Base

#7 of 33 networks by measured capital

$4.74B

1.4% of all measured capital · 10 instruments · 10 issuers

Tokenized treasuries 1%Stablecoins 99%bank_deposit_token 0%etf_equity 0%

As of 2026-09-14, OnChain Benchmark measures $4.74B of tokenized capital on Base, across 10 instruments from 10 issuers. Every figure is read from the chain — nothing is estimated.

01 · Tokenized treasuries

$62.03M — 1.3% of Base

3 instruments

Instrument	Measured on BASE	Share of chain
BENJIFranklin OnChain U.S. Government Money Fund Franklin Templeton	$59.66M	1.3%
USTBLSpiko US T-Bills Money Market Fund Spiko	$2.00M	0.0%
mTBILLMidas mTBILL midas_rwa	$367.10K	0.0%

02 · Stablecoins

$4.67B — 98.6% of Base

5 instruments

Instrument	Measured on BASE	Share of chain
USDCUSD Coin Circle	$4.27B	90.1%
USDeEthena USDe Ethena Labs	$353.36M	7.5%
EURCEURC circle_europe	$50.49M	1.1%

03 · bank_deposit_token

$1.00M — 0.0% of Base

1 instrument

Instrument	Measured on BASE	Share of chain
JPMDJPMorgan Deposit Token JPMorgan (Kinexys)	$1.00M	0.0%

04 · etf_equity

$1.90M — 0.0% of Base

1 instrument

Instrument	Measured on BASE	Share of chain
JSPXS&P 500 DeFi (Centrifuge) Anemoy Capital SPC Limited	$1.90M	0.0%

Coverage

What this figure does — and doesn’t — include.

We count a deployment only when we can read its supply onchain and value it with a real price. Figures are measured, not estimated.

Excluded on Base — 1 instrument

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

Methodology: how we measure · the full rated universe · chain quality ranking