Dune Flags Yield Shortfall at Tokenized Money Funds

The gap matters less as a single number than as a structural point: in tokenized treasuries, the wrapper's costs and liquidity design sit between holders and the underlying yield, so the on-chain product can lag the plain benchmark even when the collateral is identical. That puts the burden on issuers to be explicit about fee drag and redemption terms, since these products are typically held for yield rather than trading. Whether the shortfall narrows as these vehicles scale, or proves persistent, is the open question.