Design a tokenized US Treasury or money market fund product covering fund structure, custody, NAV mechanics, on-chain distribution, and competitive positioning against BlackRock BUIDL, Ondo OUSG, and Franklin Templeton FOBXX.
## CONTEXT Tokenized US Treasury products have grown from under 100 million USD in early 2023 to over 7 billion USD by Q1 2026, led by BlackRock's BUIDL (over 2.5 billion USD AUM), Ondo Finance OUSG and USDY, Franklin Templeton FOBXX, Hashnote USYC (acquired by Circle), Superstate USTB, Mountain Protocol USDM, and…
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