Tokenized Treasury Statistics 2026
By Axis Intelligence Research
Co-author: Sarah Davis, Digital Finance & Fintech | Last updated: September 5, 2026 | License: CC BY 4.0
The largest US-registered tokenized government money fund held $843,835,815 in net assets on March 31, 2026, according to its audited annual report filed with the SEC. Axis Intelligence Research finds that only 31.71% of that sat in direct US Treasury securities. The rest was agency paper and overnight repo.
Quick Answer
Tokenized Treasury funds are smaller and less Treasury-heavy than the category name suggests. The Franklin OnChain U.S. Government Money Fund — the only tokenized Treasury product that files audited financial statements with the SEC — reported $843,835,815 in net assets for the fiscal year ended March 31, 2026, up 22.8% year over year. Against the $8.4 trillion the SEC counts across all US money market funds in June 2026, Axis Intelligence Research calculates that is 1.0 basis point of the industry. Inside the portfolio, direct Treasury bills accounted for 31.71% of net assets — the fund’s Treasury Content Ratio.
Key Findings
- Axis Intelligence Research finds the Treasury Content Ratio of the Franklin OnChain U.S. Government Money Fund was 31.71% of net assets on March 31, 2026, with agency securities at 31.43% and repurchase agreements at 37.87%.
- According to the fund’s Form N-CSR filed with the SEC, net assets reached $843,835,815 at fiscal year-end March 31, 2026, against $687,263,352 a year earlier — an increase of 22.8%.
- Axis Intelligence Research calculates that this represents 1.0 basis point of the $8.4 trillion in US money market fund net assets the SEC reported for June 2026.
- The filing discloses that three named holders owned 33.7% of the fund’s shares at March 31, 2026, of which 27.3% was held by two Franklin Templeton affiliates.
- Axis Intelligence Research finds the entire repurchase agreement book — 37.87% of net assets — sat with two counterparties, MUFG Securities EMEA plc and RBC Dominion Securities, both non-US-headquartered dealers.
What Is the Treasury Content Ratio (TCR)?
Every published number about this market measures the wrapper. Almost none measure the contents.
TCR — the Treasury Content Ratio — is the share of a tokenized Treasury fund’s net assets held in direct obligations of the United States Treasury, excluding federal agency debt and excluding repurchase agreements collateralized by Treasuries.
TCR = (market value of direct US Treasury securities) ÷ (total net assets), as of the fund’s stated reporting date.
Axis Intelligence Research built it because the phrase “tokenized Treasury fund” is doing a lot of quiet work. A repo collateralized by Treasuries is a secured loan to a dealer, not a Treasury position — it carries counterparty exposure the underlying bill does not. Agency paper from the Federal Home Loan Banks is not a Treasury obligation either, however similar the credit feels. An institution sizing sovereign exposure needs the distinction; a token ticker does not provide it.
The ratio only works where holdings are filed line by line and audited. That confines it, for now, to funds registered under the Investment Company Act of 1940 that publish a schedule of investments — which is why the disclosure gap in this market is itself the finding.
TCR baseline reading, March 31, 2026
| Fund | Direct US Treasuries | Net assets | TCR | Source |
|---|---|---|---|---|
| Franklin OnChain U.S. Government Money Fund | $267,579,166 | $843,835,815 | 31.71% | SEC Form N-CSR, filed May 28, 2026 |
Scope: US-registered tokenized government money market funds filing audited schedules of investments. Snapshot date March 31, 2026. This is the baseline reading; the methodology is published in full below so any reader can compute the same ratio for any fund that files comparable holdings.
Sarah Davis: The fund does exactly what its prospectus says — it is a government money market fund under Rule 2a-7, and agency paper and repo are entirely normal holdings for one. That is the point. Nothing here is a breach. What is happening is that a conventional government money fund put on a token and the market started describing it as a Treasury instrument. Take rate, spread, wrapper: the fee always hides in the gap between what a product is called and what it holds. Here the gap is 68.29% of net assets.
How Big Is the Tokenized Treasury Fund Market in 2026?
There is exactly one tokenized Treasury product whose size can be verified from an audited filing, and it is the Franklin OnChain U.S. Government Money Fund. Its net asset history, taken from the financial highlights in the annual report filed with the SEC, is the only continuous, audited series in the category.
