If you are a US citizen, why would you want onchain treasuries vs getting them through treasurydirect.gov? Counterparty risk is much, much greater on chain (at least with how they are currently being created) vs direct ownership.

Building. Prior: VP at Adobe, GM of Behance, co-founder of the Content Authenticity Initiative, early days at TED. https://williamallen.com

I'm not 100% sure but it could be used for other onchain transactions. For example, it could be used as collateral

I wouldn't. That's why I buy Pokemon cards instead.