Tokenized Treasury Funds Reach $14.95 Billion in Distributed Value

Tokenized U.S. Treasury funds recorded $14.95 billion in distributed value as of Oct. 9, making them the largest clearly identified category in the latest onchain real-world asset data.

The Treasury-fund category included 109 assets and 86,210 holders. Circle’s USYC was the largest listed product at $2.403 billion, followed by Ondo’s USDY at $2.318 billion, BlackRock’s BUIDL at $2.202 billion and Franklin Templeton’s iBENJI at $1.711 billion.

USYC represents shares in the Hashnote International Short Duration Fund. Its portfolio combines U.S. Treasury bills with reverse repurchase agreements backed by short-term U.S. government securities. USYC assets stood at $1.5 billion at the end of 2025 and exceeded $1.7 billion by Feb. 20, 2026.

Tokenized credit recorded $8.04 billion in distributed value as of Oct. 7, across 2,653 assets and 197,880 holders. The category includes private, corporate, structured and specialty debt.

Tokenized commodities recorded $5.21 billion as of Oct. 9. Tether Gold (XAUT) accounted for $3.003 billion, while Paxos Gold (PAXG) represented $1.809 billion of the displayed value. The category data does not provide a separate total for gold-backed tokens alone.

Distributed value measures the assets recorded onchain and is distinct from represented value. Tokenized real-world assets are blockchain-based representations of assets held or managed outside the blockchain.

The latest figures place Treasury funds ahead of tokenized credit and commodities among the categories with clearly identified distributed values. They also show that onchain exposure spans short-term U.S. government debt, private and structured credit, and gold-backed products.