Filed net assets by fiscal year (year ended March 31)
| Fiscal year | Net assets | Change | Total return | Source |
|---|---|---|---|---|
| 2022 (from Apr 6, 2021 inception) | $1,958,000 | — | 0.02% | SEC Form N-CSR, May 28, 2026 |
| 2023 | $272,929,000 | +$270,971,000 | 2.79% | SEC Form N-CSR, May 28, 2026 |
| 2024 | $360,554,000 | +32.1% | 5.12% | SEC Form N-CSR, May 28, 2026 |
| 2025 | $687,263,000 | +90.6% | 4.81% | SEC Form N-CSR, May 28, 2026 |
| 2026 | $843,836,000 | +22.8% | 3.94% | SEC Form N-CSR, May 28, 2026 |
Axis Intelligence Research calculates a three-year compound annual growth rate of 45.7% from fiscal 2023 to fiscal 2026 — and a clear deceleration, from 90.6% growth in fiscal 2025 to 22.8% in fiscal 2026.
Now the denominator. The SEC’s Division of Investment Management reported 293 money market funds holding $8.4 trillion in net assets in June 2026, up 13.0% year over year, excluding feeder funds. Axis Intelligence Research calculates that the largest audited tokenized Treasury fund equals 1.0 basis point of that total. Set against the roughly $29 trillion in marketable Treasury debt that SEC Commissioner Mark Uyeda cited in February 2026 remarks, the fund’s direct Treasury bill holdings amount to 0.09 basis points.
Sarah Davis: One basis point. That is the honest scale of the audited part of this market in 2026, and the growth curve is bending down, not up. The interesting question is not why the number is small — it is small because it is four years old — but why the deceleration arrived while the regulatory doors were opening. Money market fund assets grew 13% industry-wide. This fund grew 22.8%. The premium for being on-chain is real and it is thin.
What Does a Tokenized Treasury Fund Actually Hold?
The schedule of investments in the annual report lists 81 portfolio holdings at March 31, 2026. Grouped by instrument, against net assets:
Portfolio composition, March 31, 2026
| Instrument | Value | % of net assets | Source |
|---|---|---|---|
| Repurchase agreements | $319,570,000 | 37.87% | SEC Form N-CSR, May 28, 2026 |
| US Treasury bills | $267,579,166 | 31.71% | SEC Form N-CSR, May 28, 2026 |
| Federal Home Loan Banks | $198,096,977 | 23.48% | SEC Form N-CSR, May 28, 2026 |
| Federal Farm Credit Banks | $50,685,400 | 6.01% | SEC Form N-CSR, May 28, 2026 |
| Federal Home Loan Mortgage Corp. | $13,000,120 | 1.54% | SEC Form N-CSR, May 28, 2026 |
| Federal National Mortgage Association | $3,400,000 | 0.40% | SEC Form N-CSR, May 28, 2026 |
| Total investments | $852,331,663 | 101.01% | SEC Form N-CSR, May 28, 2026 |
Total investments exceed 100% of net assets because the fund carried $8,495,848 more in liabilities than in other assets, principally $8,719,475 payable for investment securities purchased.
The repo book deserves its own line. Both agreements matured on April 1, 2026 — the first business day after year-end — and both sat with a single counterparty each:
Repurchase agreement counterparties, March 31, 2026
| Counterparty | Principal | Rate | % of net assets | Collateral | Source |
|---|---|---|---|---|---|
| MUFG Securities EMEA plc | $170,000,000 | 3.65% | 20.15% | US Treasuries, valued $173,429,332 | SEC Form N-CSR, May 28, 2026 |
| RBC Dominion Securities Inc. (tri-party) | $149,570,000 | 3.66% | 17.73% | US Treasuries, valued $152,561,410 | SEC Form N-CSR, May 28, 2026 |
Axis Intelligence Research finds that two dealers, neither headquartered in the United States, held 37.87% of the fund’s net assets overnight into the new fiscal year. Both positions were overcollateralized — the fund’s stated policy requires initial collateral of at least 102% of the amount invested, marked daily to maintain at least 100%.
Sarah Davis: Read the maturity dates. Both repos were struck on March 31 and matured April 1. That is a fiscal-year-end portfolio, and it is the composition an auditor confirmed, not a monthly average. What it shows is where the cash goes when a 24/7 token sits on top of a fund whose cash leg still settles on a banking calendar: into overnight paper, with two dealers, priced within one basis point of each other.
