RWAWeekly, Issue 4: $23.18B on the rebuilt board, with gold tokens on top

Welcome to issue #4: a rebuilt board that now counts every value from our own on-chain reads, gold tokens at the top, the first users of DTCC's tokenization service, and a digitally native bond from the European Stability Mechanism.

By the RWAWeekly team

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1) The Number

$23.18B

Distributed value on the RWAWeekly board, across 54 products, as of Nov 4, 2026, 03:26 UTC. Tokenized Treasury products account for $12.45B of it.

• Why it matters: every value on the board is now our own read: on-chain token supply × the issuer-published NAV, or the gold price for gold tokens. Products we cannot value from our own data are not shown. This week we also added 42 products worth $13.14B, including two gold tokens. We also now subtract $212.9M of board products held by other board products (Ondo's OUSG holds BUIDL and BENJI; Midas's mTBILL holds USTB and BUIDL, per each issuer's published holdings), so the same assets are not counted twice. Because the coverage and method changed, this total is not comparable with the figure in Issue 3.
• Like for like: the 6 products on our own count at both ends of the week, with the same chains, moved −$218.1M (−3.6%) between Oct 28 and Nov 4. The total measures what is on-chain; it is not a measure of performance.

Source: RWAWeekly board (on-chain supply × issuer NAV; gold tokens: supply × the Chainlink XAU/USD price) and weekly changes. Exact total: $23,176,714,538 as of Nov 4, 2026, 03:26 UTC, after subtracting $212,889,272 of fund-of-fund holdings ([details and issuer sources](/products/#netted)). Excludes 1 closed product and 1 product whose reserves are counted under another product. Values are not performance and not a forecast. Info only, not advice.

2) The Board

Top 8 by distributed value, Nov 4, 2026.

*USDY is a note, not a Treasury fund. Gold tokens are valued at 1 token = 1 troy ounce × the Chainlink XAU/USD price.

• Gold at the top: with gold tokens now on the board, Tether Gold (XAUT) is first at $3.30B and PAX Gold (PAXG) sixth at $1.76B.
• Movers among products tracked both weeks: USDY +$18.0M (+0.8%); USYC −$134.0M (−5.6%); Superstate's USTB −$86.3M (−17.2%), now $416.7M; Spiko's EUTBL −$18.1M (−3.6%), now $488.5M.
• Coverage, not flows: BENJI's value includes Solana for the first time this week (+$301.9M). Chain additions like this are kept out of the movers above.
• Breadth: Ethereum carries the most, at $11.24B across 47 products, followed by BNB Chain at $4.51B across 14 and Stellar at $3.37B across 21.
• Outside the headline: tokenized stocks are listed in their own category with a subtotal of $187.9M and are not added to the total, along with crypto-strategy funds. Ethena's USDtb ($515.0M) holds BUIDL as its reserve, so it is listed but not counted twice.

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 and weekly changes, data as of Nov 4, 2026, 03:26 UTC vs Oct 28, 2026, 03:20 UTC. Values are not performance and not a forecast. See the full board · Closed / wound down.

See what changed this week

3) New On-Chain

Announcements from the past week. Eligibility is limited and terms differ.

• DTCC Tokenization Service (DTC, Canton and a private Besu network): DTC launched a service that mints tokenized representations of securities it holds in custody, which can be converted back to their traditional form. DTCC said 20 institutions signed up at launch. It has not published a total tokenized amount. Oct 28, 2026 · DTCC release
• Societe Generale (Canton): its Prime Services & Clearing division accepted $10M of US Treasuries tokenized during the DTCC service's soft launch as collateral, in what the bank calls a controlled transaction. Nov 2, 2026 · Societe Generale release (PDF)
• Morgan Stanley (DTCC service): said it has tokenized US equities and Treasuries through the service, among its first users. No amounts were given. Nov 4, 2026 · The Block
• European Stability Mechanism (Clearstream D7, Eurosystem Pontes): issued €1 billion of digitally native notes, a 3.375% bond maturing Apr 8, 2030, settled in central bank money through Pontes. It is the first benchmark issue by a European supranational to settle there. Nov 2, 2026 · Clifford Chance · Bundesbank

4) Explainer

Newly tracked vs organic change

When a board adds products, its total jumps even if nothing was bought or sold. That's why our weekly changes page splits the move into three parts. Organic change covers only the products on the board at both ends of the week, with the same chains and method: this week, −$218.1M. Newly tracked is the value of products added in the window: 42 products and $13.14B, led by Tether Gold. Coverage changes are chains added to products already on the board, like BENJI on Solana. Only the organic part tells you about money moving in or out. The other two tell you about what we can now see. Methodology →

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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. 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.