Tokenized Treasuries Snapshot: $10.8 Billion Reported, and Three Tokens Hold 64% of It

A tokenized Treasury is a token that stands for a claim on short-term US government debt. Most are shares in a fund, often a money-market fund. That is a fund that holds very short-term debt. Some of these funds keep a steady $1.00 share price. In others, the price rises as interest builds up. Some tokens are notes instead: IOUs from the issuer. Ondo says its USDY note may be secured by short-term Treasuries, shares of a short-term Treasury ETF, or bank deposits, depending on when it was issued. We pulled the numbers for the largest ones we could find. We also checked who each issuer says may buy.

The numbers

We looked between 00:55 and 01:13 UTC on Monday, October 19, 2026. That was Sunday evening, October 18, in California. “Reported value” is the issuer’s own figure where it publishes one we could open. Otherwise it is CoinGecko’s market value from its free API at 00:58 UTC. CoinGecko’s market value is price times the circulating supply it lists. The table includes every product in scope that CoinGecko showed at $100 million or more, plus three that CoinGecko showed at zero but whose issuers report more than $100 million.

Product	Issuer	Reported value (source)	Who may buy, per the issuer
Circle USYC	Circle International Bermuda Ltd.	$2,387,304,081 (CoinGecko)	Circle says USYC is “available only to entities that are not U.S. Persons.” (Circle)
Ondo USDY, a note	Ondo Global Markets (BVI) Limited	$2,356,034,387 (CoinGecko)	Not US persons. Ondo says “qualifying non-US individual and institutional investors.” (Ondo)
BlackRock BUIDL	BlackRock USD Institutional Digital Liquidity Fund Ltd.	$2,187,330,078 (CoinGecko)	Qualified purchasers, per its SEC filing. Minimum $100,000. (Form D)
WisdomTree WTGXX	WisdomTree Digital Trust	$1,227,671,635 (SEC filing, Sept. 30)	Individuals through the WisdomTree Prime app. Institutions through a portal. Minimum $1. (prospectus)
USTB	Invesco Advisers (manager), Superstate (transfer agent)	$824,553,079 (Superstate)	“Accredited Investors and Qualified Purchasers.” (Superstate)
Franklin FOBXX (BENJI)	Franklin Templeton Trust	$667.96 million (Franklin, Sept. 30)	US residents, through the Benji app. Minimum $20 on Stellar, up to $5 million on Ethereum. (prospectus)
JTRSY	Anemoy Capital SPC Ltd. (Janus Henderson is sub-manager)	$343,883,537 (Centrifuge)	“Non-US Professional Investors.” Minimum $500,000. (Centrifuge)
Ondo OUSG	Ondo I LP	$320,080,213 (Ondo, Oct. 16)	Accredited investors who are also qualified purchasers. (Ondo)
OpenEden TBILL	Treasury Bills Institutional Liquidity Ltd. (managed by BNY Investments)	$294.79 million (OpenEden)	Professional investors as defined by British Virgin Islands law. (OpenEden)
Spiko USTBL	Spiko (fund authorized in France)	$165.00 million (Spiko)	Marketed in France and other European countries where it is registered. Spiko says it cannot take clients from the United States and a list of other countries. (Spiko, restrictions)

The 10 rows add up to $10,774,607,010. That total mixes sources and dates. Two figures are month-end values from September 30. OUSG’s is from October 16, and Superstate labels USTB’s “As of Oct 15, 2026.” It also counts about $141 million twice, as we explain below.

What stands out

Three products hold most of the value. Circle’s USYC, Ondo’s USDY and BlackRock’s BUIDL hold 64.3% of the value in our table. Each is between $2.19 billion and $2.39 billion. The next largest, WisdomTree’s WTGXX, is a little over half the size of BUIDL.

Most of the money is behind an eligibility gate. About 82% of the value, $8.88 billion, sits in products limited to non-US buyers, or to professional, accredited or qualified investors. Under SEC rules, a person can be an accredited investor with over $1 million in net worth, not counting their home. Income over $200,000 in each of the past two years also qualifies, or $300,000 with a spouse or partner, if the person reasonably expects the same this year. A qualified purchaser is a higher bar under US law: an individual who owns at least $5 million in investments, or, for most companies, at least $25 million. BUIDL’s SEC filing claims the legal exclusion for funds owned only by qualified purchasers. The same filing, from July 2026, reported 28 investors in the offering.

The other 17.6%, or $1.90 billion, is in two funds: WTGXX and Franklin’s FOBXX. Both say in their prospectuses that individual investors can buy through an app, from $1 and $20. Franklin’s prospectus says its funds are “intended for sale to residents of the United States.” Spiko’s fund also takes individuals, but not from the United States. Ondo’s USDY takes individuals outside the United States. But Ondo’s page names the European Economic Area, the UK, Switzerland and Singapore as places where it sells only to qualified investors or professional clients.