Who Owns the Tokenized Treasury Fund?
The retail promise of tokenized Treasuries is fractional access. The filed ownership table tells a different story.
Disclosed 5%-plus shareholders, March 31, 2026
| Holder | Share of outstanding shares | Relationship | Source |
|---|---|---|---|
| Franklin Distributors, LLC | 13.7% | Principal underwriter, affiliate | SEC Form N-CSR, May 28, 2026 |
| Franklin Advisers, Inc. | 13.6% | Investment manager, affiliate | SEC Form N-CSR, May 28, 2026 |
| Johnson Family TR DTD | 6.4% | Unaffiliated | SEC Form N-CSR, May 28, 2026 |
| Total disclosed | 33.7% | — | SEC Form N-CSR, May 28, 2026 |
Axis Intelligence Research finds that 27.3% of the largest audited tokenized Treasury fund was owned by two affiliates of its own sponsor at fiscal year-end 2026. The sponsor is, on the filed record, the single largest source of capital in the vehicle it manages.
What Did Tokenized Treasury Holders Actually Earn?
The fund reported a seven-day current yield of 3.52% and a seven-day effective yield of 3.58% at March 31, 2026. Total return for the fiscal year was 3.94%, down from 4.81% the prior year, tracking the Federal Reserve’s path: the filing states the fed funds target range began the period at 4.25%–4.50% and stood at 3.50%–3.75% by end-2025 after cuts, then held through the first quarter of 2026.
Fee and income structure, fiscal year ended March 31, 2026
| Item | Amount | Source |
|---|---|---|
| Interest income | $31,504,769 | SEC Form N-CSR, May 28, 2026 |
| Total expenses | $1,723,151 | SEC Form N-CSR, May 28, 2026 |
| Expenses waived by affiliates | $177,705 | SEC Form N-CSR, May 28, 2026 |
| Net expenses | $1,545,446 | SEC Form N-CSR, May 28, 2026 |
| Net investment income | $29,959,323 | SEC Form N-CSR, May 28, 2026 |
| Expense ratio, net of waivers | 0.20% | SEC Form N-CSR, May 28, 2026 |
| Expense ratio, before waivers | 0.22% | SEC Form N-CSR, May 28, 2026 |
| Management fee rate | 0.15% of average daily net assets | SEC Form N-CSR, May 28, 2026 |
Show the math: $1,545,446 in net expenses at a contractual 0.20% cap implies average net assets of roughly $772.7 million across the year, and the $1,164,339 management fee at the stated 0.15% rate implies roughly $776.2 million. The two independent derivations agree within half a percent, which is the arithmetic check that the disclosed rates and the disclosed dollars describe the same fund.
The blockchain is not free, but the shareholder does not see a separate charge for it. The fee cap is contractual through July 31, 2026 — a date worth watching, because the 0.22% gross ratio is what the fund costs to run without the waiver.
How Much Money Moves Through the Token?
This is where the on-chain wrapper shows up in the accounts.
Capital share transactions, fiscal year ended March 31, 2026
| Flow | Amount | Source |
|---|---|---|
| Shares sold | $771,589,258 | SEC Form N-CSR, May 28, 2026 |
| Shares issued on reinvestment of distributions | $29,959,323 | SEC Form N-CSR, May 28, 2026 |
| Shares redeemed | $(645,003,700) | SEC Form N-CSR, May 28, 2026 |
| Net increase | $156,544,881 | SEC Form N-CSR, May 28, 2026 |
Axis Intelligence Research calculates that redemptions equalled 83.59% of subscriptions over the year, and that gross flows — subscriptions plus redemptions — ran to 1.68 times closing net assets. A fund that ends the year at $843.8 million turned over $1.42 billion in gross capital movement to get there.
Sarah Davis: That churn ratio is the number I would put in front of a treasurer. It says the token is being used, not just held — money is coming in and going out at a pace a traditional retail money fund does not see. Whether that is operational cash management doing its job or hot money renting a yield for a fortnight, the filing cannot tell you. But 1.68 times turnover on a stable-NAV government fund is the most on-chain thing in this entire annual report.
Can a Treasury ETF Be Tokenized?
The money fund route is one path. In January 2026 a second one opened.
