokenized money market fund on Ethereum that invests in Treasuries and repo fully backed by Treasuries.

1. MONY offers subscriptions/redemptions via cash or stablecoins for qualified investors through Morgan Money, reflecting a scaled bank entry into onchain cash. Launch detail

1. The broader backdrop includes US infrastructure preparing to tokenize highly liquid securities (including Treasuries) at scale, with DTCC cleared for a pilot in 2026. Policy update

Conclusion

Todays leading venues for tokenized US Treasuries include Ondos OUSG, Franklin Templetons FOBXX and BlackRocks BUIDL, and JPMorgans MONY. These initiatives signal a shift toward onchain cash and collateral, with institutional rails and market infrastructure preparing to scale tokenization of Treasuries in the coming years.