Institutional Tokenized Fund Comparison
Compare governance structures, fees, technology, and performance across the leading institutional tokenized funds. Data updated quarterly.
Fund Overview Comparison — Q1 2026
| Fund | Issuer | AUM | Inception | Blockchain | Min. Investment | Yield (30-Day) |
|---|
| BUIDL | BlackRock | $1.2B | Mar 2024 | Ethereum + Multi-chain | $5M | 4.82% |
| FOBXX | Franklin Templeton | $720M | Apr 2021 | Stellar, Polygon | $1 | 4.78% |
| OUSG | Ondo Finance | $580M | Jan 2023 | Ethereum, Polygon | $100K | 4.75% |
| USDY | Ondo Finance | $420M | Aug 2023 | Ethereum, Solana | $500 | 4.68% |
| BENJI | Franklin Templeton | $340M | 2024 | Stellar, Polygon | $20 | 4.71% |
| WTGXX | WisdomTree | $180M | 2024 | Ethereum, Stellar | $1,000 | 4.65% |
Governance Structure Comparison
| Fund | Legal Structure | Domicile | Registration | Transfer Agent | Custodian |
|---|
| BUIDL | BVI LP | British Virgin Islands | None (exempt) | Securitize | BNY Mellon |
| FOBXX | Registered Fund | United States | SEC-registered (40 Act) | Franklin Templeton | JP Morgan / BNY |
| OUSG | BVI LP | British Virgin Islands | None (exempt) | Ondo Finance | Clear Street |
| USDY | Offshore SPV | Varies | None (exempt) | Ondo Finance | Morgan Stanley |
| BENJI | Registered Fund | United States | SEC-registered | Franklin Templeton | JP Morgan / BNY |
| WTGXX | Registered Fund | United States | SEC-registered | WisdomTree | State Street |
Technology Architecture Comparison
| Fund | Token Standard | Transfer Restrictions | Smart Contract Audit | Multi-Chain | DeFi Integration |
|---|
| BUIDL | ERC-20 (restricted) | Whitelist | Yes (multiple firms) | Yes (5+ chains) | Active |
| FOBXX | Custom (Stellar) | Whitelist | Yes | Yes (2 chains) | Limited |
| OUSG | ERC-20 (restricted) | Whitelist | Yes | Yes (2 chains) | Active |
| USDY | ERC-20 | Whitelist | Yes | Yes (2 chains) | Active |
| BENJI | Custom | Whitelist | Yes | Yes (2 chains) | Limited |
| WTGXX | ERC-20 (restricted) | Whitelist | Yes | Yes (2 chains) | Limited |
Fee Structure Comparison
| Fund | Management Fee | Other Expenses | Total Expense Ratio | Fee Governance |
|---|
| BUIDL | 0.20% | 0.30% | 0.50% | Manager discretion |
| FOBXX | 0.20% | 0.05% | 0.25% | Board oversight |
| OUSG | 0.15% | Variable | ~0.35% | Manager discretion |
| USDY | 0.35% | Included | 0.35% | Manager discretion |
| BENJI | 0.20% | 0.05% | 0.25% | Board oversight |
| WTGXX | 0.15% | Variable | ~0.32% | Board oversight |
Governance Scorecard
| Fund | Regulatory Strength | Custody Quality | Technology Maturity | Transparency | Institutional Access | Overall |
|---|
| BUIDL | Strong | Very Strong | Strong | Moderate | Institutional Only | A |
| FOBXX | Very Strong | Very Strong | Strong | Strong | Open | A+ |
| OUSG | Moderate | Strong | Strong | Moderate | Qualified | B+ |
| USDY | Moderate | Strong | Strong | Moderate | Open | B+ |
| BENJI | Very Strong | Very Strong | Strong | Strong | Open | A |
| WTGXX | Very Strong | Very Strong | Moderate | Strong | Open | A- |
Scoring Methodology
- Regulatory Strength: Registration status, regulatory oversight, compliance framework rigor
- Custody Quality: Custodian reputation, qualified custodian status, insurance coverage
- Technology Maturity: Smart contract audit coverage, multi-chain capability, operational track record
- Transparency: Reporting frequency, disclosure detail, on-chain verifiability
- Institutional Access: Minimum investment, investor qualification requirements, distribution breadth
Related Dashboards: Governance Market Data | DAO Governance Tracker
Deep Dives: BlackRock BUIDL Governance Case Study | Institutional Tokenized Fund Investment | Traditional vs. Tokenized Fund Governance | Franklin Templeton On-Chain | Securitize Governance Infrastructure | BlackRock Digital Assets | Institutional Tokenization Market Growth