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. This page cards fourteen rails (six Group A + eight Group B) plus Group C. Group C is the four TIC cards (foreign holders total, foreign official, official bills, and Japan), not a fifteenth rail. The tape JSON may also key Franklin iBENJI off-card for residual math — not a fifteenth card. Group B is a named subset of rwa.xyz “Tokenized U.S. Treasuries,” distributed — on this file the eight cards sum to about $10.04B versus the $14.40B numerator (residual about $4.36B in other distributed products not carded here, including Franklin iBENJI). The $14.40B numerator is the rwa.xyz distributed total as of the file date (billion-scale on this print); Group B card amounts are penny-exact Total Asset Values and are a named slice, so they need not sum to that round numerator.