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Tokenized Treasuries
Short-term US government debt, held through a token
Most tokenized Treasury products are shares in a fund that holds short-term US Treasury bills, often alongside repurchase agreements and cash. The fund issues its shares as tokens, instead of or alongside entries in a traditional register, and buys and holds the bills through the same custody arrangements a conventional fund uses.
What changes is how shares are held and transferred. Ownership is recorded onchain, and shares can move between approved wallets without waiting for an administrator's next update. Treasury bills are well understood and carry low credit risk, which made them one of the first asset classes to be tokenized at scale.
Tokenized Treasuries hold the same bills as any Treasury fund. The token changes how shares are recorded and moved.