# Tokenized Treasuries Tracker: BUIDL, BENJI, USYC, OUSG

> Tokenized treasuries tracker: the size of BUIDL, BENJI, USYC, OUSG, USDY and other tokenized T-bill funds by chain and issuer, from on-chain supply and NAV.

Markdown copy of https://voltfincrypto.com/apps/tokenized-treasuries-tracker

**Question:** How much is held in each tokenized Treasury or money-market fund on-chain, and on which chains?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Tokenized assets](https://voltfincrypto.com/topics/rwa)
- Chains: Multi-chain, Ethereum, Stellar, Solana, Polygon, Arbitrum, Avalanche, Base
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Tokenized Treasury funds hold short-term US government debt, or cash and repurchase agreements backed by it, and issue a token for each share. This dashboard sizes each fund from its token supply on every chain it is issued on, values that supply at the fund's net asset value per share and shows how the total splits across funds, issuers and chains.

Funds differ in how they pay yield: some keep a stable value per share and mint new tokens, others let the price of each token rise. Where a fund publishes its NAV on-chain, the dashboard reads it with a receipt; where it publishes only off-chain, the value is labelled as issuer-reported.

Treasury managers, including DAOs that hold part of their reserves in these funds, can follow the market by fund and chain. Every figure is pinned to the block it was read at, with the calls behind it.

## Blueprint

### Market

The total held in tokenized Treasury funds and how it splits by fund.

- **Held in tokenized Treasuries** (USD): The value of every tracked fund's supply at the latest day-end blocks, at NAV per share, with fund-in-fund holdings counted once.
- **Funds tracked** (count): Tracked funds and notes with supply on at least one chain.
- **Largest fund's share** (%): The largest fund's share of the total on the same day.
- **30-day change** (%): Change in total value against thirty days earlier.
- **Value by fund by day** (USD): Each fund's value at each day-end block, stacked to the total.

### Funds and chains

Each fund's size, chains, NAV source and growth.

- **Valued from on-chain NAV** (%): Share of total value whose NAV is read from an on-chain oracle rather than reported off-chain.
- **Issuers** (count): Issuers with at least one tracked fund or note.
- **Value by chain** (USD): Total value split by the chain each fund token is issued on.
- **Every fund**: Each fund with its issuer, chains, supply, NAV per share, NAV source, value and 30-day change.

Filters: Chain (Every covered chain, or one chain); Period (Last 30 days, last year or all history).

## How it will be measured

- Supply is each fund token's totalSupply() at the last block of each day on each chain, scaled by decimals; a fund issued natively on several chains is summed across them, and bridged copies are left out.
- Value multiplies supply by NAV per share: from on-chain price oracles where the issuer publishes them (as for USYC, OUSG and USDY) and from issuer-published NAV otherwise, labelled as off-chain.
- Stable-value funds such as BUIDL and BENJI are valued at their stated value per share, and their yield shows up as new tokens rather than a rising price.
- Tokens one tracked fund holds in another, such as a fund that invests in BUIDL, are netted out of the total so the same Treasuries are not counted twice.
- Every figure carries a receipt: the chain, the block, its hash and the calls behind it.

## Data it needs

- `rwa_supply_daily` (to build): Supply and holders of tokenized treasuries, money-market funds, stocks, gold and credit per token and chain per day, with issuer and asset class.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `token_holders_snapshot` (to build): Holder counts, top holders and concentration shares of registry tokens at a pinned block, with contract and exchange labels.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- Source: totalSupply() of BUIDL, BENJI, USYC, OUSG, USDY and WTGXX tokens per chain at day-end blocks
- Source: Stellar, Solana and Aptos supply through their own token programs (scaffolds)
- Source: NAV per share from on-chain price oracles where published (USYC, OUSG, USDY)
- Source: Issuer-published NAV per share where no on-chain series exists (off-chain, recorded with source)
- Source: Balances that one tracked fund holds in another, for netting

## Questions

### What are tokenized treasuries?

Tokens that represent shares in funds, or notes, backed by short-term US government debt. Holders earn the yield of Treasury bills, while the issuer handles custody, redemptions and compliance off-chain.

### Which is the largest tokenized Treasury fund?

The order changes as large holders move in and out. The fund table sorts every tracked fund by value at the latest day-end blocks, with the chain split and NAV source of each, so the current order can be read directly.

### How do BUIDL, BENJI, USYC and OUSG differ?

BlackRock's BUIDL (issued through Securitize) and Franklin Templeton's BENJI keep a stable value per share and pay yield as new tokens. Circle's USYC and Ondo's OUSG are priced tokens whose NAV per share rises with income. They also differ in who may hold them and on which chains they are issued.

### Is USDY a tokenized treasury?

USDY is a tokenized note issued by Ondo rather than a fund share. It is secured by short-term Treasuries and bank deposits and is available to holders outside the United States. It is tracked here beside the funds and labelled as a note.

### Why do published totals for tokenized treasuries differ?

Totals differ by which products count as Treasury funds, whether notes and wrappers are included, how NAV is sourced and whether tokens held by other funds are counted twice. This dashboard lists its fund registry and counts a fund held inside another fund once.

## Glossary

- **Net asset value (NAV)**: The value of a fund's holdings minus its liabilities, divided by shares outstanding: the value of one share.
- **Stable-value fund**: A fund that keeps its value per share constant and pays its income as new shares.
- **Accumulating token**: A fund token whose price per share rises as the fund earns income, instead of minting new shares.

## Related apps

- [Tokenized Treasuries by Fund and Chain](https://voltfincrypto.com/apps/tokenized-treasuries-table)
- [BlackRock BUIDL Fund: Supply, Chains and Holders](https://voltfincrypto.com/apps/blackrock-buidl-fund-tracker)
- [Tokenized Treasury Fund Yields](https://voltfincrypto.com/apps/tokenized-treasury-fund-yields)
- [Tokenized RWA Market Size by Chain](https://voltfincrypto.com/apps/tokenized-rwa-market-size-by-chain)
- [DAO Treasuries Ranked by On-Chain Holdings](https://voltfincrypto.com/apps/dao-treasuries-ranking)
- [Tokenized Gold Supply: XAUT vs PAXG](https://voltfincrypto.com/apps/tokenized-gold-xaut-paxg)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F