RWA Yield Board
Jedes tokenisierte US-Staatsanleihe- und Geldmarktprodukt, das wir aus einer Primärquelle belegen können. Fahren Sie über eine Zahl, um zu sehen, woher sie stammt und auf welchen Stichtag sie sich bezieht.
| Produkt | Emittent | Mantel / Domizil | Volumen USD | Rendite | Kennzahl | Mindestanlage | Zulassung | Verwahrer |
|---|---|---|---|---|---|---|---|---|
| USYCCircle | Circle International Bermuda Limited | Cayman Islands registered mutual fund, licensed by CIMA; token issued by a Bermuda entityCayman Islands (fund); Bermuda (token issuer) | 3,01 Mrd.Emittent | 3,16 % | 30-day APY | 100 Tsd. | Institutionell | Marex (prime broker); Customers Bank; Fireblocks (MPC wallet) |
| BUIDL*Securitize | BlackRock Financial Management, Inc. | British Virgin Islands company, Rule 506(c) offering, Section 3(c)(7) exclusionBritish Virgin Islands | 2,67 Mrd.Anbieter | k. A. | — | 100 Tsd. | Qualified Purchaser | BNY Mellon |
| USDYOndo Finance | Ondo Global Markets (BVI) Limited | Tokenized note (debt instrument), bankruptcy-remote SPVBritish Virgin Islands | 2,15 Mrd.Emittent | 3,55 % | APY | 5 Tsd. | Nur Nicht-US | Coinbase Prime |
| iBENJIFranklin Templeton | Franklin Advisers, Inc. | Rule 506(b) private placement, Section 3(c)(7) exclusionBritish Virgin Islands | 1,73 Mrd.Anbieter | k. A. | — | 5 Mio. | Qualified Purchaser | k. A. |
| USTBSuperstate | Invesco Advisers, Inc. | Series of a Delaware statutory trust, Rule 506(c) offering, Section 3(c)(7) exclusionDelaware, United States | 909 Mio.Emittent | 3,51 % | 30-day yield | 100 Tsd. | Accredited + QP | The Bank of New York Mellon |
| JTRSYCentrifuge | Anemoy Capital SPC Limited | Segregated portfolio of a BVI segregated portfolio company; professional fund under the Securities and Investment Business ActBritish Virgin Islands | 882 Mio.Anbieter | 3,24 % | 30-day annualised, 365-day basis | 500 Tsd. | Professionell | J.P. Morgan (prime broker); Circle (crypto custody) |
| BENJI / FOBXXFranklin Templeton | Franklin Advisers, Inc. | Registered 1940-Act open-end fund; government money market fund under Rule 2a-7Delaware, United States | 753 Mio.Emittent | 3,50 % | 7-day SEC yield (net) | 20 | Privatanleger | JPMorgan Chase Bank, N.A. |
| WTGXX*WisdomTree Connect | WisdomTree Digital Management, Inc. | Registered 1940-Act open-end fund; government money market fund under Rule 2a-7Delaware, United States | 717 Mio.Emittent | 3,45 % | 7-day SEC yield (net) | 1 | Privatanleger | The Bank of New York Mellon |
| OUSGOndo Finance | Ondo I LP | Delaware limited partnership, Rule 506(c) offering, Section 3(c)(7) exclusionDelaware, United States | 378 Mio.Emittent | 3,43 % | APY (30-day) | 5 Tsd. | Accredited + QP | Coinbase Prime (Ethereum); Circle (Solana) |
| VBILLSecuritize | Van Eck Absolute Return Advisers Corp. | British Virgin Islands company, Regulation D exemption, bankruptcy-remoteBritish Virgin Islands | 193 Mio.Anbieter | 3,43 % | 30-day APY | 100 Tsd. | Qualified Purchaser | State Street Bank and Trust Company |
| USTBLSpiko | Twenty First Capital | French UCITS, short-term variable-NAV money market fund under EU MMFRFrance | 160 Mio.Emittent | 3,59 % | Annualised net return, computed from NAV | 1 | Privatanleger | CACEIS Bank (depositary); BNY Mellon (sub-custodian for the bills) |
| thBILL*Theo Network | Theo | Fund of tokenized funds — an index basket, not a direct holder of billsPanama | 69 Mio.Anbieter | 3,20 % | 30-day APY | keine | Institutionell | k. A. |
| TLTon*Ondo Finance | Ondo Global Markets (BVI) Limited | Structured note (debt instrument), overcollateralized, tokenholder rights under Swiss lawBritish Virgin Islands | 19 Mio.Anbieter | k. A. | — | 1 | Nur Nicht-US | US-registered custodial broker-dealers, overcollateralized |
Emittenten-belegte Zeilen tragen Werte aus der Produktseite, der Dokumentation oder einer aufsichtsrechtlichen Meldung des Emittenten. Mit „Anbieter" markierte Zeilen stammen von Datenanbietern und sind schwächerer Beleg. Renditen sind untereinander nur vergleichbar, wenn die Kennzahl übereinstimmt — eine 7-Tage-SEC-Rendite, eine 30-Tage-Rendite und ein berechneter APY messen Verschiedenes.
* kennzeichnet ein Produkt, dessen Basiswert keine schlichte kurzlaufende Staatsanleiheposition ist. Der konkrete Vorbehalt erscheint beim Überfahren der Marke.
Drei Produkte, die als tokenisierte Staatsanleihen gezählt werden und keine sind
Ungeprüft aus einem Datenanbieter summiert, ergeben sie rund 2,98 Mrd. scheinbare Staatsanleihe-Exponierung. Fast nichts davon ist eine.
