RWAWeekly, Issue 2: $13.84B on the board, and why it reads lower than Oct 14
Newsletter · By RWAWeekly team · Fri, Oct 23, 2026
Welcome to issue #2: our second board reading and why it is lower than the first, three status changes, DTCC's tokenization plans and a new US stablecoin rule.
Correction, Oct 22: after this issue was written, we found the board was missing some chains for Spiko EUTBL and USTBL. With all chains counted, the board total is $14.08B as of Oct 22, 2026.
By the RWAWeekly team
1) The Number
$13.84B
Distributed value on the RWAWeekly board, across 108 products with value (excludes 7 closed or wound-down products), as of Oct 21, 2026, 13:16 UTC. On Oct 14, 2026, 11:37 UTC, our first snapshot measured $14.64B across 111 products, excluding 4. That is $799.3M less in measured value. The two totals are not like-for-like, because the board now excludes three more products (see The Board).
- Why it matters: a board total moves when token supply changes, when the issuer's NAV changes, or when products join or leave the count. This week the count changed (three more exclusions), and the measured values of products still counted moved too. The total measures what is on-chain; it is not a measure of performance.
Source: RWAWeekly board (DefiLlama + on-chain supply × issuer NAV). Exact totals: $13,841,337,991 as of Oct 21, 2026, 13:16 UTC; $14,640,645,677 as of Oct 14, 2026, 11:37 UTC (Issue 1). Values are not performance and not a forecast. Info only, not advice.
2) The Board
Top 7 by distributed value, Oct 21 vs Oct 14, 2026.
| Product | Oct 21 | Oct 14 |
|---|---|---|
| USYC · Circle Gov't securities fund | $2.39B | $2.38B |
| USDY · Ondo Note* | $2.09B | $2.07B |
| BUIDL · BlackRock Liquidity fund | $2.03B | $2.00B |
| WTGXX · WisdomTree Treasury MMF | $859.9M | $1.23B |
| JAAA · Janus Henderson Anemoy CLO fund* | $663.1M | $666.2M |
| BENJI · Franklin Templeton Gov't money fund | $653.0M | $672.6M |
| USTB · Superstate Gov't securities fund | $578.9M | $621.6M |
*USDY (a note) and JAAA (a CLO fund) are not Treasury funds.
- Biggest change in the top 7: WTGXX's measured value is $859.9M, down from $1.23B on Oct 14. It is still fourth.
- Order: JAAA is now fifth and BENJI sixth; they were the other way round on Oct 14.
- Status changes: three more products are now excluded from the total under our rule: a product with status Closed, Winding down or In liquidation is excluded at any value. RealT Tokens is shown as In liquidation (litigation pending). RealT announced the liquidation on a community call on Jul 2, 2026; we have found no court filing. Tangible RWA and Tangible USTB are shown as Winding down, with no closure date published. Their pages stay up with a status banner. Two products, Bondlink Finance and NAOS Finance, are flagged "Status unconfirmed".
- Breadth: 29 chains carry at least $1M of products on the board.
Represented value (assets recorded on-chain, but with ownership held off-chain or on permissioned ledgers) is shown per product on the board and is never added to the headline.
Sources: RWAWeekly board (DefiLlama + on-chain supply × issuer NAV), data as of Oct 21, 2026, 13:16 UTC; Oct 14 values from Issue 1 (as of Oct 14, 2026, 11:37 UTC). Status as shown on the board on Oct 21, 2026. 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 · Closed / wound down.
3) New On-Chain
Announcements this week. Eligibility is limited and terms differ.
- VALTS (Victory Park Capital / Tradable, Stellar): a tokenized feeder fund giving access to Privacore VPC Asset Backed Credit Fund, an interval fund focused on private asset-backed credit. It is for qualified purchasers in the US, and tokens can move only between pre-approved investors. Oct 15, 2026 · Victory Park Capital
- DTCC Tokenization Service (Canton Network and DTCC's private Besu network at launch; Stellar and Circle's Arc anticipated in 2027): DTCC set out its launch scope. 25 securities will be available to tokenize at launch, each token backed 1:1 by a security held at DTC, with transfers around the clock between DTC-registered wallets on the same chain. DTCC describes about $30T of assets as available to be tokenized. As of the TSN report, the service had not yet launched. Oct 17, 2026 · DTCC one-pager (PDF) · TSN report
4) Explainer
Why a board total can fall when nothing was sold
Our headline is distributed value: for each product, either DefiLlama's figure or the on-chain token supply multiplied by the issuer's published NAV. Three things move it. First, supply: tokens are minted when investors subscribe and burned when they redeem. Second, NAV: the issuer's price per token. Some funds, such as BUIDL, hold it at $1.00; others, such as USYC, publish a NAV that changes. Third, the count itself. When a product is closed, winding down or in liquidation, we take it out of the total, rankings and chain totals, while its page stays up. Between Oct 14 and Oct 21 the count changed, and so did the measured values of products still counted. That's why we say "change in measured value" rather than "growth" or "decline". The total describes what is on-chain at a stated time; it is not a return. Every product page shows which method we used. Methodology →
5) Regulation Radar
- US (Oct 21, 2026): the OCC issued its final rule implementing the GENIUS Act for payment stablecoin issuers under its jurisdiction and for certain custody activities by OCC-supervised banks. It covers reserves, redemption and risk management. The rule takes effect Jan 18, 2027. Anti-money-laundering and sanctions rules will follow in a separate rulemaking with Treasury. OCC news release 2026-92 · OCC Bulletin 2026-50
- EU (recent context, Oct 9, 2026): ESMA opened a call for evidence on whether, and under what conditions, EU central counterparties could use tokenized collateral. Responses are due by Jan 15, 2027. ESMA
- UK: no new UK rules this week.
- Why it matters: stablecoins are a common settlement asset for tokenized funds (VALTS, above, expects to make distributions to investors' wallets in stablecoin), so the OCC rule sets standards for one of the market's settlement assets. ESMA's paper is an early step on whether tokenized assets can serve as collateral in EU clearing.
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.
Weekly tokenized real-world-asset data, free.
We'll only use your email to send the newsletter. Unsubscribe anytime.