Tokenized Treasuries market size

Board data · refreshed with each data run · as of Oct 29, 2026, 05:15 UTC

Tokenized Treasuries and other tokenized government-securities products hold $10.78B on the RWAWeekly board: 31 products, 76.9% of the $14.02B board total, as of Oct 29, 2026, 05:15 UTC. The 8 US government funds we measure directly on-chain account for $7.02B of it (State of tokenized Treasuries).

By product

#	Product	Token	Value	Share	Chains
1	Circle USYC (Hashnote Short Duration Yield Fund)	USYC	$2.37B	22.0%	3
2	Ondo US Dollar Yield	USDY	$2.11B	19.6%	6
3	BlackRock USD Institutional Digital Liquidity Fund	BUIDL	$2.02B	18.8%	7
4	WisdomTree Treasury Money Market Digital Fund	WTGXX	$760.3M	7.1%	5
5	Franklin OnChain U.S. Government Money Fund	BENJI	$666.4M	6.2%	6
6	Spiko EU T-Bills Money Market Fund	EUTBL	$504.8M	4.7%	7
7	Ethena USDtb	USDtb	$474.4M	4.4%	1
8	Superstate USTB (Invesco Short Duration US Government Securities Fund)	USTB	$471.7M	4.4%	1
9	Ondo Short-Term US Government Treasuries	OUSG	$320.5M	3.0%	2
10	Janus Henderson Anemoy Treasury Fund	JTRSY	$239.0M	2.2%	5
11	R25		$196.8M	1.8%	2
12	Spiko US T-Bills Money Market Fund	USTBL	$169.2M	1.6%	7
13	J.P. Morgan My OnChain Net Yield Fund	MONY	$103.1M	1.0%	1
14	Frax USD		$100.5M	0.9%	1
15	Usual USD0		$83.0M	0.8%	1
16	Sky RWA		$65.0M	0.6%	1
17	stUSDT		$56.3M	0.5%	2
18	Clearpool TPOOL		$23.5M	0.2%	2
19	Sygnum FIUSD Liquidity Fund		$15.3M	0.1%	1
20	Theo Network thBill		$11.8M	0.1%	6
21	Vault Street		$7.6M	0.1%	1
22	HiYield		$1.7M	0.0%	2
23	Solayer USD		$707K	0.0%	1
24	Arca Labs ArCoin		$455K	0.0%	1
25	Usual EUR0		$228K	0.0%	1
26	Fortunafi		$144K	0.0%	4
27	wstGBP		$111K	0.0%	1
28	TProtocol V1		$73K	0.0%	1
29	TProtocol V2		$33K	0.0%	1
30	TruCore		$11K	0.0%	1
31	Sweep		$8K	0.0%	7

By blockchain

Chain	Value	Share
Ethereum	$4.34B	40.3%
BNB Chain	$2.61B	24.2%
Stellar	$1.27B	11.8%
Solana	$1.06B	9.8%
Avalanche	$518.8M	4.8%
Arbitrum	$263.4M	2.4%
Pharos	$188.5M	1.7%
XRP Ledger	$185.5M	1.7%
Polygon	$105.4M	1.0%
Base	$86.1M	0.8%
Tron	$54.5M	0.5%
Optimism	$26.5M	0.2%
Flare	$23.4M	0.2%
zkSync Era	$15.3M	0.1%
Starknet	$10.9M	0.1%
Sui	$8.3M	0.1%
Monad	$5.7M	0.1%
Etherlink	$4.9M	0.0%
Stable	$4.0M	0.0%
Mantle	<$1M	0.0%
Blast	<$1M	0.0%

Method and sources

This page counts every live product in the board's Treasury and government-securities category, including Treasury-backed dollar tokens; closed and wound-down products are excluded. For the funds we read on-chain, value is token supply on each chain × the issuer's published NAV; for the rest it is the value DefiLlama reports. The chain split uses the same two sources, so it can differ from the category total by rounding. Issuers are named in the product names; we do not hold a separate issuer field. Values are point-in-time, not performance.

DefiLlama (open data)
Public RPC on-chain supply; issuer NAV documents

Questions and answers

How big is the tokenized Treasuries market?

$10.78B across 31 products on the RWAWeekly board, as of Oct 29, 2026, 05:15 UTC.

Which tokenized Treasury product is largest?

Circle USYC (Hashnote Short Duration Yield Fund), at $2.37B (22.0% of the category).

Which blockchain holds the most tokenized Treasuries?

Ethereum, with 40.3% of the value, then BNB Chain (24.2%) and Stellar (11.8%).

Why is this larger than the State of tokenized Treasuries figure?

That article covers the 8 US government money funds we measure on-chain ($7.02B). This page also counts other Treasury-backed products on the board, such as yield-bearing dollar tokens and non-US T-bill funds.

How often does it update?

With each RWAWeekly data run, usually daily.

State of tokenized Treasuries · Tokenized Treasuries by chain · Tokenized money market funds · Product board · All chains

Source: DefiLlama (DefiLlama open API (free tier)); Public RPC on-chain supply; issuer docs (Public on-chain facts; issuer docs for contract addresses). As of: Oct 29, 2026. Methodology · Sources & licences
On-chain supply via public RPC; contract addresses from issuer documentation. Data: DefiLlama (defillama.com).