RWAWeekly, Issue 1: $14.64B on the board, and where tokenized Treasuries live

Welcome to issue #1: our first board snapshot, where tokenized Treasuries actually live, and three tokenized-fund announcements.

1) The Number

62%

Share of the $7.66B held by the 8 tokenized US government-securities funds we measure that sits on chains other than Ethereum ($4.77B of $7.66B; Ethereum holds $2.90B, or 37.8%). Why it matters: tokenized Treasuries are no longer an Ethereum-only market, and where a fund lives affects which wallets and platforms can hold it.

Source: RWAWeekly board, per-chain supply × issuer NAV · As of Oct 14, 2026, 11:37 UTC · Info only, not advice

2) The Board

$14.64B

Distributed value on the RWAWeekly board, Oct 14, 2026 (first snapshot, no week-on-week change yet). 111 products with value (excludes 4 closed); exact total $14,640,645,677.

Product	Value
USYC · Circle Gov't securities fund	$2.38B
USDY · Ondo Note*	$2.07B
BUIDL · BlackRock Liquidity fund	$2.00B
WTGXX · WisdomTree Treasury MMF	$1.23B
BENJI · Franklin Templeton Gov't money fund	$672.6M
JAAA · Janus Henderson Anemoy CLO fund*	$666.2M
USTB · Superstate Gov't securities fund	$621.6M

*USDY (a note) and JAAA (a CLO fund) are not Treasury funds.

Represented value: $3.85B. Represented assets are recorded on-chain, but ownership is held off-chain or on permissioned ledgers, so they can't move freely between wallets. This line is never added to the headline.

Sources: RWAWeekly board (DefiLlama + on-chain supply × issuer NAV). Board data run of Oct 14, 2026, 11:37 UTC. Values are not performance and not a forecast. For a broader market view see RWA.xyz (linked for reference; its figures are not reproduced here). See the full board.

Where tokenized Treasuries live: the 8 US government-securities funds we measure hold $7.66B; 37.8% is on Ethereum and 32.5% on BNB Chain, across 10 chains.

Bar chart: value of the 8 tokenized US government-securities funds we measure, by chain, Oct 14, 2026. Ethereum $2,898.1M, BNB Chain $2,493.1M, Solana $890.3M, Avalanche $519.2M, Stellar $449.8M, XRP Ledger $185.2M, Arbitrum $74.2M, Base $69.1M, Polygon $58.3M, Optimism $27M. Source: RWAWeekly board, as of Oct 14, 2026, 11:37 UTC.

Chart source: RWAWeekly board, per-chain supply × issuer NAV · As of Oct 14, 2026, 11:37 UTC · Info only, not advice

Read: Tokenized Treasuries

3) New On-Chain

Announcements this week, all limited to eligible investors (terms differ).

Fidelity Treasury MMF access (DigiFT, chain not named): DigiFT says it has listed tokenized access to interests in a Fidelity-managed US Treasury money market fund, for institutional and accredited investors. Oct 6, 2026 · Wire copy of DigiFT's release (Media OutReach via Zawya)
USDGO Plus SP (2WA / OSL): a stablecoin-based market-neutral fund tokenized and held in custody by OSL, for eligible professional investors in Hong Kong. Oct 8, 2026 · OSL
Crest Fund and LBAF tokens (CMCC Global / Bitfinex Securities, El Salvador framework): subscriptions open to eligible investors until Oct 29, 2026. The Bitcoin fund holds a crypto asset, so it is not an RWA under our board definition. Oct 12, 2026 · Bitfinex Securities

4) Explainer

Distributed vs represented value

Some tokenized assets live on public blockchains as tokens that can move between wallets (usually wallets the issuer has whitelisted). We call that distributed value, and it's our headline number. Others are recorded on-chain, but ownership is actually held off-chain or on a permissioned ledger, so the tokens can't move freely. We call that represented value and show it on a separate line, never added to the headline. Why separate them? A token you can transfer, use as collateral or hold in a wallet behaves differently from a record that mirrors a register kept elsewhere. Adding the two together would overstate what is actually circulating on public chains. On Oct 14, 2026, distributed value on our board was $14.64B; represented value, where we have it, is shown separately on each product page. Methodology →

5) Regulation Radar

US (recent context, Sept 17, 2026): an SEC order issued Sept 17, 2026 (which Chairman Atkins calls the "Innovation Exemption") gives qualifying tokenized-securities venues a conditional exemption to trade tokenized NMS stocks on-chain, effective until Sept 17, 2031 (five years), and asks for public comment. SEC order, Release No. 34-106402 · Chairman Atkins' statement
EU and UK: no new MiCA or UK rules this week.
Why it matters: the order covers stocks, not the Treasury funds on our board, but it signals how the SEC is approaching on-chain trading of securities.

Information only. Not financial, investment, tax or legal advice. Eligibility varies by jurisdiction. Many tokenized products are securities restricted to qualified investors. In the US, this generally means accredited investors / qualified purchasers, as applicable. Nothing here is an offer or solicitation to buy or sell any product.