The sources disagree, sometimes by a lot. CoinGecko lists zero circulating supply for WisdomTree’s WTGXX and Franklin’s BENJI token, so it shows no market value for either. It lists total supplies of 736.6 million WTGXX and 223.5 million BENJI. Both funds aim for a $1.00 share price. WisdomTree’s SEC filing for September 30 reported $1.23 billion in net assets. Franklin’s site reported $667.96 million on the same date. CoinGecko also showed no market value for OpenEden’s TBILL, which OpenEden’s site put at $294.79 million. We do not know why CoinGecko’s counts are lower. We used the issuer figures.

Smaller gaps show up elsewhere. JTRSY’s page on Centrifuge, the tokenization platform it uses, showed $343.9 million. CoinGecko showed $326.6 million. For BUIDL, CoinGecko showed $2.187 billion and DefiLlama’s free stablecoin data showed $2.170 billion, a gap of $17.1 million. DefiLlama’s free list of protocols has entries for BUIDL, USYC, USTB, TBILL, Ondo’s products, WisdomTree and Spiko. It shows no value for any of them.

Funds inside funds

Ondo’s OUSG page shows what the fund held at 4:00 p.m. Eastern on October 16, 2026. Of its $320.08 million, about 99% was shares of other tokenized funds:

• $151.5 million in the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)
• $102.0 million in BlackRock’s BUIDL
• $38.9 million in Franklin’s BENJI
• $23.6 million in the Fidelity Treasury Digital Fund (FYOXX)

The rest was USDC, a dollar stablecoin, plus bank deposits and other assets. So when you add OUSG to BUIDL and FOBXX, you count about $141 million of the same assets twice. Without that overlap, the table comes to about $10.63 billion.

The same Ondo page lists BUIDL under “Primary Assets.” Its own holdings table shows more money in the State Street Galaxy fund. Both are on Ondo’s site today.

USTB shows a different gap: not every share is a token. Superstate’s page at 01:10 UTC showed 25.51% of USTB shares, worth $210.3 million, held as “book-entry” shares. That means a plain record kept by the transfer agent, not a token on a blockchain. CoinGecko’s USTB supply, about 73.3 million shares, is close to the total of both kinds on Superstate’s page, so CoinGecko counts the book-entry shares too.

How we did this, and the limits

• We started from CoinGecko’s “Tokenized Treasuries” and “Tokenized Money Market Fund (MMFs)” categories, pulled at 00:58 UTC. Our CoinGecko figures for WTGXX, BENJI and VBILL are from 01:00 UTC, and for FDIT from 01:12 UTC. We also searched CoinGecko for large fund managers whose tokens sit outside those categories. That added WTGXX, BENJI, VanEck’s VBILL and Fidelity’s FDIT.
• This is not a full census. Products that CoinGecko does not list are missing. The State Street Galaxy fund that OUSG holds is one example. We did not include it.
• We used an issuer figure wherever we could open one. We could not for three products. Circle’s USYC page showed us “This is a protected area” and no data. Ondo’s USDY page told our US browser the content “is not accessible in your jurisdiction.” We found no current public size for BUIDL from BlackRock. Its SEC filing reports total sales since the offering began, not today’s size.
• Issuer figures carry different dates. WTGXX and FOBXX are September 30 month-end values. OUSG’s is from October 16. Superstate’s page labels USTB’s figure “As of Oct 15, 2026,” but the figure still changes from minute to minute. Superstate says the fund’s share price is “continuously calculated.” JTRSY, TBILL and Spiko were live figures when we looked.
• Left out because they are not US government debt: Spiko’s EU T-Bills fund ($639.8 million on CoinGecko) and UK T-Bills fund ($15.5 million).
• Left out because its reserves are other tokens: Theo’s thBILL. DefiLlama’s method note says its reserves are shares of other tokenized Treasury funds (ULTRA and Fidelity’s FILQ), stablecoins and stablecoin lending positions. Neither of those funds is in our table. We kept OUSG, which also holds other funds, because Ondo publishes its holdings and we show the overlap above. The two sources also disagree by about ten times: $117.7 million on CoinGecko, $11.2 million on DefiLlama.
• Left out because they are stablecoins, not fund shares or notes: DefiLlama’s RWA list tags some stablecoins “Treasury Bills,” such as Ethena’s USDtb ($475.6 million). We did not add them.
• Left out as under $100 million on CoinGecko: Midas mTBILL ($76.5 million), BlackRock’s BRSRV ($50.4 million), VanEck VBILL ($48.7 million), Sygnum FIUSD ($48.2 million on CoinGecko, $18.3 million on DefiLlama), Fidelity’s FILQ ($25.7 million, two share classes), Fidelity’s FDIT ($25.6 million) and three smaller tokens.
• CoinGecko also lists a second BUIDL share class with no circulating supply and 71.9 million tokens in total supply. We did not add it to BUIDL’s row.
• Not every product holds Treasury bills directly. Circle says USYC’s fund invests mainly in reverse repurchase agreements backed by US government securities. Those are very short loans secured by that debt. Ondo describes USDY as a “tokenized note,” not a fund share.
• We did not verify any issuer’s holdings. Backing claims belong to the issuers. “Who may buy” is a summary of each issuer’s own document, linked in the table. Exchanges and other platforms may set their own rules.
• We do not use paid data.

We plan to repeat this snapshot on a regular schedule, using the same method, so the numbers can be compared over time.