DOLLAR SETTLEMENT RAILS
Holder Mix
Named rails that hold US Treasuries in front of the bill stock. Amounts are transcribed from attestations onto this tape. Until a value is on the file, the cell is dashed. Reserve books come from issuer attestations. Tokenized funds use the same rwa.xyz distributed scope as the T-bill ratio.
Group A — Reserve Attestations
BitGo USD1
$2.90B
2026-07-31
Government Money Market funds (Treasury + GMMF slice; cash excluded)
Circle USDC
$60.40B
2026-07-31
USDC reserve T-bills / Treasuries / Treasury repo via Circle Reserve Fund (attestation)
Paxos PYUSD
$2.60B
2026-07-31
Obligations of U.S. Treasury + Repurchase agreements (Treasury-collateral); cash excluded
Paxos USDG
$2.88B
2026-06-30
Obligations of U.S. Treasury + Government MMFs; cash excluded
Ripple RLUSD
$1.34B
2026-07-31
U.S. Treasury bills + Government money-market funds; cash excluded
Tether
$114.96B
2026-06-30
USDT reserve T-bills / US Treasuries (attestation)
Group B — Tokenized Treasury Rails
BlackRock BUIDL
$2.75B
2026-09-04
Tokenized US dollar liquidity fund
Circle USYC
$2.69B
2026-09-04
Tokenized short-duration US Treasury fund
Franklin Templeton BENJI
$691.89M
2026-09-04
OnChain US Government Money Fund (FOBXX / BENJI)
Janus Henderson JTRSY
$831.23M
2026-09-04
Tokenized Treasury fund (Centrifuge)
JPMorgan JLTXX
$774.48M
2026-09-04
OnChain government money market fund (Kinexys)
Ondo USDY
$2.19B
2026-09-04
Tokenized US dollar yield / short Treasuries
Superstate USTB
$643.40M
2026-09-04
Short-duration US government securities fund
WisdomTree WTGXX
$1.22B
2026-09-04
Treasury Money Market Digital Fund