Tokenized MMF issuer comparison matrix — BUIDL, BENJI, ACRED, WTGXX, USYC, USTB, OUSG

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This entry sits under fintech index as the eight-way side-by-side comparison matrix for tokenized money-market and yield-bearing RWA fund issuers. It complements the per-issuer deep dives at BlackRock BUIDL, Franklin BENJI / FOBXX, Apollo ACRED, WisdomTree WTGXX + Hashnote USYC, and Ondo OUSG / USDY / rUSDY. For the systemic role tokenized MMF plays as stablecoin yield infrastructure see Reserve Interlock Flywheel · BUIDL ↔ USDC Systemic Circular Dependency and BUIDL SC issuer adoption. For the regulatory boundary see GENIUS Act §501 and U.S. / EU / Japan \"three major circles\" stablecoin global compliance architecture.

[!info] TL;DR Eight tokenized fund products anchor the 2026-Q2 dataset: BUIDL (BlackRock + Securitize, ~$2.58B AUM, Reg D, eight chains, Aaa-mf), BENJI / FOBXX (Franklin Templeton, ~$650M, 1940 Act 2a-7, eight chains), ACRED (Apollo, ~$100M+, Reg D, private credit not MMF, seven chains), WTGXX (WisdomTree, ~$200M, 2a-7 retail, in-house Prime wallet), USYC (Hashnote → Circle 2024-12, ~$1B peak, Reg D, now USDC.YS yield engine), USTB (Superstate, ~$150M, Reg D), OUSG (Ondo, ~$650M, Reg D, BUIDL-backed, seven chains), and PYUSD-MMF candidate track (Paxos shelf, not yet live). Total tokenized-fund market crossed $8B+ AUM in 2026-Q2 vs ~$1B in 2024-Q1 — an 8× growth in 24 months, but still <0.1% of the ~$7T US MMF market. Read across the matrix: regulatory wrapper (Reg D vs 1940 Act 2a-7) bifurcates the market, transfer agent and custodian concentration in Securitize + BNY Mellon is striking, and on-chain composability via Securitize / Ondo / Pendle / Morpho is the binding competitive moat for second-tier products competing with BUIDL’s “yield infrastructure” position.

Why an eight-way comparison

Single-issuer narratives (“BUIDL dominates,” “BENJI was first”) capture different parts of the truth but conceal the structural pattern. By placing all eight products side-by-side on NAV / AUM / settlement chain / transfer agent / custodian / regulatory wrapper / distribution / target investor / on-chain composability, the competitive-positioning patterns become visible. The matrix also shows the Reg D vs 2a-7 bifurcation as the binding compliance choice (only WTGXX and FOBXX are 2a-7 registered, allowing retail US distribution), the Securitize concentration (transfer agent for BUIDL + ACRED), and the BNY Mellon custodian concentration (custodian for BUIDL Reserve, BENJI/FOBXX, OUSG underlying UST, USDC Reserve Fund). For the broader RWA tokenization landscape see onchain finance vs crypto bifurcation.

Matrix A · Issuer, NAV, AUM, inception

Product	Issuer / sponsor	NAV target	AUM (2026-Q2)	Inception
BUIDL	BlackRock USD Institutional Digital Liquidity Fund	$1.00 per share	~$2.58B	2024-03
BENJI / FOBXX	Franklin Templeton Franklin OnChain U.S. Government Money Fund	$1.00 per share	~$650M	2021-04
ACRED	Apollo Diversified Credit Securitize Fund	n/a (private credit; not pegged)	~$100M+	2025-01-30
WTGXX	WisdomTree Government Money Market Fund (Prime tokenized class)	$1.00 per share	~$200M (within Prime)	2024-Q3 (tokenized share class)
USYC	Hashnote (acquired by Circle 2024-12); now Circle USDC.YS yield engine	$1.00 per share	~$1B peak (pre-acquisition); integrated post-2025-Q1	2023; Circle acq 2024-12
USTB	Superstate Short Duration US Government Securities Fund	$1.00 per share	~$150M	2024-Q2
OUSG	Ondo Short-Term US Government Treasuries Fund	$1.00 per share	~$650M	2023 (re-routed to BUIDL backing 2024-Q2)
PYUSD-MMF (Paxos shelf)	Paxos shelf-registered MMF (not yet live)	$1.00 per share	n/a	Planned

