{ "schema_version": "2026-06-11", "as_of": "2026-06-10", "products": [ { "id": "buidl", "short": "BUIDL", "name": "BlackRock USD Institutional Digital Liquidity Fund", "issuer": "BlackRock · Securitize", "platform": "Securitize", "asset_class": "Tokenised treasuries / MMF", "jurisdiction": "US", "tier": "underlying", "aum_usd": 2500000000, "aum_display": "~$2.5bn", "aum_as_of": "2026-05-15", "aum_source": "https://www.cryptotimes.io/2026/05/23/blackrock-tokenized-treasury-filings-2026-the-rwa-boom-goes-institutional/", "aum_note": "Reported in the $2.3bn to $2.85bn range across May 2026 coverage; ~$2.5bn is the mid-May consensus figure.", "internal_url": "/use-cases/buidl/" }, { "id": "fobxx", "short": "FOBXX / BENJI", "name": "Franklin OnChain U.S. Government Money Fund", "issuer": "Franklin Templeton", "platform": "Benji Investments", "asset_class": "Tokenised treasuries / MMF", "jurisdiction": "US", "tier": "underlying", "aum_usd": null, "aum_display": null, "aum_as_of": null, "aum_source": null, "internal_url": "/institutions/franklin-templeton/" }, { "id": "wtgxx", "short": "WTGXX", "name": "WisdomTree Government Money Market Digital Fund", "issuer": "WisdomTree", "platform": "WisdomTree Connect", "asset_class": "Tokenised treasuries / MMF", "jurisdiction": "US", "tier": "underlying", "aum_usd": 910000000, "aum_display": "$910m", "aum_as_of": "2026-06-05", "aum_source": "https://www.ledgerinsights.com/john-whelan-joins-wisdomtree-to-lead-digital-assets-strategy/", "internal_url": "/institutions/wisdomtree/" }, { "id": "ultra", "short": "ULTRA", "name": "Delta Wellington Ultra Short Treasury On-Chain Fund", "issuer": "FundBridge Capital (manager) · Wellington Management Singapore (sub-manager)", "platform": "Libeara", "asset_class": "Tokenised treasuries", "jurisdiction": "Singapore", "tier": "underlying", "aum_usd": 132091328, "aum_display": "$132.1m", "aum_as_of": "2026-06-10", "aum_source": "https://app.rwa.xyz/assets/ULTRA", "aum_note": "15 on-chain holders across Ethereum, Arbitrum, Solana, and Avalanche C-Chain. Sub-fund of the Singapore-domiciled Delta Master Trust; inception 19 Feb 2025.", "internal_url": "/institutions/libeara/" }, { "id": "tbill", "short": "TBILL", "name": "OpenEden TBILL Vault", "issuer": "OpenEden", "platform": "OpenEden", "asset_class": "Tokenised treasuries", "jurisdiction": "Singapore / BVI", "tier": "underlying", "aum_usd": 123802146, "aum_display": "$123.8m", "aum_as_of": "2026-05-04", "aum_source": "https://app.rwa.xyz/assets/TBILL", "internal_url": null }, { "id": "mony", "short": "MONY", "name": "My OnChain Net Yield Fund", "issuer": "J.P. Morgan Asset Management", "platform": "Kinexys Digital Assets", "asset_class": "Tokenised treasuries / MMF", "jurisdiction": "US (BVI-domiciled)", "tier": "underlying", "aum_usd": 101695394, "aum_display": "$101.7m", "aum_as_of": "2026-06-10", "aum_source": "https://app.rwa.xyz/assets/MONY", "aum_note": "JPMAM's first tokenised MMF, launched 15 Dec 2025 on public Ethereum: a 506(c) placement for Qualified Purchasers, distributed via Morgan Money with cash or stablecoin subscriptions. 3 on-chain holders, NAV $1.00, 0.16% fee, SS&C transfer agent. Currently the entire public-chain footprint of Kinexys Digital Assets on rwa.xyz.", "launch_source": "https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-its-first-tokenized-money-market-fund/", "internal_url": "/use-cases/kinexys/" }, { "id": "jltxx", "short": "JLTXX", "name": "JPMorgan OnChain Liquidity-Token Money Market Fund", "issuer": "J.P. Morgan Asset Management", "platform": "Kinexys Digital Assets", "asset_class": "Tokenised treasuries / MMF (registered, GENIUS-reserve design)", "jurisdiction": "US", "tier": "underlying", "aum_usd": 100000000, "aum_display": "$100m seed", "aum_as_of": "2026-05-13", "aum_source": "https://www.prnewswire.com/news-releases/jp-morgan-asset-management-launches-second-tokenized-money-market-fund-on-ethereum-302771391.html", "aum_note": "Launched 