Methodology

Fiscal Tape is not the U.S. Treasury. Debt stocks are copied from Treasury Fiscal Data. The tokenized numerator is copied from rwa.xyz under the named scope and is not an official Treasury series. This site does not rate securities or advise trades.

File

The tape file is a curated snapshot. File as of 2026-09-04. Mixed vintages are intentional. Each series carries value, as_of, source_name, and source_url.

Debt Stocks

Gross federal debt, debt held by the public, and intragovernmental holdings come from Treasury Fiscal Data, Debt to the Penny. The calculator uses debt held by the public, not gross.

T-Bill Ratio

The ratio is tokenized_tbills_usd / t_bill_stock_usd. It is computed in the UI. If the numerator and denominator as-of dates differ, the page shows a vintage mismatch. The ratio is not written back into the JSON.

12-Month Wall

The 12-month maturity wall is Fiscal Tape’s sum of marketable Treasury CUSIPs from MSPD Table III (Fiscal Data: Detail of Marketable Treasury Securities Outstanding) whose maturity date is on or before the statement date plus twelve months. It includes bills, notes, bonds, TIPS, and FRNs that meet that date test. It excludes nonmarketable securities. Amounts are outstanding principal as reported in that table. As-of is the MSPD record date.

This is not a Treasury headline series. Treasury publishes the CUSIPs; Fiscal Tape publishes the sum. The bill component is shown separately so a reader can see how much of the wall is already bills.

The wall is recomputed when a new MSPD posts, not daily.

Holders

Holders lists named dollar settlement rails that hold US Treasuries in front of the bill stock. Amounts are transcribed onto this tape from issuer attestations or from the same rwa.xyz distributed scope used for the T-bill ratio. All 14 rails on this tape are keyed with value, as-of, and source.

Group A — Reserve attestations are issuer reserve books. They are listed for context and are not part of the tokenized T-bill ratio numerator. Group B — Tokenized Treasury rails use the same rwa.xyz “Tokenized U.S. Treasuries,” distributed scope as the ratio numerator. Cards sort alphabetically within each group.

Missing Values

When a series has no usable figure yet, the cell shows an em dash until a dated source is keyed. As-of and source fields still render when present.

Households

The calculator default is the US household count on the tape (Census via FRED TTLHH). Changing the input only changes the local quotient.

Scope

United States only. No country grid. No live market-data backend. Citations live on Receipts.