The underlying index
How many tokens are a claim on each underlying, and what shape that claim takes, counted from the issuers' own published terms rather than estimated.
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Read 2026-09-08.
- tokens
- 96
- rights quoted from issuer terms
- 75
By underlying
By underlying
| Underlying | Tokens | Exposure types | Quoted rights |
|---|---|---|---|
| EU Treasuries | 1 | 1 | 5 |
| Gold | 2 | 1 | 10 |
| Money market | 2 | 1 | 0 |
| Protocol revenue | 80 | 3 | 0 |
| US equities | 5 | 2 | 36 |
| US Treasuries | 6 | 3 | 24 |
Download the underlying-level dataset (CSV), free to reuse with citation.
every token in the graph that represents an underlying, whether the underlying is a security the issuer holds or the protocol's own revenue. A token whose issuer states nothing about what it holds is absent from this index rather than guessed at, and a right the issuer does not publish is recorded as unpublished rather than left blank.
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/tokenized/.