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Tokenized cash and credit fund comparison — BUIDL, BENJI, WTGXX, ACRED, USYC, USTB, OUSG

ConfidenceCertainUpdated2026-07-30Review by2026-10-30Sources9Machine-translatedOriginal (JA)

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This entry sits under fintech index as an evidence-based classification matrix. It complements BlackRock BUIDL, Franklin BENJI / FOBXX, Apollo ACRED, WTGXX and USYC, and Ondo OUSG / USDY.

[!info] TL;DR These products are not one homogeneous “tokenized MMF” category. FOBXX and WTGXX are US-registered money market funds. BUIDL is an unregistered private fund interest offered to qualified investors. ACRED is a tokenized feeder into a diversified credit strategy, not a money market fund. USYC represents shares of a Cayman fund and is offered only to non-US persons. USTB and OUSG are private funds for qualified purchasers. A useful comparison therefore starts with legal wrapper, eligible investor, underlying exposure, and redemption mechanics—not a volatile AUM ranking or an assumed common $1 peg.

Product What the token represents Publicly described wrapper Eligible-investor boundary
BUIDL Interest in BlackRock USD Institutional Digital Liquidity Fund BVI fund; interests not registered under the Securities Act and offered under an exemption Qualified / pre-approved investors
BENJI / FOBXX One BENJI token corresponds to one share of Franklin OnChain U.S. Government Money Fund US-registered money market mutual fund Access through Franklin’s disclosed retail and institutional channels, subject to account eligibility
WTGXX Share of WisdomTree Treasury Money Market Digital Fund recorded through blockchain-integrated recordkeeping US-registered 1940 Act digital money market fund Available through WisdomTree’s disclosed channels, subject to eligibility
ACRED Interest in a tokenized feeder providing exposure to Apollo Diversified Credit Fund Offshore private offering; a Form D was filed for the tokenized feeder Offering-document and investor-qualification restrictions apply
USYC Digital representation of a share of Hashnote International Short Duration Yield Fund Ltd. Cayman Islands mutual fund; Circle International Bermuda is token administrator Non-US persons only; additional restrictions may apply
USTB Share of Superstate Short Duration US Government Securities Fund Tokenized private fund, Delaware statutory-trust series Qualified purchasers in supported jurisdictions
OUSG Limited-partnership interest in Ondo I LP Section 3(c)(7) private fund; Rule 506(c) offering Verified accredited investors and qualified purchasers

Source: BUIDL launch and offering disclosure, Franklin FOBXX fund page, Franklin BENJI description, WisdomTree WTGXX fact sheet, ACRED launch, ACRED feeder Form D, Circle USYC, Superstate USTB, and Ondo OUSG legal notes.

Exposure and value mechanism

Product Disclosed investment exposure Value / income mechanism to verify
BUIDL Cash, US Treasury bills, and repurchase agreements Seeks $1 per token; daily-accrued dividends are paid as new tokens on a monthly basis
BENJI / FOBXX At least 99.5% in US government securities, cash, and fully collateralized government repo Seeks stable $1 NAV; daily dividends; money-market-fund loss risk remains
WTGXX Treasury money market strategy after its 2025-11-01 name and strategy change Seeks stable $1 NAV; income and expenses follow the prospectus and current fact sheet
ACRED Corporate direct lending, asset-backed lending, and performing, dislocated, and structured credit through the underlying Apollo fund Daily NAV for the feeder is disclosed; credit and liquidity risks differ from Treasury products
USYC Treasury bills and reverse repo backed by short-term US government securities Yield accrues through a rising token price; redemptions depend on instant-redemption capacity and may settle T+0 or T+1 above it
USTB Short-duration Treasury bills / US government securities Continuous NAV per share; not represented as a guaranteed $1 stablecoin
OUSG Portfolio of tokenized Treasury and money-market products plus liquidity assets; holdings can change Daily-accruing fund value with disclosed 24/7 mint / redeem functionality for eligible investors

Source: BUIDL launch, FOBXX fund page, WTGXX fact sheet, ACRED launch, Circle USYC, Superstate USTB, and Ondo OUSG.

What can be compared directly

The following dimensions are useful when they are recorded from dated issuer material.

