Tokenized Fund Performance Dashboard
This page tracks performance metrics across all major tokenized fund products, sourced from RWA.xyz, issuer disclosures, and on-chain analytics. Data is updated periodically — see timestamps for latest refresh.
Current AUM Rankings (March 2026)
| Rank | Product | AUM | APY | Issuer |
|---|---|---|---|---|
| 1 | USYC | $2.40B | ~3.40% | Circle/Hashnote |
| 2 | BUIDL | $2.01B | 3.45% | BlackRock |
| 3 | syrupUSDC | $1.75B | 4.89% | Maple Finance |
| 4 | USDY | $1.21B | 3.55% | Ondo Finance |
| 5 | BENJI | $1.01B | 3.51% | Franklin Templeton |
| 6 | OUSG | $721.4M | ~3.35% | Ondo Finance |
| 7 | USTB | $666.8M | ~3.0% | Superstate |
Market Aggregate Metrics
- Total Treasury Token TVL: $11.70B (source: RWA.xyz)
- Global RWA Holders: 55,520 treasury
- Ethereum Market Share: 59%
- Top 5 Products by AUM: $8.25B (82.5% of market)
AUM Growth Trajectory
The tokenized treasury market reached key milestones: $1B (late 2023), $5B (mid-2025), $10B (early 2026). Growth has accelerated since BlackRock’s BUIDL launch in March 2024, which validated the category for institutional allocation.
BUIDL’s growth: $0 → $500M (3 months) → $1B (7 months) → $2.01B (18 months). USYC’s growth was driven by Circle integration. Maple syrupUSDC grew from its restructured launch to $1.75B on institutional lending demand.
Yield Trend Analysis
Yields across all treasury products have compressed as the Federal Reserve reduced rates from 5.33% (peak) toward 4.33% (current). The yield mechanics analysis details the Fed rate relationship. The yield curve analysis maps the full on-chain rate structure.
Holder Growth
The 55,520 treasury global RWA holders represent growth from approximately 50,000 in early 2024. Institutional holders (estimated 85% of AUM, 15% of accounts) drive dollar-weighted growth, while retail and DAO holders drive account-count growth. The institutional vs retail analysis segments holder demographics.
Chain Distribution
Ethereum maintains 59% market share, followed by Stellar (primarily BENJI), Solana (OUSG, USDY), and EVM Layer 2s (BUIDL multi-chain). See the multi-chain analysis for detailed chain data.
Performance Benchmarking: Tokenized vs Traditional
To evaluate whether tokenized fund products deliver competitive performance, comparison against traditional money market fund benchmarks is essential:
| Benchmark | Current Yield | 1-Year Return | Expense Ratio |
|---|---|---|---|
| Vanguard VMFXX | 4.24% | 5.10% | 11 bps |
| Fidelity SPAXX | 4.19% | 5.05% | 42 bps |
| Schwab SWVXX | 4.18% | 5.03% | 34 bps |
| BUIDL | 3.45% | N/A (launched 2024) | ~87 bps |
| BENJI | 3.51% | ~4.5% (est.) | ~132 bps |
Tokenized products trail traditional money market funds by 73-123 basis points in current yield, reflecting higher total expense ratios (87-133 bps for tokenized vs 11-42 bps for traditional). This “tokenization premium” — the cost of 24/7 settlement, programmable composability, and global access — is the key metric for evaluating whether tokenized fund infrastructure delivers sufficient value to justify its cost. The fee analysis decomposes the tokenization premium by component. The tokenized vs traditional yield comparison provides comprehensive benchmarking.
Product-Level Performance Deep Dives
BUIDL Performance
BlackRock BUIDL launched in March 2024 and reached $2.01B AUM in approximately 18 months — the fastest AUM accumulation of any tokenized fund product. Key performance metrics:
- AUM Growth Rate: $0 → $500M (3 months), $500M → $1B (4 months), $1B → $2B (11 months)
- Average Monthly Inflows: ~$110M over the product’s lifetime
- Yield Consistency: 3.45% APY has tracked the Fed Funds Rate with an ~87 bps spread, consistent across the product’s history
- Holder Concentration: Estimated average holder position exceeds $10M, indicating ultra-institutional allocation
- Chain Distribution: Majority on Ethereum mainnet, with growing L2 deployments on Arbitrum, Optimism, and Polygon
BUIDL’s growth trajectory validates institutional demand for tokenized treasury products. BlackRock’s distribution network — accessing pension funds, endowments, and sovereign wealth funds — provides a growth channel no other tokenized fund issuer can replicate. The BUIDL deep dive provides comprehensive product analysis.
