“Kelly Four-Token Radar” · Episode 2
RWA U.S. Treasury bonds are no longer a story: four representative products are heading toward four distinct financial use cases
After U.S. Treasuries are put on-chain, what do they become?
Today we break the RWA Treasury-bond track into 4 representative products:
BUIDL | Institutional-grade Treasury-bond base layer
USYC | Treasury bonds × stablecoin settlement
USDY | Yield-bearing U.S. dollars
OUSG | Institutional-grade on-chain cash management
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Tokenization of U.S. Treasuries has moved from a niche experiment to a real track worth over $20 billion. But many people think it’s “one track.” In fact, these four products each stand at completely different positions—issuance, liquidity, on-chain dollars, and cash management.
Let’s break down how this industry chain is divided.
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First, set up a coordinate system and answer four questions:
① Who issues the underlying assets?
② Who provides liquidity and a settlement medium for these assets?
③ Who turns these assets into “on-chain dollars” that ordinary people can hold in their wallets?
④ Who ultimately enters the settlement system of institutional-grade financial markets?
Each of the four products corresponds to the best answer to one of these questions.
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$BUIDL
— the base layer for institutional-grade Treasuries
BlackRock’s BUIDL fund, with roughly $2.9 billion AUM and about 40% market share, is the world’s largest tokenized Treasury product. It is deployed across multiple chains such as Ethereum, Solana, and Avalanche, with Ethereum still holding about 93% of the share.
The key is not size, but the “base-layer” role—many protocols, including Frax, Ondo, Sky, EtherFi, and others, directly onboard BUIDL as a reserve asset into their own products. It doesn’t pursue liquidity or retail reach. It simply transports the cleanest U.S. Treasury exposure onto the chain as-is, so others can build on top of it.
4/
$USYC
— the settlement medium between Treasuries and stablecoins
USYC is issued by Hashnote. It was acquired by Circle in 2025. Its current AUM is roughly in the $2.6–$3.0 billion range. It is deployed on chains such as Ethereum, Sui, and the Canton Network, enabling subscription and redemption under the same name with USDC.
Its positioning is very clear: it’s not an asset meant for retail users to hold long term, but a “transfer station” that institutions use to move capital back and forth between USDC and Treasury-bond yields. Daily trading volume is extremely low, but AUM is huge—suggesting it functions more like a back-end settlement tool than a liquid trading asset. That’s the core sample for the “entering the settlement system” thread.
#KellyFourTokenRadar #RWA #Tokenization #ONDO百倍黑马潜力币
RWA U.S. Treasury bonds are no longer a story: four representative products are heading toward four distinct financial use cases
After U.S. Treasuries are put on-chain, what do they become?
Today we break the RWA Treasury-bond track into 4 representative products:
BUIDL | Institutional-grade Treasury-bond base layer
USYC | Treasury bonds × stablecoin settlement
USDY | Yield-bearing U.S. dollars
OUSG | Institutional-grade on-chain cash management
1/
Tokenization of U.S. Treasuries has moved from a niche experiment to a real track worth over $20 billion. But many people think it’s “one track.” In fact, these four products each stand at completely different positions—issuance, liquidity, on-chain dollars, and cash management.
Let’s break down how this industry chain is divided.
2/
First, set up a coordinate system and answer four questions:
① Who issues the underlying assets?
② Who provides liquidity and a settlement medium for these assets?
③ Who turns these assets into “on-chain dollars” that ordinary people can hold in their wallets?
④ Who ultimately enters the settlement system of institutional-grade financial markets?
Each of the four products corresponds to the best answer to one of these questions.
3/
$BUIDL
— the base layer for institutional-grade Treasuries
BlackRock’s BUIDL fund, with roughly $2.9 billion AUM and about 40% market share, is the world’s largest tokenized Treasury product. It is deployed across multiple chains such as Ethereum, Solana, and Avalanche, with Ethereum still holding about 93% of the share.
The key is not size, but the “base-layer” role—many protocols, including Frax, Ondo, Sky, EtherFi, and others, directly onboard BUIDL as a reserve asset into their own products. It doesn’t pursue liquidity or retail reach. It simply transports the cleanest U.S. Treasury exposure onto the chain as-is, so others can build on top of it.
4/
$USYC
— the settlement medium between Treasuries and stablecoins
USYC is issued by Hashnote. It was acquired by Circle in 2025. Its current AUM is roughly in the $2.6–$3.0 billion range. It is deployed on chains such as Ethereum, Sui, and the Canton Network, enabling subscription and redemption under the same name with USDC.
Its positioning is very clear: it’s not an asset meant for retail users to hold long term, but a “transfer station” that institutions use to move capital back and forth between USDC and Treasury-bond yields. Daily trading volume is extremely low, but AUM is huge—suggesting it functions more like a back-end settlement tool than a liquid trading asset. That’s the core sample for the “entering the settlement system” thread.
#KellyFourTokenRadar #RWA #Tokenization #ONDO百倍黑马潜力币