Spiko EUTBL, UKTBL, SAFO, SPKCC
2,08 Mrd.Bundled into a single tracker entry with the US fund. EUTBL holds French Treasury bills, UKTBL holds gilts, and the Amundi Overnight Swap Fund family earns its return from total return swaps with BNP Paribas over an equity basket — its portfolio is six swaps and around 105 individual equities, not government paper.
Hastra wYLDS
505 Mio.Not a fund. YLDS is a tokenized face-amount certificate — an unsecured debt obligation of Figure Certificate Company, backed by that company's own assets rather than by a segregated portfolio a holder has a pro-rata claim on. wYLDS adds a third-party wrapper token on top, with its own smart-contract risk. Both major trackers classify it as a stablecoin.
Ethena USDtb
401 Mio.A stablecoin, not a fund: holders own a redeemable dollar liability, not a share class. Around 90% of its reserves sit in BlackRock's BUIDL, so counting it alongside BUIDL double-counts the same underlying Treasuries.
Die Begründungen stehen im englischen Original, weil sie wörtlich aus den geprüften Quellen stammen. Die vollständige Einordnung steht in der Kalibrierung.
Wir veröffentlichen die Widersprüche
Wer weiß, dass zwei Datenanbieter am selben Tag um 31 % auseinanderliegen, ist besser bedient als jemand, dem eine einzelne selbstsichere Zahl gezeigt wird.
Market total for tokenized treasuries
geklärt- $16.16B as of 2026-08-03—rwa.xyz, narrow definition
- $26–28B as of July 2026—Yellow.com, 'treasury and cash equivalents'
- $26.6B as of 2026-08-03—DefiLlama, entire RWA category
These are not competing measurements of one thing, they are three different definitions. The broad figure bundles yield-bearing stablecoins and cash equivalents; the DefiLlama total includes tokenized gold, equities, private credit and real estate. We publish the narrow tokenized-treasury-fund figure and label it as such.
BUIDL assets under management
geklärtResolved, and the cause identified. DefiLlama's Securitize adapter reads the Aptos field `ds_token::TokenData.total_issued` — cumulative lifetime issuance, which never decreases when tokens are redeemed. That field reports $821.9M while the actual live supply in `ConcurrentSupply.current.value` is $16.15M, and the Aptos token has a single holder. The $805.7M over-count accounts for 98.5% of the gap; the rest is snapshot timing, since BUIDL accrues dividends daily. An independent check confirms it: summing live `totalSupply()` across all nine tokens on 2026-08-03 gives $2,686,477,867, within 0.49% of rwa.xyz. A separate cross-check settles it — Securitize's own Form S-1 puts its entire platform-wide tokenized assets above $3.1B, so DefiLlama's figure for BUIDL alone would exceed everything Securitize administers.
Counterfeit iBENJI tokens on Stellar
geklärt- Assets labelled 'iBENJI', home domains rwa.stellarsynth.org and lumenvaultx.org—Two Stellar issuers
- iBENJI is issued on Ethereum and BNB Chain only—Franklin Templeton
Neither Stellar asset is Franklin's. iBENJI is not issued on Stellar at all, and both counterfeits have `auth_required` set to false, whereas genuine Franklin Stellar issuers carry the franklintempleton.com home domain with `auth_required` true. Franklin's own contract registry lists exactly two iBENJI contracts, both of which return the fund's full legal name on-chain. Anyone ingesting tokens by ticker symbol will pick up the fakes.
Why yields on this board are not comparable to each other
geklärt- Publish a true 7-day SEC yield in monthly N-MFP3 filings—Registered 2a-7 funds — BENJI/FOBXX, WTGXX
- Publishes a computed APY, a 30-day yield, or nothing at all—Everything else on this board
Only some of these are US-registered money market funds. BENJI/FOBXX is a series of a Delaware statutory trust operating as a government money market fund under Rule 2a-7, and WisdomTree's WTGXX likewise — both file N-MFP3 and report a genuine 7-day SEC yield. BUIDL is a BVI 3(c)(7) fund, USYC a Cayman fund, USDY a debt note, USTBL a French UCITS, and the BlackRock ICS feeders sit on Irish funds under EU money-market rules. None of those files under 2a-7, so none has a 7-day SEC yield to publish. Comparison tables that put all of them under one yield column are comparing different measurements. We carry the metric name beside every figure for exactly this reason.
Franklin Templeton's own website contradicts its own SEC filings
geklärt- 7-day current yield 4.57%, as of 2026-07-31—Franklin's live product API
- 7-day net yield 3.50%, as of 2026-06-30—SEC Form N-MFP3
The filing is used. Franklin's own N-MFP3 series has been flat between 3.43% and 3.60% every month from December 2025 to June 2026, and its sibling funds on the same API return 3.22% and 3.55%. The 4.57% figure is an outlier against the issuer's own filed data and appears to be stale or erroneous.
Double-counting trap: Spiko
geklärt- $145M—rwa.xyz, USTBL only
- $2.23B—DefiLlama, 'Spiko' protocol
Not a conflict but a definition trap: the DefiLlama entry combines the US dollar fund with the euro T-bill fund, which is roughly 93% of it. Using the protocol figure in a US-Treasury dataset overstates exposure about fifteenfold.
Wie wir diese Werte erheben, prüfen und ausmustern, steht auf der Kalibrierungsseite. Nichts davon ist Anlageberatung — siehe Offenlegung.