The market-leader gap is real: BUIDL alone is ~32% of the ~$8B tokenized-MMF market; the second-tier products (BENJI + OUSG + USYC + WTGXX + USTB + ACRED) collectively sum to ~$2.5B+. Note USYC’s status is hybrid after the Circle acquisition — USYC AUM is now reflected in USDC.YS adoption metrics, not as a standalone product. Note also OUSG is structurally a BUIDL-distribution wrapper — Ondo announced in 2024-Q2 that OUSG re-routes the majority of its reserve into BUIDL, making OUSG the largest external BUIDL holder by some accounts ~40% of BUIDL’s mid-2024 AUM.

Matrix B · Regulatory wrapper

Product	Wrapper	Eligible investor	US retail access
BUIDL	Reg D 506(c) private placement (BVI structure)	US qualified purchaser + selected non-US institutions; $5M minimum	No (qualified purchaser only)
BENJI / FOBXX	1940 Act 2a-7 registered MMF	Retail US + institutional; $0 minimum in some channels	Yes (any accredited or non-accredited US investor)
ACRED	Reg D private placement	US qualified purchaser; institutional	No
WTGXX	1940 Act 2a-7 registered MMF; tokenized share class via WisdomTree Prime	Retail US (within Prime wallet)	Yes
USYC	Reg D private placement	Institutional	No
USTB	Reg D + Reg S	US qualified + non-US institutional	No
OUSG	Reg D 506(c)	US qualified purchaser + selected non-US institutions	No
USDY (Ondo retail)	Reg S only; not available to US persons	Non-US individuals + institutions	No (explicitly forbidden to US persons)

The regulatory bifurcation is binding. Only BENJI/FOBXX and WTGXX are 2a-7 registered, the standard wrapper a US retail investor can access through a brokerage. BUIDL, ACRED, USYC, USTB, and OUSG are all Reg D — institutional-only. USDY is unique as the only sizable tokenized product explicitly built for non-US retail (a Reg S note structure). This split is the largest single divergence in the matrix and the binding factor for distribution strategy.

Matrix C · Underlying, settlement chains, transfer agent, custodian

Product	Underlying assets	Settlement chains live	Transfer agent	Custodian / treasury
BUIDL	75% UST (1-3M) + 15% overnight repo + 10% cash; WAM <60 days	Ethereum, Solana, BNB, Avalanche, Aptos, Arbitrum, Optimism, Polygon (8 chains)	Securitize (BlackRock invested $100M + board seat)	BNY Mellon (Reserve Fund)
BENJI / FOBXX	UST securities + government repo + cash	Stellar, Polygon, Arbitrum, Base, Avalanche, Aptos, Solana, Sui (8 chains)	Franklin Templeton in-house (on-chain ledger = official record)	BNY Mellon
ACRED	Direct lending + asset-backed lending + structured credit (private credit, not UST)	Ethereum, Solana, Polygon, Avalanche, Aptos, Arbitrum, Sei (7 chains; Wormhole cross-chain)	Securitize (same as BUIDL)	Apollo administrator
WTGXX	UST + government repo + cash (standard MMF portfolio)	Stellar + Ethereum (planned; primary distribution within Prime wallet)	WisdomTree in-house	State Street custodial
USYC	UST + cash; pre-acquisition Hashnote model	Ethereum, Solana, Canton (post-acquisition integration)	Hashnote / Circle	Circle Reserve Fund custodial (BNY Mellon) post-acq
USTB	Short UST + cash	Ethereum, Solana	Superstate in-house	UMB Bank custodial
OUSG	BlackRock BUIDL + short UST (mid-2024 onward)	Ethereum, Solana, Polygon, Mantle, Sui, Aptos, XRPL (7 chains)	Ondo + Securitize	BNY Mellon (via underlying BUIDL)
USDY (Ondo retail)	Short UST + bank deposits	Ethereum, Solana, Mantle, Sui, Aptos, Cosmos, Noble, Arbitrum (8 chains)	Ondo	Ankura Trust

