The first on-chain collateral class an allocator already understands.
Tokenised US Treasury Bills are a smaller market than the broader tokenised RWA category — but they are the part that institutional allocators have been underwriting for fifty years. Bringing them on-chain is not a new asset class; it is a new access layer to one that already exists.
BlackRock's BUIDL — the USD Institutional Digital Liquidity Fund, tokenised by Securitize — launched in March 2024, crossed $1 billion AUM in March 2025, and peaked at roughly $2.9 billion in mid-2025. It now lives on Ethereum, Aptos, Arbitrum, Avalanche, Optimism, Polygon, Solana, and BNB Chain. In November 2025 Binance approved it as off-exchange collateral — the first tokenised fund to clear that bar at a major venue. CoinDesk, Nov 2025
BUIDL — BlackRock × Securitize.
A tokenised share class of a regulated US money-market fund. Yield accrues daily; redemption is on-chain through a permissioned smart-contract gate. Held by DeFi-native protocols including Ondo Finance and Ethena as reserves; integrated as collateral on Euler (Avalanche) and Binance.
BENJI — Franklin Templeton.
Franklin's tokenised money-market fund, the first such product issued by a US-registered '40 Act fund directly on a public chain. The structural innovation here is regulatory rather than technical: it normalised the path from "registered fund" to "on-chain share class".
USDY — Ondo Finance.
A tokenised note backed by short-dated US Treasuries and bank deposits. Targeted at non-US accredited investors; the yield-bearing complement to USDC for offshore institutions.
Securitize-issued private RWA tokens.
The platform infrastructure under most of the above. Securitize handles transfer-agent duties, KYC/AML at issuance, and on-chain restriction enforcement — which is why most institutional RWA issuance has converged on it.
Three properties make tokenised T-Bills the right anchor for institutional on-chain credit:
- Yield while collateralising. Unlike a fiat stablecoin, the asset accrues yield in the borrower's wallet. Cost-of-collateral falls; capital efficiency rises. For a treasurer, this is the difference between "renting capital" and "compounding collateral".
- Familiar underwriting. The asset is a money-market share class, not a synthetic. The risk model is the one a credit committee has run for decades; the only novelty is the wrapper.
- Deep secondary liquidity. The underlying T-Bill market is the most liquid security on earth. Even thin on-chain secondary order books are backstopped by primary redemption against the underlying.
Tokenised T-Bills are safer than the typical DeFi collateral, but they are not risk-free. Three risks any serious framework has to price:
- Issuer / transfer-agent risk
- The wrapper is only as good as the issuer. A failure of the issuance or transfer-agent platform is a holder-level credit event. Tier-1 acceptance requires diversification across issuers and an explicit per-issuer cap.
- Smart-contract risk
- Even institutional issuance involves code. The Auditor Swarm runs continuous verification against every issuer's contract revision; per-contract caps are enforced if the AI risk model flags drift.
- Off-chain redemption latency
- Most tokenised T-Bills redeem on T+0 to T+1, but redemption is gated by the issuer's banking partner cycle. Stress-period assumptions on ımyo price in a T+1 redemption window even where T+0 is the median.
Tier-1 collateral on ımyo includes BUIDL, BENJI, USDY and equivalent tokenised money-market funds, plus GENIUS-compliant payment stablecoins (USDC, PYUSD, and any qualified issuer that meets the 1:1 reserve + monthly disclosure requirements).
- LTV ceiling: 90–95% in benign macro regimes; auto-tightened by the AI risk engine when oracle dispersion or rate-vol cross thresholds.
- Per-issuer caps: No single issuer (BlackRock, Franklin, Ondo, etc.) constitutes more than a published percentage of the Tier-1 book on either silo.
- Redemption modelling: Stress-period LTVs apply a T+1 redemption assumption even where the issuer publishes T+0, with explicit haircut for issuer-banking-cycle risk.
- Continuous attestation: Every Tier-1 issuer's contract revision is re-verified by the Auditor Swarm before the platform accepts a new vintage.
The aim is to deliver the capital efficiency of a tokenised T-Bill without the operational fragility that exists when a single venue takes a single issuer for granted.