RWA Yield Board
Every tokenized US Treasury and money-market product we can verify from a primary source. Hover any figure to see where it came from and what date it refers to.
| Product | Issuer | Wrapper / domicile | AUM USD | Yield | Metric | Minimum | Eligibility | Custodian |
|---|---|---|---|---|---|---|---|---|
| USYCCircle | Circle International Bermuda Limited | Cayman Islands registered mutual fund, licensed by CIMA; token issued by a Bermuda entityCayman Islands (fund); Bermuda (token issuer) | 3.01 Bissuer | 3.16 % | 30-day APY | 100 K | Institutional | Marex (prime broker); Customers Bank; Fireblocks (MPC wallet) |
| BUIDL*Securitize | BlackRock Financial Management, Inc. | British Virgin Islands company, Rule 506(c) offering, Section 3(c)(7) exclusionBritish Virgin Islands | 2.67 Btracker | n/a | — | 100 K | Qualified purchaser | BNY Mellon |
| USDYOndo Finance | Ondo Global Markets (BVI) Limited | Tokenized note (debt instrument), bankruptcy-remote SPVBritish Virgin Islands | 2.15 Bissuer | 3.55 % | APY | 5 K | Non-US only | Coinbase Prime |
| iBENJIFranklin Templeton | Franklin Advisers, Inc. | Rule 506(b) private placement, Section 3(c)(7) exclusionBritish Virgin Islands | 1.73 Btracker | n/a | — | 5 M | Qualified purchaser | n/a |
| USTBSuperstate | Invesco Advisers, Inc. | Series of a Delaware statutory trust, Rule 506(c) offering, Section 3(c)(7) exclusionDelaware, United States | 909 Missuer | 3.51 % | 30-day yield | 100 K | Accredited + QP | The Bank of New York Mellon |
| JTRSYCentrifuge | Anemoy Capital SPC Limited | Segregated portfolio of a BVI segregated portfolio company; professional fund under the Securities and Investment Business ActBritish Virgin Islands | 882 Mtracker | 3.24 % | 30-day annualised, 365-day basis | 500 K | Professional | J.P. Morgan (prime broker); Circle (crypto custody) |
| BENJI / FOBXXFranklin Templeton | Franklin Advisers, Inc. | Registered 1940-Act open-end fund; government money market fund under Rule 2a-7Delaware, United States | 753 Missuer | 3.50 % | 7-day SEC yield (net) | 20 | Retail | JPMorgan Chase Bank, N.A. |
| WTGXX*WisdomTree Connect | WisdomTree Digital Management, Inc. | Registered 1940-Act open-end fund; government money market fund under Rule 2a-7Delaware, United States | 717 Missuer | 3.45 % | 7-day SEC yield (net) | 1 | Retail | The Bank of New York Mellon |
| JLTXXKinexys Digital Assets | J.P. Morgan Investment Management Inc. | Registered 1940-Act open-end fund; government money market fund under Rule 2a-7Delaware, United States | 682 Missuer | 3.51 % | 7-day SEC yield (net) | 1 M | Institutional | JPMorgan Chase Bank, N.A. |
| CUMIU*Standard Chartered Bank (Hong Kong) | China Asset Management (Hong Kong) Limited | Sub-fund of a Hong Kong public umbrella open-ended fund company (OFC), SFC-authorised under s.104 SFOHong Kong | 551 Mtracker | 3.90 % | 7-day annualised return | 1 K | Retail | Standard Chartered Trustee (Hong Kong) Limited |
| OUSGOndo Finance | Ondo I LP | Delaware limited partnership, Rule 506(c) offering, Section 3(c)(7) exclusionDelaware, United States | 378 Missuer | 3.43 % | APY (30-day) | 5 K | Accredited + QP | Coinbase Prime (Ethereum); Circle (Solana) |
| TBILLOpenEden | Treasury Bills Institutional Liquidity Limited | Registered professional fund under the BVI Securities and Investment Business Act 2010British Virgin Islands | 256 Mtracker | 3.48 % | 30-day yield | 100 K | Professional | BNY Mellon |
| VBILLSecuritize | Van Eck Absolute Return Advisers Corp. | British Virgin Islands company, Regulation D exemption, bankruptcy-remoteBritish Virgin Islands | 193 Mtracker | 3.43 % | 30-day APY | 100 K | Qualified purchaser | State Street Bank and Trust Company |
| USTBLSpiko | Twenty First Capital | French UCITS, short-term variable-NAV money market fund under EU MMFRFrance | 160 Missuer | 3.59 % | Annualised net return, computed from NAV | 1 | Retail | CACEIS Bank (depositary); BNY Mellon (sub-custodian for the bills) |
| FILQSygnum Bank | FIL Investment Management (Luxembourg) S.à r.l. | Segregated portfolio of a Cayman Islands segregated portfolio companyCayman Islands | 76 Mtracker | n/a | — | 100 K | Accredited | n/a |