Concentration patterns:

Securitize is transfer agent for BUIDL + ACRED + OUSG (via re-routing) — the most important transfer-agent concentration in tokenized finance. BlackRock invested $100M into Securitize and took a board seat, formalising the relationship.
BNY Mellon is custodian for BUIDL Reserve Fund, BENJI/FOBXX, OUSG (via BUIDL), USDC Reserve Fund (Circle), and historically USDP Reserve. This is the single largest custodian concentration in the stablecoin-and-tokenized-fund supply chain.
Stellar is the only non-EVM chain that holds first-mover position (BENJI launched there in 2021; FOBXX is still primary-listed on Stellar despite multi-chain expansion).
Aaa-mf rating (Moody’s): BUIDL + Fidelity FYHXX received Aaa-mf on the same day (2026-05-13), signalling institutional acceptance of tokenized MMF as full-stack-equivalent to traditional MMF.

Matrix D · Distribution channel and target investor

Product	Primary distribution channel	Target investor segment
BUIDL	Institutional direct + Securitize platform + Coinbase Prime + Bitstamp institutional	Stablecoin issuers (USDC, USDB, RLUSD reserves), DeFi protocols (Aave RWA, Morpho), institutional treasuries (Siemens, Ondo)
BENJI / FOBXX	Franklin Templeton retail brokerage + Coinbase + Solana wallets	Retail US + institutional (multi-chain naming strategy)
ACRED	Coinbase Asset Management + Kraken + Securitize	Crypto-native institutions seeking private credit yield
WTGXX	WisdomTree Prime (in-house retail wallet + brokerage)	Retail US through WisdomTree’s own distribution stack
USYC	Pre-acq: DeFi protocols (Frax, Ethena, Sky); post-acq: integrated into Circle USDC.YS	Post-acquisition: USDC yield-bearing wrapper users
USTB	Crypto-native institutional desks; Coinbase Asset Management	Institutional crypto desks
OUSG	Asian + Latin American qualified institutions; DeFi protocols (Flux, Pendle, Morpho)	Non-US qualified institutions; DeFi RWA listings
USDY (Ondo retail)	Non-US retail brokerages + Asian fintechs + LatAm wallets	Non-US retail (Latin America ~44%, SE Asia, MENA)

The distribution layer is the binding competitive moat for second-tier products. BUIDL has institutional treasury distribution (BlackRock’s existing client base) and is the default reserve asset for the SC issuer flywheel. BENJI/FOBXX leverages Franklin Templeton’s brokerage distribution. WTGXX is locked inside the WisdomTree Prime wallet — its growth ceiling depends on Prime’s retail-onboarding velocity. OUSG and USDY together give Ondo a two-product retail + institutional Asia/LatAm stack that no other issuer matches.

Matrix E · On-chain composability and DeFi integration

Product	DeFi integration depth	Listed as collateral on
BUIDL	Highest: accepted as IM collateral on CME / Binance / Deribit / Crypto.com; used by Apollo ACRED for redemption liquidity; integrated with Pendle for yield-trading; Aave RWA listings	Major derivatives venues + DeFi lending
BENJI / FOBXX	Medium: native to Solana DeFi (Kamino, Drift); Pendle	DeFi lending listings on Solana primarily
ACRED	sACRED (2025-06, with RedStone + Securitize) was the first private-credit fund to obtain on-chain DeFi yield	RedStone oracle-backed listings
WTGXX	Low: confined to WisdomTree Prime wallet ecosystem	Limited external DeFi integration
USYC	Pre-acq: deep DeFi (Frax, Ethena USDtb backing, Sky USDS RWA vault); post-acq: integrated into USDC.YS yield-bearing wrapper product	DeFi lending + yield protocols
USTB	Medium: crypto-native institutional DeFi	Early DeFi listings
OUSG	Deep: Flux Finance (Ondo’s own lending market), Pendle yield-trading, Morpho RWA listings, Aave RWA candidate	DeFi lending + yield + Asia/LatAm wallets
USDY (Ondo retail)	High retail composability via Solana DeFi + Mantle / Sui ecosystems	Retail-grade DeFi listings (Kamino, others)

