96 tokens on record ten issuers' own terms, read 2026-09-08

Tokenized treasury bills, and every other bag that pays

Most sites about tokens quote a price.

This one publishes the terms: 96 tokens read from their issuers' own pages and from DeFiLlama and CoinGecko, each on its own page with what it represents, the shape of the claim, and what its issuer does and does not say about redemption, eligibility and who gets paid.

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tokens on record: 96
paying revenue to holders: 80
over US Treasuries: 6
underlying and exposure pages: 11

The register by underlying

What this site covers

Tokenized treasury bills A tokenized treasury bill is a token whose issuer says it represents short-term US government debt.

Sources, citation and related pages

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The tokens whose issuer states what they represent in every underlying was 96 in as read on the date shown, across 96 token records recorded in the issuers' own terms, DeFiLlama and CoinGecko.

Cite as: "Bags That Pay Underlying Index", updated 2026-09-08, https://bagsthatpay.com/.

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Tokens whose issuer states what they represent · every underlying · as read on the date shown

token records	96

Source: Bags That Pay Underlying Index

<figure style="margin:0;max-width:340px;padding:16px 18px;border:1px solid #e2e8f0;border-radius:10px;background:#ffffff;color:#0f172a;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;line-height:1.4;"><figcaption style="margin:0 0 6px;font-size:11px;letter-spacing:.04em;text-transform:uppercase;color:#64748b;background:#ffffff;">Tokens whose issuer states what they represent &middot; every underlying &middot; as read on the date shown</figcaption><p style="margin:0;font-size:26px;font-weight:700;color:#0f172a;background:#ffffff;">96<span style="font-size:14px;font-weight:400;color:#64748b;"></span></p><table style="width:100%;border-collapse:collapse;margin:10px 0 0;font-size:13px;background:#ffffff;border:0;"><tbody style="background:#ffffff;"><tr style="background:#ffffff;"><th scope="row" style="text-align:left;font-weight:400;color:#64748b;background:#ffffff;border:0;padding:3px 0;">token records</th><td style="text-align:right;font-weight:600;color:#0f172a;background:#ffffff;border:0;padding:3px 0;">96</td></tr></tbody></table><p style="margin:12px 0 0;font-size:12px;color:#64748b;background:#ffffff;">Source: <a href="https://bagsthatpay.com/#stats" style="color:#2563eb;background:#ffffff;text-decoration:underline;">Bags That Pay Underlying Index</a></p></figure>

Source: CoinGecko markets, category real-world-assets-rwa (open API, page 1 of 250); DeFiLlama holders revenue (open API, fees overview, dataType=dailyHoldersRevenue); DeFiLlama protocol revenue (open API, fees overview, dataType=dailyRevenue); DeFiLlama protocols (open API, /protocols); Backed - legal documentation; Bags That Pay - methodology: how a tokenized asset is classified; Dinari - dShares; Backed - xStocks documentation, Introduction; Ondo Finance - OUSG product page; Ondo Finance - USDY product page; Paxos - Pax Gold (PAXG); Securitize - BlackRock USD Institutional Digital Liquidity Fund (BUIDL); Tether - Tether Gold; Circle - USYC; Franklin Templeton - Benji; Spiko - home; WisdomTree - digital funds

All 17 source pages; each is the

Methodology: Every figure on this site is an observation published by the source named beside it and read on the date shown; nothing here is our number. Every right is the issuer's own sentence, quoted whole from the page and date named beside it, or an explicit record that the issuer does not state it or that the page could not be read. The underlying and the exposure type are this directory's reading of those sentences and say so. Prices are not stored.

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