OCB Reference/Market
How big is the tokenized treasury market?
Tokenized U.S. treasuries have grown into a multi-billion-dollar, multi-chain market. Here's the current measured size — counted across every chain the funds live on, not just one.
OnChain Benchmark · Reference · figures update live
Tokenized U.S. treasuries are a multi-billion-dollar market spread across many blockchains. The figure below is the current measured supply of the treasury funds we track, counted across every chain each fund lives on — which matters, because a fund's supply is often split across several chains and a single-chain view undercounts it.
"How big is the market" sounds like it should have one obvious answer, but tokenized treasuries make it harder than it looks: the same fund can be issued on several blockchains at once, so counting only one chain misses most of it. The figure that matters is the supply reconciled across every chain a fund lives on.
What's the current size?
This is the current measured total for tokenized U.S. treasury funds, read live — it updates as supply moves:
across 31 measured funds, on 25 chains.
Measured supply · as of Aug 13, 2026
The number counts onchain supply across all the chains the funds are deployed on. Because supply moves daily and funds launch and grow, the total is a live read rather than a figure fixed at any one date.
Why do different sources give different numbers?
Two reasons. First, chain coverage: a source that only reads Ethereum will badly undercount a fund that keeps most of its supply on other chains. Second, pricing: some tokens rebase or accrue value rather than sitting at a flat $1, so valuing them at par understates them. The figure above reconciles supply across chains and values each fund on the right basis.
Where can I see the breakdown?
The per-fund and per-chain detail behind this total lives in the indexes and on each fund's instrument page.
- How big is the tokenized treasury market?
- Tokenized U.S. treasuries are a multi-billion-dollar market. The current measured total — the live supply of the treasury funds we track, reconciled across every chain they live on — is shown on this page and updates automatically.
- Why is the tokenized treasury market hard to size?
- Because a single fund is often issued on several blockchains at once, a source reading only one chain undercounts it. And some tokens accrue value rather than staying at $1, so valuing them at par understates them. An accurate total reconciles supply across chains and prices each fund correctly.
- What counts as a tokenized treasury?
- A token representing a share in a fund that holds short-dated U.S. government debt (or, more broadly, a tokenized money-market fund), issued and redeemable onchain. The figure here covers the treasury-fund asset class specifically.
- How often does the market size update?
- The figure on this page is read live from measured onchain supply, so it reflects the current total rather than a number fixed at a past date. It carries an 'as of' stamp for the most recent underlying read.
Last reviewed Jul 24, 2026 · figures read live