Not all tokenized US Treasuries are the same. Here’s a non-exhaustive list of areas investors should care about:

1. Cost
• Management Fee (Range: 0%–0.5%)
Example: BUIDL = 0.5%, while most blockchain with Foundation's strategic investment has a lower charge at 0.2%.
• Creation/Redemption Fee
Most products do not charge this fee, similar to mutual funds. Exceptions: Backed’s bIB01 and Ondo’s USDY.

2. Accessibility
A. Minimum Investment
• Many issuers target institutions/HNWIs, usually >$100k.
• Retail-accessible offering: Franklin Templeton’s BENJI ($20 min.).

B. Secondary Market
• Due to KYC/compliance, only a few allow transfers or secondary trading.
• Exceptions: USDY & USDM

Note: USDM is no longer active after Mountain Protocol was acquired by Anchorage.

3. Yield
A. Compounding
• Does the product reinvest yield daily or distribute monthly?

B. Rebasing vs Non-Rebasing
• For rebasing, the yield will be distributed via the issuing of additional share
• For non-rebasing, the yield will be distributed via the increase in the price per share

The common concern for rebasing structure is that it could be taxable as it is deemed as income.

4. Structure
Blockchain-native vs Wrappers
• Some are native on-chain funds (e.g. BENJI)
• Some are wrapper of a wrapper (e.g. bIB01 is a wrapper of an existing IB01 ETF)

Different structure will lead to different rights and legal claims for token holders.

5. Primary Market
A. Settlement Time
• Can be instant (via USDC) or T+1 - T+5.

B. Liquidity Facility
Any Liquidity buffer to support large redemptions

6. DeFi/CeFi Integration
A. Permissionless Products
• Supported across multiple DeFi protocols (e.g. Ondo’s USDY).
B. Permissioned/KYC Products
• For example: JTRSY from @centrifuge is integrated with @MorphoLabs and @aave Horizon as collateral.
C. CEX/Custodians Integration
• Some tokenized MMFs/Treasuries can be held on CEXs/Custodians and even used as collateral.

7. Number of Supported Chains
• How many supported chains for the asset. Most of the issuers nowadays support EVMs (Ethereum, Arbitrum, Base, Polygon, Avalanche, Optimism) and Aptos, Solana. And it would be great if issuers support cross-chain bridging like @Securitize leveraging @wormhole
• Optional: Stellar, Ripple

8. Transparency & Reporting
• Any oracles for reporting NAV such as using @chainlink /@redstone?

9. Legal and Regulations
• Is it registered with the SEC or is it an offshore product?
• Who are the counterparty for T-Bill custodian, Transfer agent etc.