On January 21, 2026, F/m Investments LLC and The RBB Fund, Inc. filed an exemptive application with the SEC seeking permission to record shares of the F/m US Treasury 3 Month Bill ETF (TBIL) in tokenized book-entry form. The application runs to 31 pages and carries 23 conditions. It followed a Commission exemptive order of January 13, 2026 permitting the fund to operate an exchange-traded class alongside mutual fund classes.
The design is deliberately narrow, and the constraints are the story:
- Tokenized ETF shares are not a separate share class — same CUSIP, same economic and voting rights, exchangeable one-for-one with conventional book-entry shares.
- The transfer agent’s Official Share Register controls in any discrepancy with the ledger, reconciled at least daily against both the ledger and the position held through The Depository Trust Company.
- Tokens may sit only in whitelisted wallets controlled by regulated intermediaries. The application states plainly that retail investors will not hold tokenized ETF shares in self-hosted wallets.
- The ledger will not provide order matching, trade execution, price discovery, clearance or market-wide settlement. Cash moves off-platform.
- Any transfer reflecting a change in beneficial ownership for consideration requires the intermediary to supply an execution record with venue identifier, timestamp, quantity, contra-party broker identifier and unique transaction identifier.
- The order would expire on the compliance date of any Commission rule providing substantially similar relief.
Axis Intelligence Research notes the application is explicitly technology-neutral: it contemplates a permissioned ledger, a permissioned overlay on a public blockchain, or another controlled architecture, and requests no relief premised on any specific protocol.
Sarah Davis: Twenty-three conditions to let a Treasury bill ETF keep a second copy of its shareholder list. Strip the vocabulary away and the SEC is being asked to bless a reconciliation layer — one that cannot trade, cannot settle cash, cannot touch a retail wallet, and dies the day a real rule arrives. That is not a revolution in Treasury market structure. It is a very carefully bounded experiment in recordkeeping, and the boundedness is the reason it has a chance of being granted.
What Are US Regulators Doing About Tokenized Treasuries?
Three dated actions frame the 2026 position, and they point in the same direction.
SEC staff issued a Statement on Tokenized Securities on January 28, 2026, jointly from the Divisions of Corporation Finance, Investment Management, and Trading and Markets. It defines a tokenized security as a financial instrument within the statutory definition of “security” that is formatted as a crypto asset, with ownership recorded in whole or in part on a crypto network, and sorts the market into issuer-sponsored and third party-sponsored models. Its operative sentence for this category is that the format in which a security is issued, and the method by which holders are recorded, do not affect application of the federal securities laws. The statement also flags that a fund issuing shares in multiple formats, including tokenized format on different networks, may raise multi-class questions under Section 18 of the Investment Company Act — which is precisely the issue the F/m application addresses by insisting its tokenized shares are not a separate class. The staff notes the statement has no legal force or effect.
On February 9, 2026, Commissioner Uyeda told the Asset Management Derivatives Forum that the SEC has returned to sub-regulatory guidance and limited-scope pilots rather than enforcement, and described the exemptive application route as evidence that tokenization “is no longer a theoretical exercise.” He framed the Treasury market as the anchor: nearly $29 trillion in marketable debt, and a clearing rule whose cash-transaction compliance date was then under eleven months away.
On August 12, 2026, the SEC’s Division of Investment Management issued a no-action letter permitting registered funds to hold shares of the Franklin OnChain fund without complying with certain custody paragraphs of Rule 17f-2, subject to twelve representations centred on the transfer agent’s control of the master securityholder file. Our companion analysis of the settlement architecture behind these decisions sits in institutional tokenization statistics.
Treasury itself has moved from the sidelines. The Treasury Borrowing Advisory Committee’s charge for its August 4, 2026 meeting asked members directly how dependent the growth of intraday repo is on “structural changes to the market – e.g., greater adoption of blockchain and tokenization technology.” The minutes record that the Committee discussed how blockchain technology or wider use of the Federal Reserve’s daylight overdraft facility could improve intraday liquidity, while agreeing that the consequences for reserve demand, funding rates and Treasury trading need further work.
Sarah Davis: Note what Treasury asked. Not “should we tokenize Treasuries” — the question was whether intraday repo can grow without blockchain doing the plumbing. That reframes the whole category. The tokenized fund is a retail-facing product; the thing debt managers actually care about is whether collateral can move several times a day. Those are different businesses that share a vocabulary.
Two Numbers We Are Not Publishing
Restraint is part of the method, so we state what we declined to compute and why.
