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Tokenized cash and Treasuries

Lesson 2 of 4

By the end of this lesson you’ll be able to explain how a tokenized money fund works, who is allowed to hold one and how they get out, and where the US, EU and UK rules on tokenized securities stood on 6 November 2026.

A collage of an old deep blue railway carriage hanging from a single cable strung between two tall rock spires. A huge crowd on the gray plain below watches it pass overhead, seen from behind, with the nearest heads filling the bottom of the picture.

Two ways into US government debt

Franklin Templeton’s money fund sets a $20 minimum for US investors. BlackRock’s BUIDL sets a $5 million minimum and admits only the wealthiest class of investor under US law.

Both own short-dated US government debt and record their shares as tokens on public blockchains.

Two matching columns in the same grey. On the left, a box reading $20 minimum, for US residents, leads to Franklin's fund, then to its custodian, JPMorgan Chase Bank. On the right, a box reading $5 million minimum, for the very wealthy, leads to BUIDL, then to its custodian, Bank of New York Mellon. Both custodians lead down to one band reading US government debt.

Both ways lead to a custodian holding US government debt. Each fund sets who may come in, and many readers qualify for neither.

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Tokenized cash and Treasuries

Two ways into US government debt

Continue with The Crossover Pro

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