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Treasury-backed dollar tokens

Treasury-backed tokens hold short-dated government paper rather than bank deposits, which removes uninsured deposit risk but adds fund and custodian structure. This is the largest and fastest-growing collateral bucket.

How this list is built. Assets whose disclosed reserves are primarily Treasury bills, notes or repo. Data refreshes continuously from on-chain supply and our issuer register.

Columns
Treasury-backed dollar tokens — 29 assets
USDC logoUSDCUSD Coin$74.23B$1.0000−2.89%8.06%88
USD1 logoUSD1World Liberty Financial USD$4.44B$0.9995+0.89%1.19%79
USDG logoUSDGGlobal Dollar$3.09B$1.0001−3.12%5.03%93
PYUSD logoPYUSDPayPal USD$2.85B$0.9999+5.51%11.07%93
RLUSD logoRLUSDRipple USD$2.50B$1.0001+3.93%4.78%*89
BUIDL logoBUIDLBlackRock USD$2.25B$1.0000+6.35%3.80%96
USDY logoUSDYOndo US Dollar Yield$2.20B$1.14760.00%3.61%88
INVESCO USTB logoINVESCO USTBInvesco USTB$558.20M$1.0000+2.88%—64
ENA logoENAEthena USDtb$492.74M$1.0000+3.56%—64
HUMA logoHUMAHuma$415.58M$1.0000+11.43%—64
RE logoRERe$394.13M$1.0000+2.37%—64
CHIP logoCHIPUSD AI$349.41M$1.0000+64.74%—64
ANEMOY CAPIT logoANEMOY CAPITAnemoy Capital$333.34M$1.0000−0.21%—64
ONRE logoONREOnRe$291.35M$1.0000−1.72%—63
OPENTRADE logoOPENTRADEOpenTrade$251.82M$1.0000−5.75%—63
PLUME VAULTS logoPLUME VAULTSPlume Vaults$232.15M$1.0000+5.61%—63
REG logoREGRealT Tokens$155.11M$1.0000+0.01%—63
R25 logoR25R25$133.73M$1.0000−0.37%—62
THEO NETWORK logoTHEO NETWORKTheo Network thUSD$132.27M$1.0000−1.16%—62
FRAX logoFRAXFrax USD$107.96M$1.0000+2.14%—62
VALOS logoVALOSValos$105.63M$1.0000+0.14%—62
LOFTY logoLOFTYLofty$101.23M$1.0000+0.14%—62
USUAL logoUSUALUsual USD0$87.80M$1.0000−0.29%—62
SKY logoSKYSky RWA$75.34M$1.0000+2.29%—62
STUSDT logoSTUSDTstUSDT$56.97M$1.0000−6.75%—61
BKN logoBKNBrickken$42.38M$1.0000−0.05%—61
TNGBL logoTNGBLTangible RWA$41.55M$1.0000−0.01%—61
KAIO logoKAIOKAIO$39.66M$1.0000+0.01%—61
USDP logoUSDPPax Dollar$26.06M$0.9989−7.12%—78
Column definitions:Peg deviationLiquidity (market depth)Market cap (circulating supply)Safety scoreAPY (annual percentage yield)Full glossary

Frequently asked

+ Is a tokenised Treasury fund the same as a stablecoin?

No. A tokenised fund gives you a share in a fund that holds Treasuries, usually with eligibility rules and a NAV that accrues. A stablecoin is a claim on the issuer at par.