BUIDL’s DeFi integration depth is structural — it is the cheapest source of T+0 redeemable yield-bearing collateral available to derivatives venues and DeFi protocols simultaneously. The 2026-05-14 launch of the $1B BlackRock × Goldman × DTCC × Janus instant-redemption facility further entrenched BUIDL as the T+0 liquidity layer; competing products have to either route through BUIDL (OUSG model) or accept the T+1/T+2 redemption gap.

Matrix F · Yield mechanism and economics

Product	APY (2026-05 representative)	Sponsor fee	Yield distribution mechanism
BUIDL	~4.3%	~20bps	Daily distribution as dividend; rebased on-chain
BENJI / FOBXX	~4.7% (7-day SEC yield)	20bps	Daily distribution as dividend; on-chain rebase
ACRED	Variable (private credit; SOFR + spread)	~75-150bps (typical private credit)	Quarterly distribution; private credit fund mechanics
WTGXX	~4.7% (7-day SEC yield)	~20bps	Daily distribution via Prime wallet
USYC (post-acq)	~4.5% delivered as USDC.YS package	n/a (integrated into USDC.YS)	USDC + USYC share product package
USTB	~4.5%	~15bps	Daily distribution
OUSG	~4.8% (SOFR-tracking; SOFR-25 to SOFR-40bps net)	~15bps Ondo + 20bps BlackRock (via BUIDL underlying)	Daily distribution; routes through BUIDL
USDY (Ondo retail)	~4.7% via rebase	~20bps	Price-rebase (USDY) or supply-rebase (rUSDY)

The economic model is unusually convergent: all UST-backed products deliver SOFR-adjacent yield with ~15-25bps sponsor fees. OUSG’s net APY structurally lags BUIDL by ~20bps (the BlackRock 20bps fee + Ondo 15bps fee net of compounding) because OUSG sits downstream of BUIDL in the value chain. ACRED is the only product with a structurally different yield (private credit, longer duration, less liquid) and a structurally higher fee. USDY/rUSDY are the only products where non-US retail can access yield directly without going through a US qualified-purchaser gate.

Matrix G · GENIUS Act §501 compliance status

Product	GENIUS §501 classification	Notes
BUIDL	Out of §501 scope (registered security; not a payment stablecoin)	Cannot be marketed as “stablecoin” in US payments contexts
BENJI / FOBXX	Out of §501 scope (SEC-registered 2a-7 MMF)	Same logic as BUIDL
ACRED	Out of §501 scope (private credit; not a peg)	Categorically not a stablecoin
WTGXX	Out of §501 scope (SEC-registered 2a-7 MMF)	Same logic as BENJI
USYC	Out of §501 scope (Reg D fund); but integrated into USDC.YS which is a permitted GENIUS-compliant yield-bearing wrapper product	Circle’s USDC.YS bundles USDC (GENIUS-compliant SC) + USYC (registered fund) to avoid §501 SC-cannot-pay-interest restriction
USTB	Out of §501 scope	Reg D fund
OUSG	Out of §501 scope (Reg D fund)	Reg D fund
USDY / rUSDY	Explicitly not marketable as SC under §501 (registered note; non-US only)	Distinct fourth-circle in MRA framework

GENIUS Act §501’s prohibition on stablecoin issuers paying interest directly created the tokenized-MMF growth tailwind. Yield-bearing dollars cannot legally be SCs in the US payments rail — but they can be tokenized MMF shares. The Circle × Hashnote acquisition and subsequent USDC.YS launch are the cleanest demonstration: Circle owns the SC issuer (USDC) and the yield engine (USYC) and bundles them as a product package, routing around §501 while remaining technically compliant. Every second-tier tokenized-MMF benefits from this regulatory geometry.

