Definition
T-Bill Ratio
The share of the marketable Treasury bill stock that sits in tokenized US Treasury products. The quotient is computed on this page from the tape file. It is not stored as its own series.
Formula
tokenized_tbills_usd / t_bill_stock_usd
Ratio
0.220%
22.0 bp
Vintage mismatch: numerator as of 2026-09-04, denominator as of 2026-08-31. The two legs of the fraction are not from the same day.
Numerator — Tokenized T-Bills
$15.92B
as of 2026-09-04
rwa.xyz — Tokenized U.S. Treasuries distributed value
Denominator — T-Bill Stock
$7.25T
as of 2026-08-31
Treasury MSPD Table I — marketable bills outstanding
What This Is
A stock-over-stock fraction. The numerator is tokenized US Treasury value as published on the tape. The denominator is marketable bills outstanding. It is a measure of how much of the bill stack is visible on tokenized dollar rails, not a forecast and not a Bitcoin thesis.
The numerator is rwa.xyz “Tokenized U.S. Treasuries,” distributed value, not all real-world assets and not stablecoin reserve attestations unless those are listed separately on Holders.
What This Is Not
It is not the 12-month wall, not a share of gross debt, and not a trading signal. Holder-level attestations are listed separately on Holders.