Tokenized U.S. Treasuries on public blockchains hold $7.42 billion as of September 12, 2025, with large vehicles concentratedon Ethereum-linked issuance tracked by RWA.xyz.
Fidelity’s new OnChain share class adds another institutional line to that base. The Fidelity Treasury Digital Fund’s OnChain Class, recorded on Ethereum as the Fidelity Digital Interest Token, shows about $203.7 million outstanding to date, with Bank of New York Mellon as custodian and two on-chain holders.
The fund’s SEC materials describe an OnChain class where the transfer agent keeps the official share register in book-entry form, while ownership is also recorded on a public blockchain. Per RWA.xyz and fund filings, the portfolio invests at least 99.5% in cash and U.S. Treasuries under Rule 2a-7.
Cross-section data show where scale is accumulating and how quickly. BlackRock’s USD Institutional Digital Liquidity Fund stands near $2.20 billion. WisdomTree’s Government Money Market Digital Fund is approximately $832.3 million, up about 40% over 30 days on that tracker. Franklin Templeton’s on-chain U.S. government money fund is roughly $752.3 million.
Ondo’s short-term government bond fund is around $729.6 million, and its yield token USDY is about $690.4 million. Circle’s USYC is about $579.1 million. These products list Ethereum among their supported networks, alongside rollups such as Base, Optimism, Arbitrum, and in several cases, Solana, Avalanche, or Stellar.
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Author: Liam ‘Akiba’ Wright
