Tokenized T-Bills: what “same-day liquidity” looks like operationally

By CoinEpigraph RWA Desk • Oct 22, 2025 ET

“Same-day” in tokenized Treasuries isn’t magic; it’s sequencing. The cash leg, custody approvals, and venue hand-offs determine what settles when.

“Same-day liquidity” shows up a lot in tokenized T-bill marketing. In practice, the timeline depends on three pieces moving cleanly: the cash rail (often stablecoins), custody approvals, and the venue where primary or secondary transfers occur. When those align, capital can move from a wallet to a T-bill token and back to dollars within one business day; when they don’t, the promise collapses into ordinary settlement cycles.

Cash leg. Where the cash side lives in stablecoins with direct redemption and broad off-ramps, funds can be staged intra-day instead of waiting for wire/ACH cutoffs. That cuts the number of batch windows. The difference is operational: fewer calendar dependencies, shorter exception queues, and less time lost to “next business day.”

Custody. Approvals remain the longest pole. Even with tokens, sign-offs, allow-lists, and compliance checks gate movement. Custodians that natively support the stablecoin used for the cash leg reduce hops: fewer transfers between sub-accounts and fewer screens for ops teams. Where custody relies on separate systems for cash and assets, human latency creeps back in.

Venue. Primary issuance and secondary transfers can live on the same chain but still feel different. Issuance requires whitelists and documentation, while secondary transfers often use standardized allow-lists and predictable windows. Liquidity improves when market-makers can inventory tokens against stablecoin cash without juggling bridges or off-chain ledgers.

Observable tells when “same-day” is real rather than a headline:

• Intra-day mint/redeem cadence with regular, documented windows.
• Tight quotes in token–stable pairs during U.S. hours, with depth within ±1–2% of mid.
• Lower spread drift during routine stress (maintenance windows, macro prints).
• Clear redemption paths published by issuers and supported by custodians.

Limits are straightforward. Concentration (issuer or custodian) compresses timelines but adds single-point sensitivity to policy or operational incidents. Cutovers—chain upgrades, custody migrations—reintroduce exception handling even if the steady state is smooth. And cross-chain offers can fracture liquidity if bridges add delay.

Operationally, the token wrapper isn’t the differentiator; the rail choreography is. Where stablecoin cash legs, custody, and venue policies compose, “same-day” becomes ordinary—funds in the morning, position by the afternoon, exit later the same day if needed. Where any link breaks, tokenized bills inherit the same frictions as legacy flows.

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