What you actually own when a real-world asset goes on-chain
Topic
Tokenized T-bill and money-market funds: which eligibility gates lock retail out, which products are genuinely open to ordinary investors, and the real net yield after fees.
Tokenised treasuries are sold as democratised access to T-bill yield. Most of the large funds require qualified purchaser status — $5 million in investments — before you can hold a single token. Here are the real thresholds and where they come from.
A short list, because it is a short list. USDY for non-US holders, BENJI and WTGXX for US retail inside issuer apps — what each one legally is, how the yield reaches you, and the honest comparison against a money market fund.