A total market size for tokenized Treasuries. Widely circulated figures for the category run from roughly $7 billion to $17 billion depending on the source and the month. Every one of those totals originates with a private tracker applying its own inclusion rules to products that file nothing comparable — offshore private funds, yield-bearing tokens, and registered funds counted side by side. Axis Intelligence Research will not publish a category total assembled from measurements that are not the same measurement. What we publish instead is the audited part, which is verifiable, and the honest statement that the unaudited part is not.
A market share for any single fund. For the same reason: a share requires a denominator, and no primary-source denominator for this category exists. Dividing an audited $843.8 million by an unaudited industry estimate would produce a precise-looking figure with no defensible meaning.
Both refusals are recorded in the dataset with data_type = retracted.
Methodology
Collection. Every figure in this article was retrieved from a primary document during production on September 3 and September 4, 2026: an audited annual report on Form N-CSR filed with the SEC, an SEC exemptive application filed on EDGAR, SEC staff statistics and staff and Commissioner statements, and US Treasury meeting minutes. No aggregator, vendor estimate, tracker or forecast was used as the source of any figure in this article.
TCR construction. The Treasury Content Ratio divides the market value of a fund’s direct US Treasury obligations by its total net assets, both taken from the same audited schedule of investments and statement of assets and liabilities, on the same reporting date. Agency securities issued by the Federal Home Loan Banks, Federal Farm Credit Banks, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association are excluded, because they are not obligations of the United States Treasury. Repurchase agreements are excluded even where collateralized by Treasuries, because the fund’s asset is a secured claim on the counterparty rather than the security itself. The denominator is net assets rather than total investments; on a total-investments basis the same fund reads 31.39%, and both figures appear in the dataset so that readers can reconcile against either convention.
Arithmetic control. Every calculated figure was computed twice — once in floating point and once in exact rational arithmetic — and reconciled before drafting. Component sums were checked against the filed subtotals: the agency and Treasury bill components sum to the filed $532,761,663 government and agency line, and that line plus the $319,570,000 repurchase agreement line equals the filed $852,331,663 total investments.
Scope. The TCR reading covers US-registered tokenized government money market funds that file audited schedules of investments. Offshore and private-placement tokenized Treasury products are outside the scope of this page because they do not publish comparable holdings. Fiscal-year figures are as of March 31; industry money market fund figures are as of June 2026 and are not coterminous, and the article states each date at the point of use rather than blending them.
Point-in-time caution. A fiscal year-end schedule of investments is a single-day photograph, not an average. The TCR reading of 31.71% describes March 31, 2026. A fund’s composition on other dates may differ, and the ratio should be recomputed rather than carried forward.
About This Dataset
Contents. 110 observations covering filed net assets and returns for fiscal years 2022 to 2026, portfolio composition by instrument, repurchase agreement counterparties and collateral, disclosed shareholder concentration, fee and income line items, capital share flows, TCR components and readings, SEC and Treasury regulatory milestones for 2026, and two documented refusals.
Format. UTF-8 CSV, one row per observation, with source_org, source_document, source_url, retrieved_date, is_primary, axis_calculated, method_note and data_type columns on every row.
Licence. CC BY 4.0. Free to reuse, including commercially, with attribution.
Citation format: Axis Intelligence Research, Tokenized Treasury Statistics 2026, 2026.
Cite this page
APA: Axis Intelligence Research, & Davis, S. (2026). Tokenized Treasury statistics 2026: Fund size, holdings, yield and the Treasury Content Ratio. Axis Intelligence Research. https://axis-intelligence.com/tokenized-treasury-statistics/
MLA: Axis Intelligence Research, and Sarah Davis. “Tokenized Treasury Statistics 2026: Fund Size, Holdings, Yield and the Treasury Content Ratio.” Axis Intelligence Research, 4 Sept. 2026, axis-intelligence.com/tokenized-treasury-statistics/.
Chicago: Axis Intelligence Research and Sarah Davis. “Tokenized Treasury Statistics 2026: Fund Size, Holdings, Yield and the Treasury Content Ratio.” Axis Intelligence Research. September 4, 2026. https://axis-intelligence.com/tokenized-treasury-statistics/.
Frequently Asked Questions
If a tokenized Treasury fund holds repo, am I exposed to a dealer rather than to the US government?
