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 2026-10-22. 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.

Tokenized Treasuries Ratio

The ratio is tokenized_us_treasuries_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 cards fourteen named dollar settlement rails on /holders (six Group A + eight Group B). Amounts are transcribed onto this tape from issuer attestations or from rwa.xyz Total Asset Value for named Group B rails. Group B is a named slice of the distributed Tokenized U.S. Treasuries total used in the Tokenized Treasuries Ratio — not a full roll-up of that numerator. The tape JSON may also key Franklin iBENJI off-card for residual math — not a fifteenth Holders card. All fourteen cards on /holders are keyed with value, as-of, and source. The ratio numerator may be billion-scale on a given print while Group B card Total Asset Values are penny-exact.

Group A — Reserve attestations are issuer reserve books. They are listed for context and are not part of the Tokenized U.S. Treasuries ratio numerator. Group B — Tokenized Treasury rails are a named subset of the rwa.xyz “Tokenized U.S. Treasuries,” distributed total used as the ratio numerator. On this file the eight Group B 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 need not sum to that round numerator. Cards sort alphabetically within each group.

Group C lists official and sector Treasury stocks keyed on this file (TIC foreign holders total, foreign official, official bills, and Japan). These stocks are not the Tokenized Treasuries Ratio numerator and are not Group A reserve attestations. TIC is custodial. China, Mainland is on Receipts only. Do not add these books into one total.

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.

Average rates on /wall come from Treasury Fiscal Data Average Interest Rates on U.S. Treasury Securities for the same MSPD record date as the wall. FYTD interest expense is a different series and lives only on Receipts; it is modified accrual, includes GAS, and is not MTS net interest and not CBO net interest.

Average rates on /wall and FYTD interest expense on Receipts are taped companion series in the machine file (same as-ofs as displayed); they are not computed in the browser.

Preferred Form

Fiscal Tape. US Federal Debt and Tokenized U.S. Treasuries [dated snapshot].

https://fiscaltape.com. File as of 2026-10-22.

Cite this tape for the 12-month wall and the Tokenized Treasuries Ratio.

Cite Treasury Fiscal Data and rwa.xyz for the rows those figures rest on.

Those upstream links stay on Receipts.