As of September 12, 2025, the US Treasury has $7.42 billion in public blockchain, with a large-scale vehicle tracked by RWA.xyz.
Fidelity’s new Onchain Share class adds another institutional line to its base. The on-chain class of the Fidelity Department Digital Fund has been recorded at Ethereum as a token of Fidelity Digital Interest, and has so far been issued about $203.3 million, with New York Bank Melon serving as a custodian and two chain holders.
The fund’s SEC material explains on-chain classes where transfer agents hold official stock registers in bookkeeping format, while ownership is also recorded in public blockchains. For each RWA.xyz and fund filing, the portfolio invests at least 99.5% in cash and the US Treasury under Rule 2A-7.
Cross-section data shows where and how quickly the scale accumulates. BlackRock’s USD agency’s Digital Liquidity Fund is close to $22 billion. WisdomTree’s government money market digital fund is around $832.3 million, and its tracker has grown by around 40% over 30 days. Franklin Templeton’s on-chain US government money fund is approximately $752.3 million.
Ondo’s Short-Term Government Bond Fund is around $729.6 million, and its Yield Token USDY is around $690.4 million. Circle’s USYC is approximately $579.1 million. These products list Ethereum among supported networks, in addition to rollups such as Base, Optimism, Arbitrum, several cases, Solana, Avalanche, or Stars.
To clear $10 billion at the end of the year, the market needs approximately $2.58 billion from today’s $7.42 billion location, or about $700 million a month, through December. Traditional cash pools are bigger than their goals.
The total assets of US money market funds were $7.26 trillion for the week ended September 3, according to the Investment Company Research Institute, which means that one point real location to tokenized Treasury funds is about $726 million and three basis points are about $2.18 billion. Government funding remains a large part of the category, framing bases of addressable investors who already hold the underlying instruments.
Yield background and on-chain logistics set the execution rate. The three-month Treasury bill rate was 3.94% as of September 10th, with revenue generated across tokenized funds, affecting demand for “Chain Dollars with Harvested Yield.”
Regarding settlement costs, Ethereum’s empirical work on EIP-4844 shows that data availability fees for rollups after Dencun upgrades are low. This reduces casting, transfer and redemption on L2 rails, where many RWA tokens are circulated, according to the Ethereum Foundation.
Distribution is just as important as technology. Circle’s USDC Smart Contract Off-Ramp for Buidl allows for redemptions that are close to stubcoins around the clock.
USYC can serve as collateral to acquire yields for Binance’s institutional clients through bank Tripti or CEFFU custody, and expand non-trade use cases in which assets are kept in the chain during derivative activities. These workflows enhance the appeal of tokenized cash equipment as well as passive holdings, as well as collateral and Treasury assets.
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Base case pass to $10 billion by December
If the groups around Buidl, Wtgxx, Benji, Ousg and USYC expand in total of 8% to 10% over the next three and a half months, that alone will add around $600 million to $800 million.
Adding modest contributions from new or recently launched shared classes, such as Fidelity’s Onchain class and potential follow-ons from other managers, monthly cadence fills the remaining gaps. According to the RWA.xyz 30-day change, some products are already compounded at speed, even if they already support this run rate.
The high-range scenarios of $10.8 billion to $11.5 billion envision a stable netmint for existing funds, in addition to two incremental brand participants or a large delegated allocation of $10 to $1.5 billion for the fourth quarter.
Money Market Base shows that 2-3 basis point flows from traditional products are more than covering its range, following the ICI Weekly series.
The low-range results of nearly $9.1 billion to nearly $9.6 billion continue when the front-end drifts to 3.5%, slowing mint activity on the chain, or when tokenized fund buyers pause before the end of the year.
Even then, investors’ infrastructure continues to thicken as stock classes, such as Fidelity’s Onchain class record ownership, maintain ownership of ownership in the chain, while maintaining the basis for future issuance.
The market also integrates Ethereum from a network perspective. The RWA.xyz product list shows the top vehicles available at Ethereum, many of which are bridged to the L2. That positioning, combined with collateral integration and Stablecoin Redemption Rails, will gain volume in the Ethereum payments tier, even if more activities move to low-cost rollups.
Watch in December is three data points that determine the finish line. RWA.xyz tracker on-chain holders and netmint, fresh SEC filing for additional on-chain classes or series, and new collateral and custody arrangements that allow agencies to hold these tokens without sacrificing risk management.
If Netmint maintains a monthly pace of between $600 million and $800 million, the tracker will print $10 billion on Ethereum by the end of the year.