| FYOXX*Fidelity Investments | Fidelity Management & Research Company LLC | Registered 1940-Act open-end fund; government money market fund under Rule 2a-7United States | 73 Missuer | 3.48 % | 7-day SEC yield (net) | 1 M | Institutional | n/a |
| thBILL*Theo Network | Theo | Fund of tokenized funds — an index basket, not a direct holder of billsPanama | 69 Mtracker | 3.20 % | 30-day APY | none | Institutional | n/a |
| mTBILL*Midas | Midas Software GmbH | Blockchain-based certificate — a tokenized debt instrument under German law, not a collective investment schemeGermany | 52 Mtracker | 3.07 % | 30-day APY | none | Non-US only | Maerki Baumann & Co. AG, Zürich |
| STBT*Matrixdock | Prometheus Solutions Ltd | BVI business company, continued from the Seychelles; bankruptcy remoteness via a purpose trust that owns the issuerBritish Virgin Islands | 24 Missuer | 3.46 % | 30-day average after fees | n/a | Accredited | n/a |
| FIUSDSygnum Bank | Fidelity Institutional Liquidity Fund plc | Sub-fund of an Irish public limited company fund umbrellaIreland | 24 Mtracker | n/a | — | n/a | Professional | n/a |
| TLTon*Ondo Finance | Ondo Global Markets (BVI) Limited | Structured note (debt instrument), overcollateralized, tokenholder rights under Swiss lawBritish Virgin Islands | 19 Mtracker | n/a | — | 1 | Non-US only | US-registered custodial broker-dealers, overcollateralized |
| uMINT*UBS Tokenize | UBS Asset Management | Singapore variable capital company (VCC)Singapore | 16 Mtracker | 3.26 % | 30-day APY | n/a | n/a | n/a |
| USDS*EVIDENT | State Street Global Advisors Europe Limited | Sub-fund of an Irish UCITS plc, low-volatility NAV money market fund under EU MMFRIreland (fund); Hong Kong (tokenisation layer) | 11 Mtracker | 3.67 % | 30-day net yield (underlying fund) | 100 | Professional | State Street Custodial Services (Ireland) Limited |
Issuer-verified rows carry figures read from the issuer's own product page, documentation or an SEC filing. Rows marked third-party come from trackers and are weaker evidence. Yields are not comparable across products unless the metric matches — a seven-day SEC yield, a thirty-day yield and a trailing APY measure different things.
* marks a product whose underlying is not a plain short-dated Treasury holding. Hover the marker for the specific caveat.
Three products that are counted as tokenized treasuries and are not
Summed from a tracker without checking, these add about 3.02 B of apparent tokenized-treasury exposure. Almost none of it is that.
Spiko EUTBL, UKTBL, SAFO, SPKCC
2.08 BBundled into a single tracker entry with the US fund. EUTBL holds French Treasury bills, UKTBL holds gilts, and the Amundi Overnight Swap Fund family earns its return from total return swaps with BNP Paribas over an equity basket — its portfolio is six swaps and around 105 individual equities, not government paper.
Belongs in: Euro and sterling money-market funds; swap-based UCITS
Hastra wYLDS
505 MNot a fund. YLDS is a tokenized face-amount certificate — an unsecured debt obligation of Figure Certificate Company, backed by that company's own assets rather than by a segregated portfolio a holder has a pro-rata claim on. wYLDS adds a third-party wrapper token on top, with its own smart-contract risk. Both major trackers classify it as a stablecoin.
Belongs in: Yield-bearing stablecoins
Guggenheim Digital Commercial Paper (DCP)
40 MNot a fund. This is asset-backed commercial paper — short-term discount debt of a bankruptcy-remote Delaware vehicle, collateralised by maturity-matched Treasuries rather than giving holders a pro-rata claim on them. It is held to maturity, early redemption is at the issuer's discretion, and cashflows are made off-chain in dollars. It nonetheless appears inside a major tracker's tokenized-treasury table.
Belongs in: Asset-backed commercial paper
Ethena USDtb
401 MA stablecoin, not a fund: holders own a redeemable dollar liability, not a share class. Around 90% of its reserves sit in BlackRock's BUIDL, so counting it alongside BUIDL double-counts the same underlying Treasuries.