Why these dimensions

The nine matrix axes (NAV, AUM, settlement chain, transfer agent, custodian, regulatory wrapper, distribution, target investor, on-chain composability) were chosen because they map to the gating variables in institutional adoption decisions:

NAV / AUM — measures realised scale (the only metric LPs care about post-launch).
Settlement chain — determines on-chain composability ceiling (Solana DeFi vs Ethereum DeFi vs both).
Transfer agent — determines operational risk and regulatory chain-of-custody (Securitize concentration is structural).
Custodian — determines the underlying-asset safety (BNY Mellon concentration is structural).
Regulatory wrapper — bifurcates the eligible investor base (Reg D vs 2a-7 vs Reg S).
Distribution channel — predicts adoption velocity (the binding competitive moat).
Target investor — determines TAM (qualified purchaser vs retail vs non-US).
On-chain composability — determines DeFi integration depth (BUIDL’s IM collateral acceptance is a structural moat).
GENIUS §501 compliance — determines whether the product can be bundled into yield-bearing SC wrappers (USDC.YS pattern).

These nine variables together explain why BUIDL has captured 32% market share in 24 months from a standing start (institutional distribution + Securitize + BNY Mellon + Reg D + IM collateral + 8 chains) and why WTGXX is structurally constrained to Prime wallet’s growth ceiling (single-distribution-channel lock-in despite favourable 2a-7 wrapper). The matrix view exposes these patterns side-by-side.

Reading the matrix

BUIDL is the “yield infrastructure” not just a product: BUIDL is consumed as collateral by Apollo ACRED, integrated as reserve by Circle USDC, accepted as IM by CME/Binance/Deribit, and re-routed through Ondo OUSG. Its real economic footprint exceeds AUM by a multiple.
The second-tier is not converging on BUIDL — it is differentiating: BENJI on retail brokerage, OUSG on Asia/LatAm distribution, ACRED on private credit, USDY on non-US retail, WTGXX on in-house Prime wallet, USYC on USDC.YS integration. None directly attacks BUIDL’s institutional Reg D moat.
Securitize concentration is the most underappreciated risk: transfer agent for BUIDL + ACRED + (via re-routing) OUSG means a Securitize operational failure cascades across the second-tier. BlackRock’s $100M investment + board seat is partly a risk-mitigation play.
BNY Mellon custodian concentration is even larger: custodian for BUIDL Reserve + BENJI/FOBXX + USDC Reserve + USDY underlying. A BNY operational issue would propagate to the entire compliant-USD-on-chain stack.
OUSG’s structural dependency on BUIDL means OUSG is not really a separate product — it is a BUIDL distribution wrapper for non-US institutional Asia/LatAm clients. Pure-substitute competition with BUIDL is structurally hard.
GENIUS §501 created the tailwind: Circle’s USDC.YS (USDC + USYC bundle) is the cleanest demonstration that tokenized-MMF + GENIUS-compliant-SC is a permitted yield-bearing-USD wrapper, validating second-tier MMF strategy.
The market is still ~0.1% of US MMF TAM — $8B vs $7T. Even 10× growth still leaves ample headroom for additional issuers.

Sources

BlackRock — BUIDL fund page: https://www.blackrock.com/us/individual/products/422581/
Franklin Templeton — FOBXX fund page: https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX
Apollo + Securitize ACRED page: https://apolloacademy.com/securitize/
WisdomTree — WTGXX fund page: https://www.wisdomtree.com/investments/etfs/fixed-income/wtgxx
Hashnote USYC: https://www.usyc.com/
Superstate USTB: https://superstate.com/
Ondo Finance — OUSG / USDY / rUSDY product docs: https://ondo.finance/
SEC EDGAR — registered MMF + 2a-7 filings: https://www.sec.gov/edgar
Circle blog — Circle acquires Hashnote (2024-12): https://www.circle.com/blog/circle-acquires-hashnote
DefiLlama BENJI protocol page: https://defillama.com/protocol/franklin-templeton-benji
Moody’s public rating action — Aaa-mf for BUIDL + FYHXX (2026-05-13)
Public BlackRock × Goldman × DTCC × Janus $1B instant-redemption facility announcement (2026-05-14)