Tokenized Treasury Bills: what the issuers say and how to check it
A tokenized treasury bill is a token whose issuer says it represents short-term US government debt. What that sentence means in practice differs by issuer and it differs in ways that matter: one holder owns a share of a fund, another holds debt issued by a bankruptcy-remote entity, a third holds a claim on securities a broker holds in a custodial account. This page reads what each issuer publishes about its own token: the backing, who may hold it, how it is redeemed, what it costs: and quotes it whole rather than summarising it, because a summary of a redemption right is not a redemption right.
- tokens on record
- 96
- over US Treasuries
- 6
- paying revenue to holders
- 80
The counts above are of tokens whose issuers publish what they represent, 96 in total, read on the dates shown. Browse the full index by underlying below.
- 96 tokens on recordfrom the issuers' own terms
- CoinGecko markets, category real-world-assets-rwa (open API, page 1 of 250)checked 2026-09-08
- 96 tokens on recordten issuers' own terms, read 2026-09-08
How to read tokenized treasury bills
- Start from the underlying, not the ticker. Two tokens with similar names can represent different things, and two tokens over the same underlying can give completely different claims. The register is organised by what the issuer says the token represents, so the comparison starts where the difference actually is.
- Read the exposure type. A fund share, a debt claim, a direct holding and a physically backed claim behave differently when something goes wrong. The exposure type on every row is this site's reading of the issuer's own quoted legal-structure and backing statements, and the quotes sit beside it so the reading can be checked.
- Check what the issuer does not say. A right the issuer publishes nothing about is recorded as exactly that, with the page that was read and the date. So is a page this site could not read at all. Neither is left as an empty cell, because an empty cell reads like an answer.
What a claim does and does not give you
A claim on a treasury bill is not a deposit and is not covered by any depositor guarantee. What a holder actually has depends on the shape of the claim: a fund share, a debt claim on an issuing entity, or securities held for them by a broker: and on what happens to that structure if the issuer fails. Every token's page quotes what its issuer publishes on the point, and records plainly where the issuer publishes nothing.
Common questions
- Where do the numbers come from?
- Market capitalisation and supply are CoinGecko's; holder revenue and the method behind it are DeFiLlama's. Each figure carries the name of whoever computed it and the day it was read. This site computes none of them and stores no prices.
- Why are some rights quoted and others marked absent?
- A right is either the issuer's own sentence, quoted whole from a named page on a named date, or a record that the issuer's page states nothing about it. Where a page could not be read at all (a bot wall, a geographic restriction, a page that renders nothing to a plain request), the record says not retrieved rather than not published, because those are different claims about a real business.
- Is this investment advice?
- No. This is a register of what issuers publish about their own tokens and what public data providers report about protocol revenue. It recommends nothing, rates nothing and is not an invitation to acquire anything.
Ask about tokenized treasury bills
The register by underlying
Cite or embed this figure
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/tokenized-treasuries/.