According to the source, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) remains a leading tokenized U.S. Treasuries vehicle by AUM on Ethereum, while Franklin Templeton’s OnChain U.S. Government Money Fund (BENJI/FOBXX) and Ondo’s OUSG have expanded issuance, increasing market diversification; sources: BlackRock newsroom, 2024-03-20; RWA.xyz Treasuries dashboard; Franklin Templeton Benji portal; Ondo Finance docs. Investor access for many tokenized Treasury products is restricted to qualified purchasers or accredited investors, including BUIDL and OUSG, which directly impacts liquidity and secondary trading depth; sources: Securitize BUIDL fund documentation; Ondo Finance OUSG eligibility page. Redemptions and subscriptions generally follow traditional fund cutoff times and banking rails (e.g., same-day or next-day windows), constraining intraday liquidity relative to 24/7 crypto markets; sources: Franklin Templeton FOBXX prospectus and Benji app disclosures; Securitize operational details for BUIDL. When used as collateral on crypto derivatives venues, tokenized T‑bill tokens or yield-bearing notes face materially higher haircuts than in U.S. Treasury repo, reducing available leverage and raising funding costs (e.g., Bybit lists USDY with a significant haircut while typical Treasury repo haircuts are near 0–2%); sources: Bybit Collateral Haircut schedule; Federal Reserve Bank of New York analysis on Treasury repo haircuts. Trading takeaway: these frictions affect on-chain basis trades, collateral efficiency, and DeFi yield allocation across ETH and stablecoin venues; desks should model collateral haircuts and redemption windows when sizing positions and liquidity buffers; sources: Galaxy Research 2024 Tokenized Treasuries market map; Coinbase Institutional research on RWA yields and DeFi liquidity.