Ratings / Tokenized treasuries
Tokenized treasuries measured onchain
$12.92B
4.2% of all measured capital17 instruments15 chains
Funds holding short-duration US government debt, issued as onchain tokens. The largest category of tokenized real-world assets, and the one institutions allocate to first.
As of 2026-07-31, OnChain Benchmark measures $12.92B across 17 instruments from 14 issuers.
01 · The instruments
All 17 tokenized treasuries we measure.
| Instrument | Measured | Share | Chains |
|---|---|---|---|
USYCHashnote US Yield Coin Hashnote / Circle | $3.00B | 23.3% | BNB Chain, Ethereum |
BUIDLBlackRock USD Institutional Digital Liquidity Fund BlackRock / Securitize | $2.67B | 20.6% | Ethereum, Solana, Avalanche +5 |
USDYOndo U.S. Dollar Yield Ondo Finance | $2.12B | 16.4% | Ethereum, Stellar, Sei +4 |
JTRSYJanus Henderson Anemoy Treasury Fund Anemoy Capital SPC Limited | $870.68M | 6.7% | Ethereum |
JLTXXJPMorgan OnChain Liquidity-Token Money Market Fund JPMorgan Asset Management | $812.16M | 6.3% | Ethereum |
WTGXXWisdomTree Government Money Market Digital Fund WisdomTree | $765.04M | 5.9% | Ethereum, Arbitrum, Stellar |
USTBInvesco Short Duration US Government Securities Fund Superstate | $734.40M | 5.7% | Ethereum, Plume, Solana |
BENJIFranklin OnChain U.S. Government Money Fund Franklin Templeton | $724.50M | 5.6% | Stellar, Base, Arbitrum +4 |
OUSGOndo Short-Term U.S. Government Bond Fund Ondo Finance | $381.39M | 3.0% | XRP Ledger, Ethereum |
TBILLOpenEden T-Bills OpenEden Labs | $255.93M | 2.0% | BNB Chain, XRP Ledger, Ethereum +2 |
VBILLVanEck Treasury Fund vaneck | $192.06M | 1.5% | Avalanche, BNB Chain, Ethereum +1 |
USTBLSpiko US T-Bills Money Market Fund Spiko | $146.21M | 1.1% | Ethereum, Stellar, Arbitrum +2 |
MONYMy OnChain Net Yield Fund J.P. Morgan Asset Management | $102.21M | 0.8% | Ethereum |
mTBILLMidas mTBILL midas_rwa | $55.11M | 0.4% | Ethereum, Base |
GBENJIFranklin OnChain Global Government Money Fund Franklin Templeton | $54.55M | 0.4% | Stellar |
SGBENJIFranklin OnChain U.S. Dollar Short-Term Money Market Fund Franklin Templeton | $30.36M | 0.2% | Stellar |
XTBTOpenTrade Flexible Term USDC Vault opentrade | $1.03M | 0.0% | Avalanche, Ethereum |
02 · Where it lives
Tokenized treasuries by chain.
Ethereum
$6.03B
46.7% of tokenized treasuries
BNB Chain
$3.25B
25.1% of tokenized treasuries
Stellar
$1.13B
8.8% of tokenized treasuries
Solana
$851.76M
6.6% of tokenized treasuries
Avalanche
$808.03M
6.3% of tokenized treasuries
Sei
$257.87M
2.0% of tokenized treasuries
XRP Ledger
$242.57M
1.9% of tokenized treasuries
Arbitrum
$118.56M
0.9% of tokenized treasuries
Coverage
What this figure does — and doesn’t — include.
We count an instrument only when we can read its supply onchain andvalue it with a real price. Anything we can’t stand behind is left out rather than estimated — so this figure is a floor, not a guess.
Excluded — 3 instruments
ABUTFBlackRock ICS US Treasury Fund
no price feed yet, so its supply cannot be valued
CUMIUChinaAMC USD Digital Money Market Fund
priced at a placeholder $1 rather than a real NAV read — excluded rather than publish a fabricated figure
EUTBLSpiko EU T-Bills Money Market Fund
denominated in a non-USD currency; we do not convert FX here, so it is excluded rather than counted at the wrong USD value