Onchain tokens backed 1:1 by short-duration US Treasury bills, often passing yield through to holders.
Tokenized treasury stablecoins are tokens backed directly by short-duration US Treasury bills held in custody. Unlike traditional fiat-backed coins where the issuer keeps the interest, tokenized-treasury designs typically pass yield to holders — either through a rebasing supply or a rising internal exchange rate. BUIDL (BlackRock), USDY (Ondo), USYC and USDTB are leading examples. This category has grown to become one of the fastest-expanding segments of the market.