Dimension Why it matters Evidence standard
Legal wrapper Determines registration, disclosure, and investor eligibility Prospectus, offering memorandum disclosure, SEC filing, or official legal notes
Eligible investor Separates retail access, accredited-investor access, qualified-purchaser access, and non-US access Current subscription / eligibility disclosure
Underlying exposure Separates government MMFs, Treasury private funds, and diversified credit Current prospectus, holdings, or official product page
NAV / income method A stable NAV, accumulating price, and dividend-token distribution are different mechanisms Fund accounting and distribution disclosure
Redemption “Onchain” does not guarantee unlimited instant liquidity Cut-off, capacity, fee, settlement, and gating disclosure
Ownership record A token may be the official share record or one component of an integrated recordkeeping system Transfer-agent and prospectus disclosure
Network support Chain availability changes over time and may differ by share class Current official contract / network list
Service providers Transfer agent, administrator, custodian, and tokenization platform are different roles Offering document or issuer announcement

Source: The comparison method is derived from the issuer and filing materials listed in the product matrix. It is an analytical checklist, not a claim that the seven products use identical operating models.

Corrections to common comparison errors

ACRED is not an MMF

ACRED is a tokenized feeder providing access to Apollo Diversified Credit Fund. Its exposure includes direct lending, asset-backed lending, and other credit strategies. Placing it in an MMF yield or stable-NAV ranking hides material differences in credit risk, duration, liquidity, and fund structure.

Source: Apollo and Securitize ACRED launch and Apollo Diversified Credit Fund SEC filing.

USTB is a private fund

The current Superstate page identifies USTB as a tokenized private fund for qualified purchasers. An earlier registration statement described a proposed reorganization into a registered fund; a proposal should not be substituted for the product’s current disclosed structure.

Source: Superstate USTB and the 2025 SEC filing describing the proposed reorganization.

OUSG is not simply “a BUIDL wrapper”

Ondo’s legal disclosure identifies OUSG as a limited-partnership interest in its own private fund. Ondo’s current product material shows a portfolio that can include products from multiple asset managers, bank deposits, and liquidity assets. BUIDL has been a material holding, but that does not erase the OUSG fund layer or prove a fixed allocation.

Source: Ondo trust and security disclosure, OUSG legal notes, and current OUSG product page.

Service-provider concentration requires role-level evidence

Securitize publicly identifies itself as BUIDL’s transfer agent, tokenization platform, and placement agent, and as manager of the ACRED feeder. Ondo provides tokenization and advisory roles for OUSG. These relationships do not establish that Securitize is OUSG’s transfer agent, nor that a failure would necessarily cascade across every product. Custody also must be checked product by product; “via an underlying holding” is not the same as being the fund’s direct custodian.

Source: BUIDL launch, ACRED launch, and OUSG legal notes.

AUM, yield, and chain-count policy

Live AUM, APY, holdings, network count, and fees change on different schedules. This page therefore does not combine mismatched dates into a market-share claim. When those fields are used:

  • attach the issuer’s as-of date to every value;
  • do not add “peak AUM” to current AUM;
  • distinguish fund AUM from tokenized share-class AUM and protocol TVL;
  • do not describe a quoted yield as guaranteed or forward-looking;
  • do not infer custody, distribution, or collateral adoption from a chain deployment alone.

For example, Franklin reported FOBXX total net assets of $813.50 million as of 2026-05-31, while WisdomTree reported WTGXX net assets of $827.70 million as of 2026-03-31. Those values are not same-date observations and should not be ranked as if they were.

Source: Franklin FOBXX and WisdomTree WTGXX 2026-Q1 fact sheet.

Stablecoin-law boundary

Fund shares and private-fund interests should not be treated as payment stablecoins merely because they are tokenized or seek low volatility. The GENIUS Act’s issuer-interest restriction is in section 4(a)(11), not a generic “§501” rule. The statute’s passage alone does not prove that it caused tokenized-fund growth or that a combined stablecoin-plus-fund workflow is a regulatory workaround.

Read the legal status and implementation stage in US 2025–2026 policy reset and distinguish payment stablecoins from securities and fund interests using the actual offering documents.

Sources

#fintech#tokenization#money-market-fund#private-fund#comparison#buidl

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