Partly, yes. A repurchase agreement is a secured loan to a counterparty, collateralized by securities. At March 31, 2026 the Franklin OnChain fund held 37.87% of net assets in two repos, with MUFG Securities EMEA plc and RBC Dominion Securities. Both were overcollateralized — the fund’s policy requires initial collateral of at least 102% of the amount invested, marked daily to maintain at least 100% — and both were collateralized by US Treasuries. The credit exposure is to the dealer’s ability to repurchase, mitigated by the fund’s right to sell the collateral on default. It is a normal money market fund structure. It is not the same thing as owning a Treasury bill.
Does the blockchain hold my shares, or does the transfer agent?
The transfer agent. The fund’s own notes state that its transfer agent maintains the official record of share ownership through a blockchain-integrated system, and that all fund and shareholder records in that system are under the full and complete control of the transfer agent. The F/m tokenized ETF application takes the same position in stronger terms: the Official Share Register controls in any discrepancy with the ledger, reconciled at least daily. In both designs the chain is a recordkeeping component, not the record.
Why is the yield on a tokenized Treasury fund lower than the Treasury bill rate?
Because of the expense ratio and the portfolio mix. The Franklin OnChain fund reported a seven-day current yield of 3.52% at March 31, 2026 against a net investment income ratio of 3.86% for the year and a 0.20% net expense ratio, capped contractually below a 0.22% gross ratio. Tokenization does not create yield. It changes how the share is recorded and transferred, and the return still comes from short-dated government paper minus fees.
Can a tokenized Treasury position be used as collateral or margin?
Not by virtue of being tokenized. The F/m application is explicit that any margin, collateral or financing arrangements occur outside the ledger platform, that the platform will not implement securities lending or rehypothecation as on-chain features, and that tokenized shares are eligible for the same collateral treatment as conventional shares — preserving existing uses rather than expanding them. Whether a given counterparty accepts the position is a matter of broker-dealer and bank rules, not of the token.
Who can actually buy tokenized Treasury shares?
It depends on the wrapper. The Franklin OnChain fund is a registered 1940 Act government money market fund; individual investors open accounts through the sponsor’s application after anti-money-laundering and know-your-customer checks. Under the F/m proposal, tokenized ETF shares would be held only in whitelisted wallets controlled by registered broker-dealers or supervised banks and trust companies, with retail investors holding through those intermediaries and never in self-hosted wallets. The registered product is broadly accessible; the tokenized form of it is institutional by design.
What happens to my shares if a wallet key is compromised?
The register is rebuilt. The August 12, 2026 SEC no-action letter to Franklin Templeton conditioned relief on the affiliated transfer agent controlling the master securityholder file, retaining the ability to correct errors, freeze or migrate wallet records and restore the official ownership record, and transferring those controls to any successor. The F/m application requires equivalent controls, including the ability to restrict transfers involving a compromised whitelisted wallet under board-approved procedures. A compromised key does not create a competing claim to ownership.
Why do published estimates of the tokenized Treasury market vary so much?
Because they count different things. Category totals circulating in 2026 span roughly $7 billion to $17 billion, and the spread comes from inclusion rules rather than from measurement error: some totals count offshore private funds, some count yield-bearing tokens that are not funds, and only a small part of any of them is audited. Axis Intelligence Research publishes the audited component and declines to publish a category total, because merging audited and unaudited measurements produces a number that cannot be defended.
Is Treasury itself planning to issue tokenized debt?
There is no such programme on the public record as of September 2026. What the record shows is narrower and, for market structure, more consequential: the Treasury Borrowing Advisory Committee’s August 4, 2026 charge asked how dependent the growth of intraday repo is on greater adoption of blockchain and tokenization, and the minutes record the Committee discussing blockchain and the Federal Reserve’s daylight overdraft facility as routes to better intraday liquidity, while agreeing the effects on reserve demand and funding rates need further consideration. The interest is in collateral mobility, not in issuance format.
What would change the TCR reading?
Three things. A shift in the fund’s mix between bills, agency paper and repo at the next reporting date — the ratio is a snapshot, and the year-end repo weight reflects a single day’s positioning. The arrival of a second audited tokenized Treasury fund, which would turn a baseline reading into a comparison. And the grant of the F/m exemptive order, which would put a tokenized share record on an index fund tracking the three-month bill — a vehicle whose TCR would, by construction, run far higher than a government money fund’s.
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