Tokenized treasuries explained
Tokenized treasuries are tokens that give exposure to government debt, usually short-dated US Treasury bills, either directly or through a fund that holds them.
How they are structured
Most products are fund shares or notes issued by a regulated entity, with the token recording ownership. The underlying bills are held by a custodian off-chain, and the issuer publishes a net asset value or yield.
Access is often restricted: many products are open only to qualified or non-US investors and require onboarding before tokens can be received.
What differs between products
Issuer and legal wrapper, eligible investors and jurisdictions, minimum investment, chains supported, how yield is delivered (rebasing balance or rising price) and redemption terms.
Researching them with UNIALL
The UNIALL index lists treasury products with their issuer, chains, contract addresses and verification status, each linked to its source. Yields and minimums are shown only when the issuer publishes them.