Tokenized Treasuries: 8 on-chain US government funds hold $7.5B

What tokenized Treasury funds are, how much the 8 US Treasury and government-securities funds we measure on-chain hold, and on which chains: 51.7% of our board. A scoped count, not a market total.

By Quill · 2026-10-14 · Data as of 14 Oct 2026 (RWAWeekly board snapshot)

The big picture: eight tokenized US Treasury and government-securities funds that we measure directly on-chain hold $7.48B in distributed value between them. That is 51.7% of the $14.46B distributed value on the RWAWeekly board today: 123 products are on the board, 113 with value. This is a scoped count, not a market total. For the wider market view, see RWA.xyz (linked for reference; we do not reproduce its figures).

Why it matters: these eight funds account for just over half of the distributed value on our board, and the value is concentrated: the top two, USYC and BUIDL, hold 58.7% of the eight. The Bank for International Settlements (BIS) also names tokenised government bonds as part of the foundation of a future tokenised financial system.

What a tokenized Treasury fund is

A tokenized Treasury fund is a conventional fund, typically holding short-term government securities, whose shares are represented as tokens on a blockchain. The token is a record of a share in the fund. Holding the token does not mean holding the bonds directly. Each fund's legal terms, eligibility rules and redemption process are set out in its offering documents.

The BIS describes tokenisation as "the process of recording claims on real or financial assets that exist on a traditional ledger onto a programmable platform". It describes "the trilogy of tokenised central bank reserves, tokenised commercial bank money and tokenised government bonds, all residing on a unified ledger" as "a key step" towards a next-generation monetary system. Source: BIS Annual Economic Report 2025, Chapter III, published 2025-06-29.

The board: US Treasury and government-securities funds

[Chart placeholder · brandchart bar_chart · id rwa-treasuries-8-funds] Tokenized US Treasury and government-securities funds. Distributed value, $M, 8 funds we measure on-chain. Source: RWAWeekly board (Forge), on-chain supply × issuer NAV · As of 14 Oct 2026 · Info only, not advice

Fund	Value	Share
USYC Circle USYC (Hashnote Short Duration Yield Fund)	$2,384.5M	31.9%
BUIDL BlackRock USD Institutional Digital Liquidity Fund	$2,003.9M	26.8%
WTGXX WisdomTree Treasury Money Market Digital Fund	$1,230.8M	16.5%
BENJI Franklin OnChain U.S. Government Money Fund	$672.6M	9.0%
USTB Superstate USTB (Invesco Short Duration US Government Securities Fund)	$621.2M	8.3%
JTRSY Janus Henderson Anemoy Treasury Fund	$334.7M	4.5%
OUSG Ondo Short-Term US Government Treasuries	$134.2M	1.8%
USTBL Spiko US T-Bills Money Market Fund	$96.7M	1.3%
Total, 8 funds	$7,478.6M	100%

Related products, shown separately (not in the total above)

Product	Value	Why separate
USDY Ondo US Dollar Yield	$2,070.5M	A yield-bearing note, not a fund share
EUTBL Spiko EU T-Bills Money Market Fund	$375.2M	Euro-area bills, not US Treasuries; valued in USD via an on-chain EUR/USD feed
MONY J.P. Morgan My OnChain Net Yield Fund	$103.0M	Money market fund; portfolio make-up not verified by us
JAAA Janus Henderson Anemoy AAA CLO Fund	$666.2M	CLO fund (corporate credit), not government securities

Including USDY, EUTBL and MONY, the wider group of Treasury and government-linked products comes to $10,027.4M (69.4% of the board).¹ JAAA is excluded from every Treasury figure.

¹ Calculated on unrounded values: $10,027,399,806 ÷ $14,456,007,736 = 69.36%.

Distributed value means tokens that live on public blockchains and can move between wallets. It is our headline measure. Represented value means assets recorded on-chain whose ownership is held off-chain or on permissioned ledgers. None is recorded for any of these products in our dataset.

Source: RWAWeekly board (Forge), computed as on-chain token supply × net asset value per token, as of 2026-10-14. Supply is read from the issuers' contracts through public RPC endpoints, using contract addresses taken from issuer documentation, for example Circle, BlackRock, WisdomTree, Franklin Templeton, Superstate, Centrifuge, Ondo and Spiko. Values are point-in-time snapshots, not performance figures.

How each value is built

Token	Supply	NAV	NAV source
USYC	2,091.3M	$1.1402	On-chain oracle
BUIDL	2,003.9M	$1.00	Stable $1.00 policy
WTGXX	1,230.8M	$1.00	Stable $1.00 policy
BENJI	672.6M	$1.00	Stable $1.00 policy
USTB	55.27M	$11.24	On-chain oracle
JTRSY	299.1M	$1.1191	On-chain oracle
OUSG	1.148M	$116.89	OndoOracle (on-chain)
USTBL	88.0M	$1.0992	On-chain oracle

Two designs are at work. Stable-NAV funds (BUIDL, WTGXX, BENJI) keep each token at $1.00, so the token count equals the dollar value. Accumulating funds (USYC, USTB, JTRSY, OUSG, USTBL) let the price per token change as the fund's value changes, so their dollar value is supply × NAV.

Where the tokens live

Chain concentration varies widely. Share of each fund's measured supply, by chain: - USYC: BNB Chain 98.4%, Ethereum 1.6%. - BUIDL: Solana 44.4%, Avalanche 24.1%, Ethereum 21.8%, BNB Chain 7.3%, Optimism 1.3%, Polygon 0.6%, Arbitrum 0.4%. - WTGXX: Ethereum 98.5%, Arbitrum 1.4%, others under 0.2%. - BENJI: Stellar 66.9%, Base 8.9%, Ethereum 7.2%, Arbitrum 7.1%, Avalanche 5.1%, Polygon 4.8%. - USTB: Ethereum 100% (the only chain we measure). - JTRSY: Ethereum 97.6%, Base 2.1%, BNB Chain 0.3%. - OUSG: Ethereum 100%; its Polygon and Solana contracts show close to zero supply where we measure them. - USTBL: Ethereum 83.3%, Polygon 14.6%, Base 2.1%.

[Chart placeholder · brandchart bar_chart · id rwa-treasuries-chain-split] Where the largest funds live. % of measured supply by chain, stacked, BUIDL / USYC / BENJI. Source: RWAWeekly board (Forge), on-chain supply × issuer NAV, per-chain supply · As of 14 Oct 2026 · Info only, not advice

Source: per-chain supply from the issuer contract addresses above, as of 2026-10-14.

What the numbers don't tell you

Not a full market count. We include only products whose contracts and NAV we can verify from issuer documentation: 12 on-chain products, eight of which are in the Treasury total. Other Treasury-backed products may appear on our board through DefiLlama data and are not included in these tables.
No week-on-week change yet. Our on-chain series starts on 2026-10-14. Changes will appear in future weekly updates.
Not yields or returns. NAV per token is not a yield and not a forecast.
Risks exist. These can include smart-contract and custody risk, redemption limits, eligibility restrictions and regulatory change. Each product's offering documents set out its risks.
Other sources measure differently. For a broader view of the market built on a different method, see RWA.xyz. We link to it for reference and do not reproduce its figures.