Data · Global · 10 min read
By RWA Radar Research · Published
Key Takeaways
If you want one number for the tokenized US Treasury market, the aggregators will give it to you. As of 29 May 2026, the rwa.xyz tokenized Treasuries dashboard reports US$15.03 billion in distributed value across 82 assets and 62,385 holders. That is a useful map. It is not, however, a substitute for knowing what each product actually is.
Dashboards do two things that quietly distort the picture. They lag — re-indexing on their own cadence rather than the issuer's — and they round, collapsing a fund's on-chain and off-chain shares into a single tile. So we did the tedious thing: for every major issuer below, we pulled the AUM, legal structure, chains and redemption terms from the issuer's own fact sheet, fund page or filing, and we noted each figure's as-of date. Where only the dashboard publishes a number, we say so and attribute it to the dashboard rather than dressing it up as an issuer disclosure. That discipline — primary source or it doesn't get written — is the whole point of our methodology.
One framing note: rwa.xyz is a legitimate primary source for what the dashboard reports — the market total, the league table, a token's indexed value. It is not a primary source for an asset-level fact like a specific fund's net assets or custodian. Those belong to the issuer. This page keeps the two roles separate on purpose.
Read this as the index, not the encyclopaedia. Per the rwa.xyz league table on 29 May 2026, the tokenized Treasury market is concentrated in a handful of platforms:
Note that the dashboard groups by platform, which can bundle several products under one name. “Ondo” covers both USDY and OUSG; “Franklin Templeton Benji” appears to aggregate several of Franklin's on-chain share classes. That is precisely why the platform tile and the single-fund fact sheet rarely match — and why the cards below report the issuer's per-fund number instead.
The dashboard answers “how big is the market?”. The issuer answers “what, exactly, am I holding, and as of when?”. Only the second question is investable.
Each card below traces its AUM and structure to the issuer's own source. The headline figure carries the issuer's as-of date.
BlackRock — BUIDL (BlackRock USD Institutional Digital Liquidity Fund), via Securitize. A tokenized fund seeking a stable $1.00 NAV, with core holdings in overnight repo and roughly three-month Treasuries (per Securitize, BUIDL's exclusive distribution platform). It runs on eight chains — Aptos, Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Optimism, Polygon and Solana — with a $5 million minimum and management fees of 18–50 bps by chain. Redemption requests must reach the transfer agent between 8:00 and 15:00 ET on a redemption date for same-day settlement, with daily USD conversion (per Securitize). For size, the issuer's page itself cites the dashboard: per the rwa.xyz BUIDL card, total value sits near US$2.49 billion (≈US$2,487,654,577). We flag this as a dashboard figure, not an issuer-published AUM.
Circle — USYC (formerly Hashnote). USYC is the on-chain representation of the Hashnote International Short Duration Yield Fund Ltd. (SDYF), which invests in short-term US Treasury bills and repo/reverse-repo. Per the issuer's documentation, USYC is issued by Circle International Bermuda Limited (regulated by the Bermuda Monetary Authority) and represents an interest in a Cayman Islands mutual fund licensed by CIMA — Circle acquired Hashnote and USYC in January 2025. Investors subscribe via USDC and can redeem same-day (T+0) into USDC, 24/7/365 (per Hashnote/Circle docs). Circle does not publish a live AUM on the open page; rwa.xyz ranks Circle first at ~US$3.0 billion, which we cite as the dashboard's figure.
Ondo — USDY and OUSG (two very different products). USDY is a tokenized note, not a fund (issuer: Ondo USDY LLC), backed by short-term US Treasuries and bank deposits, unregistered and not offered to US persons. Per Ondo's own blog (23 January 2026), USDY had surpassed US$1 billion in TVL across nine blockchains. Its sibling OUSG is an institutional fund structured as limited partnership interests (Ondo I LP, a 3(c)(7) fund offered under Reg D 506(c) to accredited investors and qualified purchasers). Per Ondo's live OUSG page, the fund's underlying assets were US$540.54 million as of 27 May 2026— down from the “over US$770 million” Ondo cited in January, a swing you only catch by reading the issuer rather than a stale tile. OUSG is itself a fund-of-funds, holding BUIDL, Fidelity's FYOXX, Franklin's BENJI, WisdomTree's WTGXX and others; it offers 24/7 mint/redeem via USDC and daily USD, with a $5,000 minimum, across Ethereum, Polygon, Solana and the XRP Ledger.
