How to Buy Tokenized Treasuries in 2026: Who Can Actually Invest

Start with who you are, not which fund

Most guides to tokenized treasuries open with a list of the biggest funds and their yields. That order sends readers straight to products many of them cannot legally buy.

The first question is which kind of investor you are, because that decides your options before yield, chain or brand enter the picture. This guide routes you by investor type, then walks through the steps. Every eligibility rule and minimum below comes from a fund's own offering materials or SEC filings, read on 15 September 2026. Several figures that circulate widely did not survive that check.

This is not investment or legal advice. Read each fund's offering documents before investing.

The three gates, in plain English

Accredited investor. Per the SEC, individuals qualify with net worth over $1 million excluding their primary residence, or income over $200,000, or $300,000 with a spouse or partner, in each of the prior two years with the same expected. Holders of certain securities licences, including the Series 7, 65 and 82, also qualify.

Qualified purchaser. A separate, higher category defined in Section 2(a)(51) of the Investment Company Act. Private funds that rely on the matching exemption can only accept qualified purchasers.

Offshore (Regulation S). Some funds are offered only to non-US persons, which keeps Americans out entirely while leaving the fund free to set rules for other countries.

Routing table

If you are a US retail investor

Franklin Templeton's OnChain U.S. Government Money Fund

Franklin's fund, ticker FOBXX, is a registered money market fund whose shares are represented as BENJI tokens, one share per token. Its prospectus, filed in July 2025, says the minimum initial purchase "for most accounts is $20," and that you may be subject to a higher minimum.

That higher minimum is where it gets interesting. The prospectus sets the minimum initial investment by blockchain network:

The same fund, the same shares, and a minimum that differs by 250,000 times depending on the chain. The prospectus notes that fluctuating transaction fees make some networks less efficient for smaller accounts, and that the fund may waive or change these minimums without notice.

The prospectus lists total annual operating expenses of 0.22 percent, or 0.20 percent after a fee waiver. Accounts are opened through the Benji app or an institutional web portal.

Why does the minimum depend on the blockchain?

Because moving tokens costs money, and that cost is not the same everywhere. On a network where each transaction is expensive, a tiny account can cost more to service than it is worth. Franklin's answer is to let small investors in on low-fee chains and reserve expensive chains for large ones.

The practical lesson generalises: the chain is part of the product. Before you buy any tokenized fund, check which networks it supports, whether the minimum differs between them, and whether your wallet can hold the token on the network you choose.

If you are a US accredited investor and qualified purchaser

Ondo OUSG

Ondo's OUSG page lists eligibility as accredited investors and qualified purchasers, offered under Regulation D Rule 506(c), with a US-domiciled issuer. Investors in eligible countries, including the US, can invest once onboarded to Ondo's qualified-access funds.

• Minimums: $5,000 minimum mint and $5,000 minimum redemption, both stated as instant with a 0 percent fee.
• Fees: a management fee capped at 0.15 percent, waived until 1 January 2027.
• Holdings: underlying assets valued at $334.27 million as of 14 September 2026, including BlackRock's BUIDL and a State Street Galaxy onchain liquidity fund.

A $100,000 minimum for OUSG is widely repeated. Ondo's own page says $5,000.

If you are a qualified purchaser or an institution

BlackRock BUIDL

BlackRock's USD Institutional Digital Liquidity Fund is offered through Securitize to qualified purchasers. Its SEC Form D filings list an exemption for funds limited to qualified purchasers and a Rule 506(c) offering.

The minimum is where published guides go wrong. BUIDL's most recent Form D amendment, signed on 23 July 2026, lists a minimum investment of $100,000, and its filings from March 2024 and July 2025 list the same figure. The $5 million minimum attributed to those filings in many articles does not appear in them. The July 2026 amendment reports $5.14 billion sold since the first sale in March 2024, a cumulative figure rather than current fund size.

If you live outside the US

Ondo USDY

Ondo's USDY eligibility page is stricter than its reputation as the option for non-US investors.

• Prohibited: residents of the United States and Canada, along with a list of sanctioned and restricted jurisdictions, cannot subscribe for, acquire or redeem USDY.
• Restricted: residents of the European Economic Area, the UK, Switzerland, Singapore, Hong Kong, Malaysia and Brazil may participate only if they meet professional client, qualified investor or equivalent status under local rules.

In practice, retail investors in most major markets cannot subscribe to USDY directly. We could not confirm USDY's current minimum investment from Ondo's documentation, so check it during onboarding.

What buying actually involves

The steps are broadly similar across funds, with differences in detail:

1. Confirm eligibility against the fund's own terms, using the gates above.
2. Complete identity verification. Every fund we checked requires onboarding, and qualified-access funds require proof of investor status.
3. Choose a network the fund supports, checking whether its minimum differs by chain.
4. Whitelist your wallet where required. Most tokenized funds restrict holding and transfers to verified wallets, so sending tokens to an unverified address may fail.
5. Subscribe with cash or stablecoins, depending on the fund.
6. Understand redemption before you need it: minimums, timing, and whether redemption runs through the issuer or a secondary market.

Tokens held in a compliant wallet are only as safe as that wallet. Our custody guide for tokenized assets covers institutional options, and our guide to vetting tokenization firms covers issuer diligence.

The market you are buying into

On 15 September 2026, rwa.xyz showed $15.65 billion in distributed tokenized treasury value, down 3.46 percent over thirty days, across 25 funds held by 77,925 holders.

Distributed value is what holders actually hold on-chain. Figures change daily, and higher numbers from mid-2026 coverage are still being quoted as current. For how these funds compare on structure and yield, see our tokenized treasury comparison; for how they differ from yield-bearing stablecoins, see our yield-bearing stablecoins guide.

Risks to weigh

Tokenized treasuries hold short-term government debt, but the wrapper adds risks a Treasury bill held at a broker does not have: smart contract risk, reliance on the issuer's redemption process, custody risk for the wallet, and transfer restrictions that limit exit routes. Registered money market funds seek a stable $1.00 value and say plainly they cannot guarantee it.

The legal plumbing is also changing. The SEC has proposed rules that would let a blockchain serve as a fund's official ownership record, which could strengthen the legal standing of on-chain holdings without changing who is eligible to buy.

Conclusion

The accessible routes are narrower than the market's size suggests. US retail investors have a registered-fund route through Franklin, with its chain-dependent minimums as the detail to watch. Accredited qualified purchasers can reach OUSG from $5,000. BUIDL's filings put its minimum at $100,000, not $5 million. And USDY is closed to the US and Canada and limited to professionals across much of Europe and Asia.

Check your status, check the chain, read the offering documents, and treat any minimum you read in a secondary source, including this one, as something to confirm with the issuer before you invest.

This guide is built from fund prospectuses and SEC Form D filings on EDGAR, issuer eligibility and product pages, the SEC's accredited investor guidance, and rwa.xyz registry data, all read on 15 September 2026 and linked inline. Where we could not verify a minimum or eligibility rule from a primary source, we say so rather than repeat a secondary figure. Minimums and eligibility rules change and may be waived or revised by issuers. This is not investment, tax or legal advice.