Belongs in: Stablecoins, cross-referenced to BUIDL
We publish the disagreements
A reader who knows that two trackers differ by 31% on the same day is better served than one shown a single confident number.
Market total for tokenized treasuries
resolved- $16.16B as of 2026-08-03—rwa.xyz, narrow definition (opens in a new tab)
- $26–28B as of July 2026—Yellow.com, 'treasury and cash equivalents' (opens in a new tab)
- $26.6B as of 2026-08-03—DefiLlama, entire RWA category (opens in a new tab)
These are not competing measurements of one thing, they are three different definitions. The broad figure bundles yield-bearing stablecoins and cash equivalents; the DefiLlama total includes tokenized gold, equities, private credit and real estate. We publish the narrow tokenized-treasury-fund figure and label it as such.
BUIDL assets under management
resolved- $2.67B as of 2026-08-03—rwa.xyz (opens in a new tab)
- $3.49B as of 2026-08-03—DefiLlama (opens in a new tab)
Resolved, and the cause identified. DefiLlama's Securitize adapter reads the Aptos field `ds_token::TokenData.total_issued` — cumulative lifetime issuance, which never decreases when tokens are redeemed. That field reports $821.9M while the actual live supply in `ConcurrentSupply.current.value` is $16.15M, and the Aptos token has a single holder. The $805.7M over-count accounts for 98.5% of the gap; the rest is snapshot timing, since BUIDL accrues dividends daily. An independent check confirms it: summing live `totalSupply()` across all nine tokens on 2026-08-03 gives $2,686,477,867, within 0.49% of rwa.xyz. A separate cross-check settles it — Securitize's own Form S-1 puts its entire platform-wide tokenized assets above $3.1B, so DefiLlama's figure for BUIDL alone would exceed everything Securitize administers.
Counterfeit iBENJI tokens on Stellar
resolved- Assets labelled 'iBENJI', home domains rwa.stellarsynth.org and lumenvaultx.org—Two Stellar issuers (opens in a new tab)
- iBENJI is issued on Ethereum and BNB Chain only—Franklin Templeton (opens in a new tab)
Neither Stellar asset is Franklin's. iBENJI is not issued on Stellar at all, and both counterfeits have `auth_required` set to false, whereas genuine Franklin Stellar issuers carry the franklintempleton.com home domain with `auth_required` true. Franklin's own contract registry lists exactly two iBENJI contracts, both of which return the fund's full legal name on-chain. Anyone ingesting tokens by ticker symbol will pick up the fakes.
Why yields on this board are not comparable to each other
resolved- Publish a true 7-day SEC yield in monthly N-MFP3 filings—Registered 2a-7 funds — BENJI/FOBXX, WTGXX (opens in a new tab)
- Publishes a computed APY, a 30-day yield, or nothing at all—Everything else on this board (opens in a new tab)
Only some of these are US-registered money market funds. BENJI/FOBXX is a series of a Delaware statutory trust operating as a government money market fund under Rule 2a-7, and WisdomTree's WTGXX likewise — both file N-MFP3 and report a genuine 7-day SEC yield. BUIDL is a BVI 3(c)(7) fund, USYC a Cayman fund, USDY a debt note, USTBL a French UCITS, and the BlackRock ICS feeders sit on Irish funds under EU money-market rules. None of those files under 2a-7, so none has a 7-day SEC yield to publish. Comparison tables that put all of them under one yield column are comparing different measurements. We carry the metric name beside every figure for exactly this reason.
Franklin Templeton's own website contradicts its own SEC filings
resolved- 7-day current yield 4.57%, as of 2026-07-31—Franklin's live product API (opens in a new tab)
- 7-day net yield 3.50%, as of 2026-06-30—SEC Form N-MFP3 (opens in a new tab)
The filing is used. Franklin's own N-MFP3 series has been flat between 3.43% and 3.60% every month from December 2025 to June 2026, and its sibling funds on the same API return 3.22% and 3.55%. The 4.57% figure is an outlier against the issuer's own filed data and appears to be stale or erroneous.
Double-counting trap: Spiko
resolved- $145M—rwa.xyz, USTBL only (opens in a new tab)
- $2.23B—DefiLlama, 'Spiko' protocol (opens in a new tab)
Not a conflict but a definition trap: the DefiLlama entry combines the US dollar fund with the euro T-bill fund, which is roughly 93% of it. Using the protocol figure in a US-Treasury dataset overstates exposure about fifteenfold.
How we collect, check and retire these figures is set out on the calibration page. None of this is investment advice — see disclosure.