rwatracker

Tokenized Treasuries

Tokenized treasuries are blockchain tokens backed by US government debt, mostly short-dated Treasury bills. Holders earn close to the T-bill rate, and the tokens can move onchain around the clock. As of Oct 5, 2026, the 47 products tracked in tokenized treasuries hold $2.96B, down 14.4% over 30 days. The largest are Superstate USTB ($753M), Invesco USTB ($565M), Ethena USDtb ($489M), together 61.1% of the total.

Total value
$2.96B
-14.4% 30D
Products tracked
47
Largest
Superstate USTB
Chains
18
Tokenized Treasuries value$2.96B Oct 5, 2026
$4.88B$0
Oct 5, 2025Oct 5, 2026

Earlier values are estimated: each day's change is measured on the products with history that day.

Largest tokenized treasuries

#AssetIssuerValue7D30D
1Ondo USDYUSDYOndo Finance$2.28B mc+0.3%+4.3%
2Superstate USTBUSTBSuperstate$753M mc-0.5%-3.7%
3Spiko EU T-Bills Money Market FundEUTBLSpiko$656M mc-12.6%-25.7%
4Invesco USTBSuperstate$565M+3.4%-5.0%
5Ethena USDtbEthena$489M-0.7%+1.3%
6Anemoy CapitalCentrifuge$333M-0.2%-58.3%
7Janus Henderson Anemoy Treasury FundJTRSYCentrifuge$326M mc-0.2%-59.2%
8Ondo OUSGOUSGOndo Finance$321M mc+0.4%-4.6%
9Plume Vaults-$231M+4.5%+61.1%
10Spiko US T-Bills Money Market FundUSTBLSpiko$166M mc-0.8%-2.2%
11Theo Short Duration US Treasury FundTHBILL-$117M mc-0.1%-0.6%
12Frax USDFrax Finance$109M+2.7%-2.5%
13Usual USD0USUALUsual$84.5M-4.1%-6.6%
14Midas mTBILLMTBILL-$76.4M mc+2.6%+3.5%
15Sky RWASky$74.8M+1.5%+4.7%
16stUSDTSTUSDT-$57.0M-6.8%-9.4%
17Clearpool TPOOLClearpool$20.9M+0.3%+18.4%
18Sygnum FIUSD Liquidity FundFIUSD-$18.3M-5.3%-17.9%
19Theo Network thBillTheo$7.19M-47.6%-88.0%
20Nest Treasury VaultNTBILL-$4.46M mc--
21Lista RWALista DAO$4.41M-0.2%-0.5%
22Kamui-$3.26M--
23International Stable Currency-$2.39M-1.7%-2.0%
24aptUSDAPTUSD-$2.10M mc--
25HiYield-$1.72M+0.1%-37.2%
26USDM1USDM1-$1.04M mc--
27Solayer USDSolayer$677K-0.6%-1.9%
28Arca Labs ArCoin-$455K+0.7%+0.7%
29Usual EUR0Usual$229K-1.4%-3.2%
30Fortunafi-$144K+0.0%-34.9%
31Verified Network-$127K+0.0%-0.0%
32wstGBP-$110K+56.9%+13.2%
33TProtocol V1TProtocol$72.7K+0.1%+2.0%
34TProtocol V2TProtocol$32.8K+0.1%+2.1%
35TruCoreTruYields$11.1K+0.2%+0.2%
36Catch ExchangeCATCH-$2.51K--
37ELYFIELFI-$39+0.5%+0.5%
38Ondo Yield Assets (USDY + OUSG)Ondo Finance$0--
39MatrixDock STBTMatrixDock$0--
40OpenEden TBILLOpenEden$0--
41Bloom-$0--
42BackedFi-$0--
43Mountain Protocol-$0-100%-100%
44Circle USYCUSYCCircle$0--
45Tangible USTBTangible$0-100%-100%
46BlackRock BUIDLBUIDLSecuritize$0--
47Midas RWA-$0--
48SpikoSpiko$0--
49VanEck Treasury FundVBILLSecuritize$0--
50Etherfuse-$0--
51Franklin Templeton BENJIBENJIFranklin Templeton- mc--

Tokens already counted inside another product, and platform tokens, are listed but not added to the total.

Tokenized Treasuries by chain

Tokenized Treasuries issuers

Guides

Tokenized Treasuries FAQ

What is tokenized treasuries?

Tokenized treasuries are blockchain tokens backed by US government debt, mostly short-dated Treasury bills. Holders earn close to the T-bill rate, and the tokens can move onchain around the clock.

How big is the tokenized treasuries market?

As of Oct 5, 2026, the 47 products tracked in tokenized treasuries hold $2.96B, down 14.4% over 30 days. The largest are Superstate USTB ($753M), Invesco USTB ($565M), Ethena USDtb ($489M), together 61.1% of the total.

Which blockchain has the most tokenized treasuries?

Ethereum, with $1.73B in tokenized treasuries where a per-chain split is published. Next are Plume Mainnet, Tron, Solana. 18 chains carry at least one product in this category.

Who are the largest tokenized treasuries issuers?

Superstate ($1.32B), Ethena ($489M), Centrifuge ($333M), Frax Finance ($109M).

Other asset classes