Franklin Templeton's Benji platform at $3.2 billion and Ondo at $3.1 billion were the largest issuing platforms.
Why this market is moving now
- Tokenized Treasury funds paid a 7-day yield of 3.63% on 9 November 2026.
- Large asset managers run their own funds, with BlackRock's BUIDL at $1,775,442,488.
- JPMorgan's onchain money market fund held $792,854,945 on 9 November 2026.
- Distributed value fell 5.11% in the 30 days to 9 November 2026.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| Tokenized US Treasury funds had a distributed onchain value of $14.11 billion on 9 November 2026, down 5.11% from 30 days earlier. | 14.11 billion USD | 2026 | |
| 123 tokenized US Treasury funds were tracked on 9 November 2026, with 86,290 holders. | 123 funds | 2026 | |
| The 7-day annual percentage yield across tokenized US Treasury funds was 3.63% on 9 November 2026. | 3.63 % (7-day APY) | 2026 | |
| All distributed tokenized real-world assets, excluding stablecoins, were worth $39.61 billion on 9 November 2026. | 39.61 billion USD | 2026 | |
| Franklin Templeton Benji Investments was the largest tokenized Treasury platform on 9 November 2026, with $3.2 billion across 4 products. | 3.2 billion USD | 2026 | |
| Ondo ranked second with $3.1 billion across 11 tokenized Treasury products. | 3.1 billion USD | 2026 | |
| Ondo U.S. Dollar Yield (USDY) was the largest single tokenized Treasury product listed, at $2,386,392,939. | 2,386,392,939 USD | 2026 | |
| Circle's USYC fund held $2,098,212,384 on 9 November 2026. | 2,098,212,384 USD | 2026 | |
| BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) held $1,775,442,488 on 9 November 2026. | 1,775,442,488 USD | 2026 | |
| JPMorgan's OnChain Liquidity-Token Money Market Fund (JLTXX) held $792,854,945 on 9 November 2026. | 792,854,945 USD | 2026 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Companies to watch
Franklin Templeton
Its Benji Investments platform held $3.2 billion across 4 tokenized Treasury products on 9 November 2026.
Ondo
Held $3.1 billion across 11 products; its USDY was the largest single product at $2,386,392,939.
Circle
Its USYC fund held $2,098,212,384 on 9 November 2026.
BlackRock
Its BUIDL fund held $1,775,442,488 on 9 November 2026.
JPMorgan
Its JLTXX onchain money market fund held $792,854,945 on 9 November 2026.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
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Frequently asked questions
How big is the global tokenized treasury market?
Tokenized US Treasury funds had a distributed onchain value of $14.11 billion on 9 November 2026, down 5.11% from 30 days earlier.
How many tokenized Treasury funds are there?
123 tokenized US Treasury funds were tracked on 9 November 2026, with 86,290 holders.
Who are the largest tokenized Treasury issuers?
Franklin Templeton Benji Investments led with $3.2 billion across 4 products, followed by Ondo with $3.1 billion across 11 products.
What are the largest tokenized Treasury funds?
Ondo USDY held $2,386,392,939, Circle USYC $2,098,212,384 and BlackRock BUIDL $1,775,442,488 on 9 November 2026.
What yield do tokenized Treasury funds pay?
The 7-day annual percentage yield across tokenized US Treasury funds was 3.63% on 9 November 2026.
How big is the wider tokenized asset market?
All distributed tokenized real-world assets, excluding stablecoins, were worth $39.61 billion on 9 November 2026.
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