How big is the tokenized U.S. Treasury market?

$12.61 billion as of October 28, 2026, across 17 funds on 20 public blockchains, by The Migration by Concrete's on-chain count.

What is the largest tokenized Treasury fund?

Ondo Finance's USDY, with $2.38 billion on-chain as of October 28, 2026, just ahead of Circle's USYC at $2.37 billion and BlackRock's BUIDL at $2.20 billion.

Why do tokenized Treasury totals differ between trackers?

Trackers count different things. We only count funds whose addresses the issuer publishes or confirms in writing, leave out prime money funds, and count money once when one fund holds another.

How are tokenized Treasury funds valued?

Tokens multiplied by the fund's own share price, read from the issuer's on-chain price feed where one exists, or $1.00 for funds that keep a stable $1 share price.

Tokenized U.S. Treasuries reach $12.61 billion, counted fund by fund

We read 17 tokenized Treasury funds directly from 20 public blockchains. Here is where the $12.61 billion sits, who issues it and how we count it.

As of October 28, 2026, $12.61 billion in tokenized U.S. Treasury funds sits on public blockchains, by our count. That is 17 funds from 12 issuers, read directly from 20 blockchains.

We don't take any issuer's word for the total. We read each token's supply from the chain itself, and we only count addresses the issuer publishes on its own address page or confirms to us in writing. The live table updates every 6 hours.

The largest funds

Three funds hold more than half of the total, $6.96 billion or 55%.

Fund	Issuer	Value on-chain
USDY	Ondo Finance	$2.38B
USYC	Circle	$2.37B
BUIDL	BlackRock (via Securitize)	$2.20B
iBENJI	Franklin Templeton	$1.71B
JLTXX	J.P. Morgan Asset Management	$790M
WTGXX	WisdomTree	$743M
BENJI	Franklin Templeton	$667M
USTB	Superstate	$476M
OUSG	Ondo Finance	$321M
TBILL	OpenEden	$275M

The remaining seven funds (JTRSY, USTBL, MONY, mTBILL, gBENJI, STBT and grBENJI) add $665 million.

By issuer, Ondo Finance leads with $2.70 billion across USDY and OUSG, followed by Franklin Templeton with $2.43 billion across four Benji funds. J.P. Morgan Asset Management's two tokenized money market funds, MONY and JLTXX, hold $893 million between them on Ethereum and Solana.

How each fund is valued

Value is tokens multiplied by the fund's own share price. Where the issuer publishes its share price on-chain, as Ondo does for USDY and Circle does for USYC, we read that price feed directly. Government money market funds that keep a stable $1.00 share price, such as BUIDL, BENJI and WTGXX, are valued at $1.00.

What we leave out

Our total can be lower than other dashboards. The reasons are differences in what gets counted, not in how the chain is read:

Unconfirmed addresses. Some funds don't publish their token addresses. We wait until the issuer confirms them publicly or in writing.
Prime money funds. Funds that can also hold commercial paper or bank deposits are not Treasury funds, so we leave them out.
Funds inside other funds. When one tokenized fund holds another, we count the money once. One example is worth $313.8 million.

Every address on the Treasury page is labeled: "A" for listed on the issuer's own address page, "W" for confirmed in writing. Today $893 million of the total rests on written confirmation, all of it J.P. Morgan's two funds, whose addresses appear in the firm's own press releases.

Issuers who want a fund added can send token addresses from an official channel to [email protected].

Citing this article: "The Migration by Concrete, Tokenized U.S. Treasuries reach $12.61 billion, counted fund by fund, Oct 28, 2026," with a link to this page and to Concrete. Questions or corrections: [email protected].

The Migration by Concrete tracks traditional finance moving on-chain, reading every token directly from public blockchains. See all our counts.

Tokenized U.S. Treasuries reach $12.61 billion, counted fund by fund

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