Who holds tokenized Treasuries
Ten products hold 86% of the $16.20bn outstanding, the largest is a Cayman fund pledged as exchange margin, and one manager's own affiliates own 27% of the flagship US-registered vehicle.
Research and analysis
Longer work: arguments made from the data on this site, features on individual datasets, and summaries of research published elsewhere. Each piece states which of the three it is at the top.
Pieces, newest first
What tokenized private credit actually funds
Secured crypto lending, US home-equity loans and AAA CLO tranches account for most of the $6.99bn; bilateral loans to mid-sized companies, the FSB's definition of private credit, barely appear.
The euro stablecoin gap
Circle's euro token held €381.8m in June 2026 against $72.6bn of its dollar token, and MiCA's ban on paying interest sent what euro demand exists onchain into money market funds instead.
Settlement pilots that became production
Legal designation and a cash leg that was already someone's liability separate the wholesale settlement systems now carrying volume from the multi-jurisdiction platforms that handed themselves over or stayed prototypes.
Dollar access without dollar accounts
Receiving $200 in Sub-Saharan Africa cost 8.46% in the third quarter of 2025; the tokens undercutting that price are almost entirely dollar-denominated, and the flows are unmeasured.
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The three kinds
Analysis. Our argument, made from data published on this site and citing it.
Data feature. A dataset or a figure, described, sourced and left to speak for itself.
Research summary. A summary of work published elsewhere. The finding belongs to the authors named at the head of the piece, not to us.
Founder & Editor
Cryptoeconomics is edited by Olaoluwa Samuel-Biyi, co-founder of Busha, a leading African digital-asset exchange.