Tokenization

May 14, 2026

Tokenized Treasury Funds in 2026: A Securities, Tax, and Custody Compliance Framework (BlackRock BUIDL, Franklin BENJI, Ondo OUSG, Circle USYC)

Tokenized treasury funds crossed approximately $15 billion in aggregate AUM by mid-2026. The wrapper does not change the legal regime -- but custody, tax, and transfer-restriction architecture diverge sharply by product. A framework for issuers and allocators.