BlackRock's BUIDL continues to dominate the tokenized Treasurys market with a 33% share, while Franklin Templeton, Ondo, and Circle are expanding their presence. Currently, access to these tokenized assets is primarily restricted to Qualified Purchasers. Redemption processes adhere to traditional cut-off times, and exchanges impose haircuts of approximately 10%, compared to 2% in repo markets. As the infrastructure supporting tokenized Treasurys develops, these discrepancies may begin to narrow.