USYC Performance
USYC surpassed BUIDL to become the largest single tokenized fund product at $2.40B AUM, driven by Circle’s USDC ecosystem integration. Key metrics:
- Growth Catalyst: Circle’s acquisition of Hashnote created a seamless USDC-to-USYC conversion pathway, enabling existing USDC institutional holders to “switch on” yield without new platform onboarding
- Yield: ~3.40% APY, competitive with BUIDL despite slightly lower returns
- Redemption Speed: T+0 to T+1, the fastest in the market
- Competitive Advantage: Distribution through the $32B+ USDC ecosystem provides unmatched conversion funnel
The BUIDL vs USYC comparison analyzes the competitive dynamics between the two largest products.
syrupUSDC Performance
Maple Finance syrupUSDC reached $1.75B TVL by delivering the highest yield (4.89% APY) in the tokenized fund market through institutional lending:
- Yield Premium: 143 bps above BUIDL’s treasury yield, reflecting credit risk premium from institutional lending
- Credit History: Maple’s 2022 defaults (Orthogonal Trading, Auros Global) resulted in losses for depositors, but the platform’s restructuring in 2023 implemented improved underwriting standards and borrower diversification
- Growth Driver: Institutional credit demand from market makers, trading firms, and crypto-native institutions seeking USDC liquidity
The treasury funds vs yield products comparison analyzes the risk-return trade-off between treasury-backed and credit-enhanced products.
USDY and OUSG Combined Performance
Ondo Finance’s combined product AUM exceeds $2.4B across OUSG ($721.4M) and USDY ($1.21B):
- OUSG Differentiator: Flux Finance integration enables leveraged yield strategies (effective APY ~4.7% at 2x) unavailable to any competing product
- USDY Differentiator: Lowest minimum (~$500) and permissionless secondary transfers provide the broadest access of any yield product
- Multi-Chain Strategy: Deployment across Ethereum, Solana, Polygon, and Aptos targets diverse blockchain ecosystems
BENJI Performance
Franklin Templeton BENJI crossed $1B AUM — a milestone for the first SEC-registered tokenized money fund. Despite the lowest yield (3.51%), BENJI’s regulatory status attracts compliance-sensitive allocators:
- First Mover: Launched April 2021, BENJI has the longest operational track record of any tokenized fund product (5+ years)
- SEC Registration: The only tokenized money fund fully registered under the Investment Company Act of 1940
- Growth Trajectory: Slower than BUIDL (~$17M/month average), reflecting the smaller addressable market of allocators who specifically require SEC-registered products
Yield Trend Analysis: The Fed Rate Relationship
Yields across all treasury products have compressed as the Federal Reserve reduced the Federal Funds Rate from 5.33% (peak in mid-2023) toward 4.33% (current level). The relationship is mechanical:
Gross Yield = Fed Funds Rate ± Duration Mismatch Net Yield = Gross Yield - Total Expense Ratio
At the peak Fed Funds Rate (5.33%), tokenized treasury products delivered approximately 4.33-4.46% APY (after ~87-100 bps in fees). At the current rate (4.33%), yields have compressed to 3.01-3.45%. If the Fed cuts further to 3.50%, yields would decline to approximately 2.18-2.63% — making the tokenization premium a larger percentage of gross yield and increasing the competitive pressure from traditional money market funds.
The yield mechanics analysis details the Fed rate sensitivity for each product. The yield curve analysis maps the full on-chain rate structure. The yield monitor dashboard provides current yield data.
Holder Growth Analytics
The 55,520 treasury global RWA holders tracked by RWA.xyz represent 13.5x growth from approximately 50,000 in early 2024. Growth decomposition:
- Institutional Holders: Estimated 85% of AUM, 15% of accounts. Average position size $500K+. Primary driver: BlackRock distribution, Circle USDC conversion, corporate treasury adoption.
- Retail/DAO Holders: 15% of AUM, 85% of accounts. Average position size $5K-$50K. Primary driver: USDY low minimum, DAO treasury allocations, DEX secondary market access.
The institutional vs retail analysis segments holder demographics by access tier. The holder growth tracker dashboard provides real-time adoption data.
