Why tokenized Treasury market cap totals differ

Ask three sources for the size of the tokenized Treasury market and you can get three different numbers. None of them has to be a mistake. Each source makes choices about what to count, and each choice moves the total. Here are the choices that matter most, and the ones we make.

What counts as a tokenized Treasury fund?

The first choice is scope. Some products are registered money market funds, such as BlackRock's BUIDL and Franklin Templeton's BENJI. Others are notes or vaults that hold short-term Treasuries, such as Ondo's USDY and OpenEden's TBILL. Some sources include both. Some include only funds. Some also add tokenized Treasury ETFs and bond funds with longer maturities.

We include funds, notes and vaults whose reserves are short-term U.S. Treasuries and repo. That gives 17 products from 12 issuers as of November 9, 2026. The full list shows every one.

Which blockchains are read?

The second choice is coverage. A fund can live on one chain or many. USDY is on 11 blockchains in our count. A source that reads fewer chains will show a smaller number for the same fund.

We read 20 blockchains, and a token enters our count only if the issuer publishes its address or confirms it in writing. Each address is labeled so readers can see which is which, and Ondo, for example, publishes its addresses. When we find a token we can't confirm, we leave it out rather than guess. See how we count.

How is each share priced?

The third choice is price. Many funds keep a stable $1.00 share price. Others grow in value over time, so each share is worth more than $1.00. Multiplying every token by $1.00 gives a different total from using each fund's own price.

We value each fund its own way. For BUIDL and the BENJI funds, that is the stable $1.00 share price. For USDY, USTB, USTBL and mTBILL, it is the price feed the issuer names for the fund. For TBILL, it is the vault's own total assets divided by its token supply. The basis for each fund is shown on its page.

Are the same dollars counted twice?

The fourth choice is overlap. Some tokenized funds hold other tokenized funds. Ondo reports that USDY holds $313.8 million of SHVon, a tokenized Treasury ETF, as of October 27, 2026. A source that lists SHVon on its own and also counts USDY in full counts that money twice.

We count it once, in the fund people hold. SHVon is listed on our Treasury page as "seen, but not added." The details are in our double-count note.

Is the on-chain figure the fund's full size?

The fifth choice is what "size" means. We count the shares held on public blockchains. A fund can also have shares held off-chain or on private networks. An issuer's total for the whole fund can therefore be higher than the on-chain figure, and both can be right.

What to watch

• New funds that hold other tokenized funds, which make overlap rules matter more.
• Funds that add chains, which widen the gap between sources that read different chains.
• Issuers that publish more of their addresses, which lets every source count more of the same tokens.

Our count updates every 6 hours. The Treasury page shows the latest total, fund by fund, with downloads.