Tokenized US Treasury products in the dated market record.
$15.9B exists. Far less moves.
Products covering 99.9% of the market had $2.5B of recorded token transfers over 30 days. That is activity, not a promise that every holder can exit.
Market record through 05 September 2026.15.9%Thirty-day transfers compared with the value that has complete transfer records.
Share of the Treasury total represented by the named products on this page.
Share of the total whose named products all have a 30-day transfer figure.
Recorded token transfers inside that covered set. Transfers can include movement that is not a purchase.
How long this transfer pace would take to match the covered stock once.
17.5% of the value represented here.
28.0% of covered 30-day transfers.
Value in fully measured products that transferred less than 1% of their size in 30 days.
Change across products with current and prior figures, covering 99.9% of the total. It is not net new cash.
Size and movement tell different stories.
Blue is the current value outstanding. Coral is the value transferred over 30 days. A small coral line does not prove a problem: some funds are designed for subscriptions and redemptions rather than constant trading. It does mean the headline market size cannot answer the exit question.
Value outstandingTransferred in 30 days
The covered market’s transfer rate changes from 15.9% to 15.3% when its largest fully measured product is removed. This tells us whether one product creates the whole movement story.
Read the products, not only the total.
“Days to turn once” is a pace comparison, not a forecast. It uses recorded transfers and does not include an issuer’s private redemption capacity.
| Product | Value | 30-day transfers | Transfer rate | Time to turn once | Plain reading |
|---|---|---|---|---|---|
| BUIDLBlackRock USD Institutional Digital Liquidity Fund | $2.8B | $518.3M | 18.6% | 161 days | Moving |
| USYCCircle USYC | $2.6B | $708.1M | 27.0% | 111 days | Moving |
| USDYOndo U.S. Dollar Yield | $2.2B | $126.2M | 5.7% | 523 days | Moving |
| iBENJIiBENJI | $1.7B | $32.8M | 1.9% | 1,569 days | Moving |
| WTGXXWisdomTree Treasury Money Market Digital Fund | $1.2B | $4.1M | 0.3% | 8,928 days | Slow |
| JTRSYJanus Henderson Treasury Fund | $809.3M | $262.8M | 32.5% | 92 days | Moving |
| JLTXXJPMorgan OnChain Liquidity-Token Money Market Fund | $800.9M | $41.2M | 5.1% | 584 days | Moving |
| BENJIBENJI | $686.7M | $18.2M | 2.6% | 1,134 days | Moving |
| USTBInvesco Short Duration US Government Securities Fund | $597.9M | $240.7M | 40.3% | 75 days | Moving |
| CUMIUChinaAMC USD Digital Money Market Fund Class I USD | $552.7M | $0 | 0.0% | No measured turnover | No recorded transfer |
| OUSGOndo Short-Term US Government Bond Fund | $409.6M | $85.4M | 20.9% | 144 days | Moving |
| TBILLOpenEden TBILL Vault | $246.7M | $29.0M | 11.7% | 255 days | Moving |
| SWEEPState Street Galaxy OnChain Liquidity Sweep Fund | $158.0M | $9.3M | 5.9% | 510 days | Moving |
| USTBLSpiko US T-Bills Money Market Fund | $155.7M | $140.5M | 90.2% | 33 days | Moving |
Concentration sits in two places.
17.5% of the value represented here.
45.1% of the value represented here, using each network’s recorded amount.
Network share classes with the same ticker were combined.
A token transfer record does not reveal how much the issuer will redeem today.