Franklin Templeton — FOBXX (Franklin OnChain U.S. Government Money Fund) / BENJI. This is an SEC-registered money market fund — the on-chain BENJI token equals one share of FOBXX. Per Franklin Templeton's fund page, FOBXX had US$824.62 million in total net assets as of 30 April 2026(updated monthly), invests at least 99.5% in US government securities, cash and fully-collateralised repo, keeps a weighted-average maturity of 60 days or less, pays daily dividends, and carries a 0.20% net expense ratio with a $1.00 NAV (7-day effective yield 3.51% as of 26 May 2026; CUSIP 35473R104). Note the gap: the dashboard's “Franklin Templeton Benji” platform tile reads ~US$2.5 billion because it appears to aggregate several on-chain share classes — the single US FOBXX fund is US$824.62 million.
WisdomTree — WTGXX (WisdomTree Treasury Money Market Digital Fund). An SEC-registered 2a-7 money market fund with US$910.15 million in total assets as of 28 May 2026 (910,148,548 shares; $1.00 NAV; 0.25% expense ratio; CUSIP 97717K782), per WisdomTree's own fund detail page. It was renamed from the WisdomTree Government Money Market Digital Fund on 1 November 2025 alongside an investment-policy change, holds T-bills and tri-party repo at a 33-day weighted-average maturity, and is available to retail investors via the WisdomTree Prime app (a $1 minimum) and to institutions via WisdomTree Connect. Here the dashboard and issuer are close — rwa.xyz's WisdomTree platform reads ~US$949.5 million across seven products, of which WTGXX is the bulk.
Superstate — USTB (Superstate Short Duration US Government Securities Fund). This card is the clearest illustration of why issuer-direct sourcing matters. Per Superstate's own page, USTB held US$895.10 million in AUM as of 29 May 2026 (NAV per share $11.10; 30-day yield 3.55%; management fee ≤0.15%), while the rwa.xyz dashboard showed roughly US$731 million. The difference is structural, not an error: the issuer reports 17.74% of the fund held off-chain in book-entry form (with 81.06% on Ethereum, plus small Plume and Solana shares), and a chain-indexing dashboard counts mainly the on-chain portion. USTB is a series of a Delaware statutory trust, open to qualified purchasers, custodied at BNY Mellon, audited by EY, managed by Superstate Inc. with Federated Hermes as sub-advisor, redeemable each market day via USD or USDC (CUSIP 86851T204).
Tally the issuer-direct numbers and the texture becomes obvious. A single “US$15 billion market” headline hides funds with five different legal wrappers, four different investor-eligibility regimes, redemption windows ranging from intraday to next-business-day, and AUM figures stamped with as-of dates anywhere from 30 April to 29 May. Two products even sit inside another: OUSG holds BUIDL, BENJI and WTGXX, so the same dollar of Treasury exposure can be counted at more than one layer of the stack.
The same four-layer lens we apply to any tokenized asset (see our methodology) turns each card into a checklist. Ask: the underlying asset (T-bills, repo, or a fund-of-funds?); the legal wrapper (a registered 2a-7 fund like FOBXX/WTGXX, a private 506(c) partnership like OUSG, a statutory-trust series like USTB, a note like USDY, or an offshore fund like USYC?); the on-chain structure (which chains, how much sits in book-entry off-chain?); and the entry point (who may buy, what minimum, how fast can you redeem?). Those answers, not a single AUM tile, determine whether a product fits a given mandate.
And keep the dates honest. A number is only as good as its as-of stamp: BUIDL “as of April 2026” on the issuer page, FOBXX as of 30 April, USTB and WTGXX as of late May. When a dashboard tile and an issuer fact sheet disagree, the gap is usually not a mistake — it is lag, rounding, or an off-chain share — and the issuer's dated figure wins. For a worked example of reading dated regulatory and product facts rather than commentary, see our Hong Kong RWA regulation timeline.
Securitize
Ondo Finance
Ondo Finance
Franklin Templeton
WisdomTree
Superstate
Hashnote / Circle