13 May 2026: a US-registered government MMF on public Ethereum designed to support stablecoin issuers under the GENIUS Act eligible-reserve rules. Figure is the JPMAM seed commitment at launch, with Anchorage Digital also participating; Ethereum is not the legal ownership layer (allow-listed token balances, register off-chain). Not yet listed on rwa.xyz. Watch for stablecoin issuers holding JLTXX as reserves: each would be a new edge here.", "launch_source": "https://www.prnewswire.com/news-releases/jp-morgan-asset-management-launches-second-tokenized-money-market-fund-on-ethereum-302771391.html", "internal_url": "/use-cases/kinexys/" }, { "id": "mg999", "short": "MG999", "name": "MG999 On-Chain Gold Fund", "issuer": "FundBridge Capital", "platform": "Libeara", "asset_class": "Tokenised gold / private credit", "jurisdiction": "Singapore", "tier": "underlying", "aum_usd": null, "aum_display": null, "aum_as_of": null, "aum_source": null, "aum_note": "Launched Dec 2025; returns linked to gold spot plus lending yield; first borrower Mustafa Gold (Mustafa Group). No public AUM yet.", "launch_source": "https://www.blockhead.co/2025/12/09/singapores-fundbridge-launches-tokenized-gold-linked-private-credit-fund/", "internal_url": "/institutions/libeara/" }, { "id": "ousg", "short": "OUSG", "name": "Ondo Short-Term US Government Treasuries", "issuer": "Ondo Finance", "platform": "Ondo", "asset_class": "Tokenised treasuries (fund-of-funds)", "jurisdiction": "US", "tier": "holder", "aum_usd": 704000000, "aum_display": "~$704m", "aum_as_of": "2026-04-01", "aum_source": "https://reports.tiger-research.com/p/blackrock-buidl-263b-on-chain-reserve-eng", "internal_url": null }, { "id": "usdtb", "short": "USDtb", "name": "Ethena USDtb stablecoin", "issuer": "Ethena Labs", "platform": "Ethena · Securitize", "asset_class": "Stablecoin (RWA-reserved)", "jurisdiction": "Global", "tier": "holder", "aum_usd": null, "aum_display": null, "aum_as_of": null, "aum_source": null, "aum_note": "Launched Dec 2024. Circulating supply not pinned to a sourced figure here yet.", "internal_url": null }, { "id": "chinaamc-mmf", "short": "ChinaAMC MMFs", "name": "ChinaAMC (HK) tokenised money market funds (HKD, RMB, USD share classes)", "issuer": "China Asset Management (Hong Kong)", "platform": "Libeara", "asset_class": "Tokenised MMF (retail, SFC-authorised)", "jurisdiction": "Hong Kong", "tier": "holder", "aum_usd": 547548045, "aum_display": "$547.5m", "aum_as_of": "2026-06-10", "aum_source": "https://app.rwa.xyz/assets/CUMIU", "aum_note": "Figure is the USD fund's tokenised Class I (ticker CUMIU, inception 17 Apr 2025, a single on-chain holder, NAV $103, fee 0.05%); the HKD fund's tokenised Class A USD (CAMMU, inception 28 Feb 2025) shows $4,231 across 2 holders. Custodian Standard Chartered Trustee (Hong Kong), auditor KPMG, tokenised on Libeara; HKD fund launched Feb 2025 as Asia's first tokenised retail fund, RMB and USD funds July 2025. Other share-class tickers not yet enumerated.", "launch_source": "https://www.ledgerinsights.com/chinaamc-launches-first-tokenized-rmb-money-market-fund-in-hong-kong/", "internal_url": "/institutions/libeara/" }, { "id": "usdo", "short": "USDO", "name": "OpenEden Open Dollar (rebasing yield-bearing stablecoin)", "issuer": "OpenEden Digital (Bermuda Monetary Authority licensed)", "platform": "OpenEden", "asset_class": "Stablecoin (RWA-reserved)", "jurisdiction": "Bermuda / Singapore", "tier": "holder", "aum_usd": 27124081, "aum_display": "$27.1m", "aum_as_of": "2026-06-10", "aum_source": "https://app.rwa.xyz/assets/USDO", "aum_note": "513 holders on Ethereum and Base; issued via a Segregated Account Company (bankruptcy-remote); primary redemption to USDC.", "internal_url": "/institutions/openeden/" }, { "id": "cusdo", "short": "cUSDO", "name": "Compounding Open Dollar (wrapped, yield-accruing USDO)", "issuer": "OpenEden · custody integrations via Ceffu", "platform": "OpenEden", "asset_class": "Wrapped stablecoin (collateral asset)", "jurisdiction": "Bermuda / Singapore", "tier": "wrapper", "aum_usd": null, "aum_display": null, "aum_as_of": null, "aum_source": null, "aum_note": "First yield-bearing collateral accepted on Binance's MirrorRSV (July 2025, with Ceffu) and later Binance Banking Triparty; Binance issues a 1:1 representative asset (cUSDOX) into portfolio-margin accounts. No public AUM figure pinned yet.", "launch_source": "https://www.theblock.co/post/362893/openeden-and-ceffu-launch-first-yield-bearing-collateral-for-institutions", "internal_url": "/institutions/openeden/" } ], "edges": [ { "holder": "ousg", "held": "buidl", "type": "holding", "label": "majority of OUSG assets", "note": "Ondo moved $95m into BUIDL in its launch week (March 2024), becoming its largest holder; BUIDL has remained the predominant OUSG reserve asset since.", "source": "https://www.fxstreet.com/cryptocurrencies/news/ondo-moves-95-million-worth-of-ousg-assets-to-buidl-as-tokenized-fund-attracts-245-million-since-debut-202403281030", "as_of": "2026-04-01", "status": "sourced" }, { "holder": "ousg", "held": "fobxx", "type": "holding", "label": "reserve component", "note": "FOBXX named alongside BUIDL and WTGXX as a component of OUSG's reserve composition.", "source": "https://levex.com/en/blog/ondo-blackrock-buidl-integration", "as_of": "2026-04-01", "status": "sourced" }, { "holder": "ousg", "held": "wtgxx", "type": "holding", "label": "reserve component", "note": "WTGXX named alongside BUIDL and FOBXX as a component of OUSG's reserve composition.", "source": "https://levex.com/en/blog/ondo-blackrock-buidl-integration", "as_of": "2026-04-01", "status": "sourced" }, { "holder": "usdtb", "held": "buidl", "type": "reserve", "label": "~90% of reserves", "note": "USDtb launched Dec 2024 holding over 90% of reserves in BUIDL, the highest BUIDL allocation of any stablecoin; remainder in stablecoins and other tokenised treasury products.", "source": "https://thedefiant.io/news/defi/ethena-labs-unveils-usdtb-stablecoin-backed-blackrock-s-buidl-securitize-5d03b8cb", "as_of": "2024-12-16", "status": "sourced" }, { "holder": "chinaamc-mmf", "held": "ultra", "type": "holding", "label": "reported, unverified", "note": "Reported to us (June 2026) that ChinaAMC MMF products hold ULTRA as underlying. No public filing or report found yet; the sourced relationship is platform-level (both tokenised on Libeara, Standard Chartered as ChinaAMC custodian). Needs a fund report or primary document.", "source": null, "as_of": "2026-06-10", "status": "research_needed" }, { "holder": "usdo", "held": "tbill", "type": "reserve", "label": "primary collateral", "note": "USDO is fully collateralised by high-quality liquid reserves held primarily as tokenised US T-bills in the form of TBILL tokens, with reverse-repo agreements; BMA-regulated, issued through a bankruptcy-remote Segregated Account Company.", "source": "https://docs.openeden.com/usdo/faq", "as_of": "2026-06-10", "status": "sourced" }, { "holder": "usdo", "held": "buidl", "type": "reserve", "label": "collateral component", "note": "BUIDL tokens are named alongside TBILL as part of USDO's tokenised-treasury reserve composition.", "source": "https://docs.openeden.com/usdo/faq", "as_of": "2026-06-10", "status": "sourced" }, { "holder": "cusdo", "held": "usdo", "type": "holding", "label": "compounding wrapper", "note": "cUSDO is the wrapped, yield-accruing form of USDO. As collateral it is custodied with Ceffu inside Binance's MirrorRSV (first yield-bearing collateral there, July 2025) and supported in Binance Banking Triparty, with a 1:1 representative asset (cUSDOX) issued into portfolio-margin accounts.", "source": "https://www.theblock.co/post/362893/openeden-and-ceffu-launch-first-yield-bearing-collateral-for-institutions", "as_of": "2025-07-15", "status": "sourced" } ] }