Not all tokenized U.S. Treasury funds are built equal

Tokenized U.S. Treasury funds are often grouped into a single category because they all provide onchain exposure to U.S. government-backed assets. In practice, these products differ in their legal structure, distribution model, and investor eligibility. Those differences help explain why some funds have only a few dozen holders while others have tens of thousands.

1) USYC

• USYC is an onchain representation of an interest in Hashnote's International Short Duration Yield Fund. The fund primarily invests in reverse repurchase agreements backed by U.S. government securities. Circle positions the product as institutional cash infrastructure.

• USYC is the largest fund in the group, with $3.0 billion in market cap and 41 onchain holders. Its assets are concentrated across a small number of wallets. That gives it one of the highest average balances per holder in the category.

• The holder distribution is consistent with an institutional product. USYC supports 24/7 subscriptions and redemptions through USDC and real-time settlement. These features are designed for treasury and collateral management rather than broad retail adoption.

2) BUIDL

• BUIDL is BlackRock's tokenized institutional liquidity fund. Investors own an interest in a private investment fund rather than holding Treasury bills directly. The fund is issued in partnership with Securitize.

• BUIDL has a $2.4 billion market cap and 97 onchain holders. It manages institutional-scale assets while maintaining a small holder base. Most capital is therefore held by a relatively small number of investors.

• The product is built for institutional investors. It is offered through a private fund structure with institutional onboarding. The holder count reflects a concentrated distribution model rather than broad public access.

3) USDY

• USDY is a tokenized note backed by high-quality U.S. dollar assets, including short-term U.S. Treasuries. It is available to qualifying non-U.S. investors. Ondo also offers a rebasing version called rUSDY.

• USDY has a $2.1 billion market cap and approximately 31,300 onchain holders. It combines institutional-scale assets with the largest holder base in the category. No other fund shown has comparable distribution.

• The product is designed for broad onchain adoption. Investors can mint and redeem using USDC, and the token is available across multiple blockchain networks. Its holder count is consistent with a product built for wide distribution.

4) USTBL

• USTBL is a French UCITS short-term money market fund that invests primarily in U.S. government securities. The blockchain token represents ownership in a regulated investment fund. The fund operates within the European UCITS framework.

• USTBL has a $115.1 million market cap and 591 onchain holders. Although much smaller than the largest funds, ownership is spread across hundreds of wallets. Its holder base is broader than several much larger products.

• The product is designed to be widely accessible. Its regulated UCITS structure and broad investor eligibility lower barriers to participation. The holder distribution reflects that design.

5) MONY

• MONY is a tokenized money market fund issued by J.P. Morgan Asset Management. The fund invests in U.S. Treasury securities and Treasury-backed repurchase agreements. It is distributed through Morgan Money.

• MONY has a $101.7 million market cap and a single onchain holder. Despite managing more than $100 million, ownership is concentrated in one wallet. This is the most concentrated holder distribution in the group.

• The product is designed for institutional treasury clients. MONY is offered through a private placement for qualified investors. The holder count is consistent with a product distributed through existing institutional client relationships.

Key takeaways

These funds all provide onchain exposure to U.S. government-backed assets, but they are not interchangeable products. Their legal structures, distribution models, and investor eligibility vary widely, and those differences are reflected in their onchain holder counts. Rather than serving a single market, tokenized U.S. Treasury funds span institutional treasury management, collateral infrastructure, and broadly accessible onchain savings products.

Platform updates

• Listed new stablecoins: United Stables U ($1.0 B), Polymarket USD ($486.1 M), apxUSD ($347.6 M), Crown BRLV ($71.3 M), and Unitas USDu ($59.2 M).

• Listed new tokenized funds: apyUSD ($138.2 M) and Coinbase Bitcoin Yield Fund ($22.7 M).

• Listed new tokenized commodities: Goldfish Gold ($30.6 M) and GoldZip Gold ($5.0 M).

• Listed new tokenized stocks: Ondo SpaceX ($10.9 M).

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The state of tokenized assets

Token Terminal now tracks 4,616 tokenized assets across 313 issuers and 45 chains, with a combined market cap of $342.7 B and 273.3 M holders. This week, the market was mostly driven by issuer- and asset-level moves rather than broad category growth:

• Stablecoins remained the scale anchor at $298.6 B in market cap (-0.5% 7d), led by Tether's USDT at $185.5 B and Circle's USDC at $73.3 B. Redemptions exceeded mints by $539.7 M, though holders grew 0.7%.

• Tokenized funds were stable at $35.6 B in market cap (+0.2% 7d). The largest assets include sUSDS ($5.6 B), USYC ($3.1 B), BUIDL ($2.4 B), USDY ($2.1 B), and BCAP ($1.0 B). Sector-level redemptions exceeded mints by $39.9M, even as transfer count increased 17.9%.

• Tokenized commodities fell to $6.8 B in market cap (-4.1% 7d). The largest assets are XAUT ($2.5 B), JMWH ($2.2 B), and PAXG ($1.8 B), spanning gold and energy.

• Tokenized stocks were the activity outlier. Market cap fell 4.3% to $1.6 B, but holders increased 2.8%, transfer count rose 67.5%, and transfer volume rose 135.1%. The category is smaller than the others, but it showed the clearest activity divergence this week.

Explore the full dataset here.

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Asset fact sheets

Token Terminal now includes fact sheets on asset-level product pages, giving users access to fully-sourced one-pagers breaking down tokenized assets.

Each fact sheet includes:

• The essentials at a glance. Issuer, chains, launch date, and the first three lines of the description are visible at the top of the page, so the basic context is there before clicking.

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Coverage currently spans stablecoins, tokenized funds, commodities, and stocks, with broader coverage and richer fact sheets planned for the coming weeks.

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