Chain Distribution Trends
Ethereum maintains 59% market share, but Layer 2 rollups are capturing growing share as BUIDL’s multi-chain deployment and Ondo’s Solana/Polygon expansion broaden access. The chain distribution analysis maps product-specific chain deployment, and the Ethereum dominance analysis examines whether Ethereum’s leadership position is sustainable.
Market Concentration Analysis
The tokenized fund market exhibits significant concentration — the top five products by AUM control approximately 82.5% of total market TVL. This concentration reflects the institutional dynamics of fund management, where scale advantages (distribution networks, brand recognition, infrastructure investment) create natural moats for early leaders.
The Herfindahl-Hirschman Index (HHI) for the tokenized fund market — calculated from estimated market shares of USYC (23%), BUIDL (20%), syrupUSDC (18%), USDY (12%), OUSG (12%), BENJI (10%), and others (5%) — indicates a moderately concentrated market. This concentration level is comparable to the traditional US money market fund market where the top five providers (Fidelity, Vanguard, BlackRock, JPMorgan, Schwab) control approximately 70% of assets.
New entrants face significant barriers: BlackRock’s distribution network advantage requires decades to replicate, Circle’s USDC ecosystem integration cannot be duplicated without a $32B+ stablecoin, and Ondo Finance’s DeFi composability through Flux Finance required years of protocol development. However, WisdomTree Prime and potential entries from Fidelity, Vanguard, or JPMorgan could reshape market share dynamics within 12-18 months.
Cross-Product Correlation and Diversification Benefits
Since all tokenized treasury products invest in substantially similar underlying assets (short-term US Treasury bills and overnight repurchase agreements), their returns are highly correlated with the Federal Funds Rate. The correlation coefficient between BUIDL and BENJI yields exceeds 0.95 — meaning diversification across treasury products provides minimal yield diversification benefit.
True diversification requires allocation across product categories: combining treasury products (BUIDL at 3.45%) with credit-enhanced products (syrupUSDC at 4.89%) introduces a credit risk premium that is less correlated with treasury yields. During credit stress events, treasury yields may remain stable or rise while credit yields compress or produce losses — providing genuine portfolio diversification. The treasury funds vs yield products comparison analyzes this diversification benefit.
Data Sources and Verification
All performance data cited in this analysis is sourced from publicly verifiable on-chain data, issuer disclosures, and aggregated market data from RWA.xyz. NAV data for accumulating products (OUSG, USYC, USTB) is verified by querying on-chain token price oracles and comparing with issuer-published NAV. Rebase token data (BUIDL, BENJI) is verified by tracking daily token supply changes. SEC-registered products file N-PORT monthly portfolio reports with the SEC, providing an additional verification source for BENJI and USTB performance data. The methodology page details the full data verification process used across this site.
The data provided by RWA.xyz tracks the broader tokenized RWA market at $20 billion, showing how treasury tokens at $11.70B represent the largest but not only category of on-chain yield products available for portfolio diversification across private credit, real estate, and other asset types.
Data Sources and Verification
Performance data on this page is sourced from RWA.xyz aggregate feeds (AUM, holder counts, chain distribution), issuer-published dashboards (yield rates, NAV data, fund reports), on-chain analytics (token supply verification, transfer volumes, holder address analysis), and DeFi Llama supplementary TVL data. The SEC EDGAR system provides regulatory filings for SEC-registered products (BENJI, USTB). Our methodology page details the cross-referencing and verification standards applied to all published data.
Methodology and Update Frequency
Performance data on this page is verified through a multi-source cross-referencing process. AUM figures are confirmed by comparing issuer-published data with on-chain token supply multiplied by NAV per token. Yield figures are validated against the Federal Funds Rate minus disclosed expense ratios. Holder counts are sourced from RWA.xyz aggregate feeds and cross-checked with on-chain address analysis. The SEC EDGAR filings for registered products (BENJI, USTB) provide an additional regulatory verification layer through mandatory N-PORT filings. Data is refreshed periodically as issuer disclosures and on-chain data become available. The methodology page details the full verification standards applied to all published data across the site. Investors should note that historical performance data for tokenized fund products is limited — BUIDL launched in March 2024 and USYC’s accelerated growth began following the Circle acquisition, meaning multi-year track records are not yet available for most products. BENJI provides the longest history (since April 2021), offering the most robust dataset for trend analysis.
For risk-adjusted analysis, see the risk metrics framework. For product selection, see the comparison matrix. For TVL data, see the TVL tracker.