RWAWeekly, Issue 3: $14.09B on the board, and a correction on Spiko's funds
Newsletter · By RWAWeekly team · Fri, Oct 30, 2026
Welcome to issue #3: our third board reading, a correction to Issue 2, and new tokenized funds from Janus Henderson, Aviva Investors, J.P. Morgan Asset Management and Generali.
By the RWAWeekly team
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Correction to Issue 2. After Issue 2 was written, we found the board was missing some chains for Spiko's EU T-Bills (EUTBL) and US T-Bills (USTBL) funds, mainly Stellar, plus Starknet, Etherlink and USTBL on Arbitrum. With all chains counted, the board total as of Oct 22, 2026, 14:55 UTC was $14.08B, not $13.74B. EUTBL moved from $256.5M to $528.6M and USTBL from $96.6M to $167.0M. The Issue 2 page carries a note.
1) The Number
$14.09B
Distributed value on the RWAWeekly board, across 110 products with value (excludes 7 closed or wound-down products), as of Oct 28, 2026, 03:20 UTC. After the Spiko fix, the board read $14.08B on Oct 22, 2026, so the measured total is about level week on week.
- Why it matters: Issue 2's $13.84B (Oct 21) was measured before the Spiko fix, so it is not like-for-like with this week's figure. The fair comparison is the corrected Oct 22 reading. The total measures what is on-chain; it is not a measure of performance.
Source: RWAWeekly board (DefiLlama + on-chain supply × issuer NAV). Exact total: $14,091,831,804 as of Oct 28, 2026, 03:20 UTC. Values are not performance and not a forecast. Info only, not advice.
2) The Board
Top 8 by distributed value, Oct 28 vs Oct 21, 2026.
| Product | Oct 28 | Oct 21 |
|---|---|---|
| USYC · Circle Gov't securities fund | $2.37B | $2.39B |
| USDY · Ondo Note* | $2.10B | $2.09B |
| BUIDL · BlackRock Liquidity fund | $2.03B | $2.03B |
| WTGXX · WisdomTree Treasury MMF | $759.6M | $859.9M |
| BENJI · Franklin Templeton Gov't money fund | $666.3M | $653.0M |
| JAAA · Janus Henderson Anemoy CLO fund* | $650.7M | $663.1M |
| EUTBL · Spiko EU T-bill MMF | $506.6M | n/a** |
| USTB · Superstate Gov't securities fund | $503.0M | $578.9M |
*USDY (a note) and JAAA (a CLO fund) are not Treasury funds. **EUTBL was undercounted on Oct 21 (see the correction above); its corrected Oct 22 value was $528.6M.
- New in the top 8: with all its chains counted, Spiko's EUTBL is now seventh.
- Biggest change: WTGXX's measured value is $759.6M, down from $859.9M on Oct 21. It is still fourth.
- Order: BENJI is back in fifth and JAAA sixth.
- Breadth: 29 chains carry at least $1M of products on the board. Ethereum carries the most, at $5.62B across 58 products, followed by BNB Chain at $2.73B and Solana at $1.74B.
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 28, 2026, 03:20 UTC; Oct 21 values from Issue 2 (as of Oct 21, 2026, 13:16 UTC). Values are not performance and not a forecast. For a broader market view see DefiLlama's RWA dashboard. See the full board · Closed / wound down.
3) New On-Chain
Announcements this week. Eligibility is limited and terms differ.
- JQQQ (Janus Henderson / Centrifuge, Stellar): a fund that seeks to track the Nasdaq-100 Index under license from Nasdaq, issued and managed by Janus Henderson, with Centrifuge providing the blockchain infrastructure. It launches on Stellar only. Oct 27, 2026 · Janus Henderson release
- Aviva Investors Sterling Liquidity Fund, tokenized share class (with Ripple, XRP Ledger): a tokenized share class of an Ireland-domiciled UCITS money market fund, the firm's second after its USD Liquidity Fund in July. Aviva says it has invested £50M in the new share class. Oct 26, 2026 · Aviva Investors
- MONY and JLTXX (J.P. Morgan Asset Management, Solana): the firm's two tokenized money market funds are now available on Solana to qualified US investors, through its Morgan Money platform. Oct 22, 2026 · J.P. Morgan Asset Management
- Generali Investments (Luxembourg money market fund): launched a natively tokenized class of an existing fund. It is reserved for Generali Group companies and is not available to other investors. Oct 21, 2026 · Generali Investments release (PDF)
4) Explainer
Why a missing chain matters
Many tokenized funds are issued on several blockchains at once. For an on-chain product, our board adds up the token supply on every chain we track and multiplies it by the issuer's published NAV. If one chain is missing from that list, the product's value is understated by whatever sits on that chain, even though nothing was sold. That's what happened with Spiko's two funds: a large share of their supply was on Stellar, which our count had not included. The fix lifted EUTBL from $256.5M to $528.6M on Oct 22. For Spiko's funds, we now also check the summed on-chain supply against the share count the issuer publishes. Every product page lists the chains included. Methodology →
Regulation Radar returns next week.
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Information only. Not financial, investment or legal advice. On-chain value is calculated from public supply and issuer-published NAV or equivalent, or taken from DefiLlama where noted. Holding a token does not constitute ownership of the underlying asset. Eligibility varies by jurisdiction. Many tokenized products are securities restricted to qualified investors. Nothing here is an offer or solicitation to buy or sell any product.
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