A tokenized-T-bill-backed stablecoin with publicly tradeable protocol equity: Mechanism design and reference implementation

A tokenized-T-bill-backed stablecoin with publicly tradeable protocol equity: Mechanism design and reference implementation

A T-Bill-Backed Stablecoin You Can Buy Stock In The Opportunity Tokenized U.S. Treasury bills are coming on-chain. Products like BlackRock’s BUIDL, Ondo’s USDY, and OpenEden’s TBILL are early entrants in what will become a deep, liquid market for tokenized government debt. When that market matures, it creates a straightforward opportunity: a stablecoin fully backed by tokenized T-bills, where the yield from those T-bills flows not to a corporati…