Stockings Full of Yield: A Holiday-Season Comparison of Tokenized Treasury Platforms

Key Takeaways

• The marketplace headdress of tokenized treasury products has much than doubled successful 2025.

• Different token models person antithetic advantages

• Yields successful the twelvemonth to Christmas scope from 2.3%-4.2%.

Various forms of tokenized U.S. Treasury vulnerability person been astir for years, but the conception truly took disconnected successful 2025.

The marketplace capitalization of each yield-bearing, on-chain Treasury products has much than doubled since the commencement of the year, reaching implicit 9 cardinal dollars by December.

However, not each tokenized Treasury platforms are equal. As investors number up their yields this Christmas, who has Crypto Santa rewarded the most?

On-chain Treasury platforms beryllium successful a continuum.

At 1 extremity of the spectrum, tokenized wealth marketplace funds (MMFs) similar BlackRock’s BUIDL employment blockchain settlement, but different relation precisely the aforesaid arsenic their off-chain peers.

At the different end, tokens similar Ondo’s USDY are built for permissionless Decentralized Finance (DeFi) integration.

Treasury tokens tin beryllium grouped into 2 classes: those with a fixed nett plus worth (NAV) and those whose output is reflected successful rising prices.

Fixed-NAV, oregon “rebasing” products, relation similar accepted MMF shares, distributing dividends periodically by issuing caller tokens to investors.

Meanwhile, floating terms tokens accrue output automatically arsenic the underlying assets summation successful worth and income from maturing Treasuries is reinvested.

Among floating-price Treasury tokens, Superstate’s USTB has delivered the top output successful 2025.

Come Christmas morning, a $1,000 concern successful USTB astatine the commencement of the twelvemonth would person grown into $1,038.1, for an annualized instrumentality of 4.11%

Comparing fixed-NAV tokenized MMFs and yield-bearing stablecoins is much difficult.

Only Franklin Templeton, WisdomTree, and Fidelity disclose year-to-date returns for their respective tokenized dollar funds, and information is presently lone disposable done November.

To bespeak a diminution successful Treasury rates toward the extremity of the year, successful the pursuing table, annualized returns person been adjusted down by 10 ground points.

The station Stockings Full of Yield: A Holiday-Season Comparison of Tokenized Treasury Platforms appeared archetypal connected ccn.com.