Tokenized U.S. Treasury-Fund Category Holds $14.96B in Value

The tokenized U.S. Treasury-fund category had $14.96 billion in distributed value as of Sept. 26, compared with a total stablecoin market capitalization of $306.607 billion, highlighting the different scales of the two blockchain-based markets.

Dividing the Treasury-fund figure by the stablecoin total produces approximately $4.88 in tokenized Treasury funds for every $100 in stablecoins. That ratio is a calculation from two separate market measurements, not a published market statistic.

The Treasury-fund category included 25 assets and 83,706 holders, with a 3.53% seven-day annual percentage yield. The largest platforms by distributed value were Ondo at $2.9 billion, Franklin Templeton Benji Investments at $2.5 billion, Circle at $2.4 billion and Securitize at $2.4 billion.

Stablecoins accounted for a much larger market total under the comparison. Tether (USDT) represented 59.93% of stablecoin market capitalization.

Tokenized Treasury and money-market funds represent blockchain-based interests in short-duration government debt and related instruments. Payment stablecoins are primarily used for payments, settlement and liquidity, giving the two asset classes different roles even when their market sizes are compared.

The comparison is sensitive to methodology. The Treasury-fund figure covers a defined group of tokenized U.S. Treasury products, while stablecoin totals can include different assets, blockchains and valuation methods. The measurements also use different observation timestamps, and the available figures do not establish a precise time-zone-adjusted ratio.

The figures do not support a claim that tokenized funds equal $11.39 for every $100 in stablecoins. They also do not establish an earlier comparison of $2.99 per $100.

JPMorgan’s Kinexys platform supports tokenized money-market funds across private and registered fund structures and uses Ethereum as a public-blockchain connection layer.