Which chain has the most USTBL?

The live supply-by-chain figures on this page rank the chains by how much USTBL sits on each. The split shifts as holders mint, redeem, and bridge, so the current measured figures — read live from onchain data — are the accurate answer.

How is USTBL's supply measured across chains?

As decimals-normalized USD supply per chain, taken from the same authoritative by-chain rollup the fund's instrument page uses. Multiple deployments on one chain are summed into that chain's total, and chains with no measured supply are shown as not measured rather than as zero, so the split reflects real measured supply.

How is USTBL different from EUTBL?

Both are Spiko tokenized Treasury-bill money-market funds, but USTBL is US-dollar-denominated and holds US T-bills, while EUTBL is euro-denominated and holds EU Treasury bills. They also have different cross-chain footprints — the per-chain split on each page shows where each one's supply actually sits.

Is USTBL the same fund on every chain?

Yes — it's issued as the same fund across its chains, and OnChain Benchmark aggregates supply across all of them, and holder concentration across the chains where we hold holder data, for a single view. The per-chain split shows how that one fund's supply is distributed, while its concentration is measured across the chains where we hold holder data.

OnChain Benchmark Reference/Market

What chains is USTBL on, and how much sits on each?

Spiko's US Treasury-bill fund is issued on several chains. Here is USTBL's supply by chain, measured live — and why the spread is worth knowing.

OnChain Benchmark · Reference · figures update live

The short answer

USTBL — Spiko's EU-regulated UCITS tokenized US Treasury-bill money-market fund, audited quarterly by PwC — is issued as the same fund across several blockchains. The live breakdown below shows how much of USTBL's measured supply sits on each chain, read from current onchain data and aggregated across every deployment — a cross-chain view no single-chain explorer can give you.

A tokenized fund isn't pinned to one chain the way a traditional fund is pinned to one registrar. USTBL is issued as the same fund across multiple blockchains, and the amount on each moves as holders mint, redeem, and bridge. So "what chains is USTBL on" is really two questions: which chains, and — the more useful one — how much on each.

How is USTBL's supply split across chains?

Here is USTBL's measured supply by chain, read live. Each figure is decimals-normalized USD supply from the same onchain measurement the fund's instrument page uses — so this split reconciles with the published fund figures rather than a separate estimate:

USTBL supply by chainLive

Ethereum$83.9M52.3%

Stellar$37.5M23.4%

Arbitrum$20.1M12.5%

Polygon$14.0M8.7%

Etherlink$3.2M2.0%

Base$1.7M1.1%

Measured supply by chain · read live

Why does a distributed footprint matter?

A fund whose supply is spread across several chains, rather than anchored to one, has its redemption, collateral, and liquidity activity distributed across ecosystems too. That breadth means more venues to account for and more bridging exposure than a single-chain fund carries — the kind of structural fact about a token that a per-chain explorer, looking at one deployment, will never surface. USTBL is Spiko's US-denominated fund; its euro-denominated sibling has a different footprint again — see what chains is EUTBL on.

How does this relate to USTBL's rating?

The cross-chain distribution feeds the holder-concentration and supply picture that goes into USTBL's quality rating. Supply is measured across all chains together and concentration across the chains where we hold holder data (the instrument page lists them), so the aggregate rating reflects the multi-chain footprint we can observe; the per-chain split here is the "where" that sits underneath those numbers. For the wider view of which chains hold the most tokenized RWA overall, see which blockchain has the most tokenized RWA.

Questions & answers

What chains is USTBL on?: USTBL — Spiko's EU-regulated UCITS tokenized US Treasury-bill money-market fund — is issued as the same fund across several blockchains. The live per-chain breakdown on this page shows how much of USTBL's measured supply sits on each chain, aggregated across every deployment and read from current onchain data.
Which chain has the most USTBL?: The live supply-by-chain figures on this page rank the chains by how much USTBL sits on each. The split shifts as holders mint, redeem, and bridge, so the current measured figures — read live from onchain data — are the accurate answer.
How is USTBL's supply measured across chains?: As decimals-normalized USD supply per chain, taken from the same authoritative by-chain rollup the fund's instrument page uses. Multiple deployments on one chain are summed into that chain's total, and chains with no measured supply are shown as not measured rather than as zero, so the split reflects real measured supply.
How is USTBL different from EUTBL?: Both are Spiko tokenized Treasury-bill money-market funds, but USTBL is US-dollar-denominated and holds US T-bills, while EUTBL is euro-denominated and holds EU Treasury bills. They also have different cross-chain footprints — the per-chain split on each page shows where each one's supply actually sits.
Is USTBL the same fund on every chain?: Yes — it's issued as the same fund across its chains, and OnChain Benchmark aggregates supply across all of them, and holder concentration across the chains where we hold holder data, for a single view. The per-chain split shows how that one fund's supply is distributed, while its concentration is measured across the chains where we hold holder data.

Last reviewed Sep 9, 2026 · figures read live