Who holds what
Tokenised funds increasingly sit inside other tokenised products: a treasury fund inside a fund-of-funds, a money-market fund inside a stablecoin's reserves. This map tracks those holdings so you can see how widely a product is actually used, not just how loudly it launched.
13 products · 8 relationships (7 sourced, 1 research-needed) · dataset as of 2026-06-10 · JSON export
Every solid edge carries a citable public source (in the ledger below). Dashed edges are reported but unverified; they render here so the gap is visible, not asserted.
The ledger
every relationship, with its evidence| Held product | Held by | Relationship | Evidence | Status |
|---|---|---|---|---|
| BUIDL | OUSG (Ondo Finance) | holding · majority of OUSG assets. 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 ↗ · 2026-04-01 | sourced |
| USDtb (Ethena Labs) | reserve · ~90% of reserves. 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 ↗ · 2024-12-16 | sourced | |
| USDO (OpenEden Digital (Bermuda Monetary Authority licensed)) | reserve · collateral component. BUIDL tokens are named alongside TBILL as part of USDO's tokenised-treasury reserve composition. | source ↗ · 2026-06-10 | sourced | |
| FOBXX / BENJI | OUSG (Ondo Finance) | holding · reserve component. FOBXX named alongside BUIDL and WTGXX as a component of OUSG's reserve composition. | source ↗ · 2026-04-01 | sourced |
| WTGXX | OUSG (Ondo Finance) | holding · reserve component. WTGXX named alongside BUIDL and FOBXX as a component of OUSG's reserve composition. | source ↗ · 2026-04-01 | sourced |
| ULTRA | ChinaAMC MMFs (China Asset Management (Hong Kong)) | holding · reported, unverified. 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. | none yet · 2026-06-10 | research needed |
| TBILL | USDO (OpenEden Digital (Bermuda Monetary Authority licensed)) | reserve · primary collateral. 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 ↗ · 2026-06-10 | sourced |
| MONY | No product-level holders on file yet. | open | ||
| JLTXX | No product-level holders on file yet. | open | ||
| MG999 | No product-level holders on file yet. | open | ||
| USDO | cUSDO (OpenEden) | holding · compounding wrapper. 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 ↗ · 2025-07-15 | sourced |
The products
AUM figures carry their as-of date and sourceBlackRock · Securitize. ~$2.5bn AUM as of 2026-05-15 (source ↗). Reported in the $2.3bn to $2.85bn range across May 2026 coverage; ~$2.5bn is the mid-May consensus figure.
Franklin Templeton. AUM not publicly stated; research needed.
WisdomTree. $910m AUM as of 2026-06-05 (source ↗).
FundBridge Capital (manager) · Wellington Management Singapore (sub-manager). $132.1m AUM as of 2026-06-10 (source ↗). 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.
- TBILL · OpenEden TBILL Vault
OpenEden. $123.8m AUM as of 2026-05-04 (source ↗).
J.P. Morgan Asset Management. $101.7m AUM as of 2026-06-10 (source ↗). 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.
J.P. Morgan Asset Management. $100m seed AUM as of 2026-05-13 (source ↗). 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.
FundBridge Capital. AUM not publicly stated; research needed. Launched Dec 2025; returns linked to gold spot plus lending yield; first borrower Mustafa Gold (Mustafa Group). No public AUM yet.
- OUSG · Ondo Short-Term US Government Treasuries
Ondo Finance. ~$704m AUM as of 2026-04-01 (source ↗).
- USDtb · Ethena USDtb stablecoin
Ethena Labs. AUM not publicly stated; research needed. Launched Dec 2024. Circulating supply not pinned to a sourced figure here yet.
China Asset Management (Hong Kong). $547.5m AUM as of 2026-06-10 (source ↗). 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.
OpenEden Digital (Bermuda Monetary Authority licensed). $27.1m AUM as of 2026-06-10 (source ↗). 513 holders on Ethereum and Base; issued via a Segregated Account Company (bankruptcy-remote); primary redemption to USDC.
OpenEden · custody integrations via Ceffu. AUM not publicly stated; research needed. 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.
Coverage and caveats
- On-chain holder counts (e.g. ULTRA's 15 wallets across four chains) come from rwa.xyz; wallet identities are not public, so fund-level holders only appear here once a filing, report, or primary document names them.
- A dashed edge is a deliberate artifact: it records a reported relationship that has not yet been verified. It is rendered so the gap is visible rather than silently asserted or silently dropped.
- AUM figures move weekly; each carries its as-of date and is only as fresh as its source. The dataset date marks the last editorial pass, not a live feed.