T-Bills are short-term debt securities of the United States government, and their tokenized versions are now the largest category in the on-chain real-world asset (RWA) market. According to rwa.xyz as of November 1 to 2, 2026, tokenized US Treasuries were worth about US$14.21 billion out of about US$39.05 billion in distributed RWA, excluding stablecoins. That is a share of about 36%, or more than a third.

That number changes the common picture that RWA means gold and property. In this article you will see the latest data, what T-Bills and money market funds (MMFs) are, why these conservative instruments dominate, example products, and what it all means for Indonesian investors. If you need the basics of RWA first, start with the RWA guide on Mobee Academy.

Key Points

• As of November 1 to 2, 2026, rwa.xyz recorded tokenized US Treasuries at about US$14.21 billion out of about US$39.05 billion in distributed RWA, or about 36%.
• T-Bills are US government debt with terms of up to 52 weeks, sold at a discount to face value. The US government guarantee applies to the T-Bills, not to the token or fund that holds them.
• An MMF is not a bank deposit. It is not FDIC-insured in the United States, and mutual funds are not covered by Indonesia's LPS deposit guarantee.
• A Dune report (data through August 31, 2026), as quoted by media, says more than 95% of tokenized Treasury exposure sits in T-Bills and MMFs.
• Large products such as BUIDL, USDY, and USYC have different access rules, and many are not open to retail investors. Eligibility for Indonesian investors has not been confirmed.
• OJK's rules for tokenized assets are still a draft, and US Treasuries are not mentioned in the reported scope.

How Big Are US Treasuries in the RWA Market Now?

The figures below come from rwa.xyz, which tracks distributed RWA value, meaning assets whose tokens actually move between holders on a blockchain. This is separate from represented value, so do not mix the two.

For comparison, on March 17, 2026 Bitcoin.com, citing rwa.xyz, reported total distributed RWA of about US$27.14 billion with Treasuries at about US$11.3 billion, or about 41% to 42%. So the value of tokenized Treasuries grew, but total RWA grew faster, and the share shrank. This comparison is rough because the dates and the way the data was collected differ.

Be careful with figures from other sources. One article puts total RWA at about US$46.3 billion with Treasuries at 28%, but that ratio mixes different time periods. Definitions, scope, and data dates decide the result, so always check the source and the date before quoting a number.

What Are T-Bills?

T-Bills, short for Treasury bills, are short-term debt securities issued by the US government. You lend money to the US government, and the government pays back the face value at maturity.

T-Bill Terms

Regular T-Bills are issued with terms of 4, 8, 13, 17, 26, and 52 weeks. There are also cash management bills with variable terms. All of them mature in less than a year, which is why T-Bills are classed as money market instruments.

How They Work, With an Example

T-Bills are sold at a discount to face value (par), with no regular coupon. The difference between the purchase price and the face value is the interest you receive at maturity.

A simple example, not an actual yield: you buy a 13-week T-Bill with a face value of US$1,000 for US$990. At maturity you receive US$1,000, so the interest is US$10. That is about 1.01% over 13 weeks, or about 4.04% a year on a simple basis (10 divided by 990, times 52 over 13).

How Safe Are T-Bills?

TreasuryDirect states that the full faith and credit of the US government guarantees that interest and principal on Treasury securities will be paid on time. Note the scope: that guarantee attaches to the T-Bills themselves. When T-Bills are wrapped into a token or placed inside a fund, you also take on the risks of the token issuer, the fund manager, the custodian, and the technology. Saying a tokenized Treasury product is "guaranteed by the US government" is not accurate.

What Is a Money Market Fund?

A money market fund (MMF) is a mutual fund that invests in short-term, highly liquid debt, cash, and cash equivalents. Many tokenized Treasury products are MMFs or are built on MMFs, so it helps to understand MMFs before looking at the tokens.

An MMF Is Not a Deposit

According to the SEC, MMFs in the United States are not FDIC-insured like bank accounts, and investors can lose some or all of their money. Funds with a stable NAV try to hold the value per share at US$1.00, but it can fall below that (often called breaking the buck), while funds with a floating NAV rise and fall with asset prices.

What About LPS Protection in Indonesia?

In Indonesia, LPS guarantees bank deposits up to Rp2 billion per customer per bank. Mutual funds are not bank deposits, so they are not covered by that deposit guarantee. The point: do not treat an MMF, an MMF token, or any mutual fund as the same thing as a savings account or time deposit.

Why US Treasuries Dominate RWA

A Dune report titled "After Issuance: Reading the Onchain RWA Market," published around October 1, 2026, maps 21 chains, more than 250 issuers, and more than 2,600 products. According to media quotes (Blockhead and crypto.news), with data through August 31, 2026, total tokenized RWA was about US$34 billion, and the cash-equivalent category was about US$17.8 billion, roughly half. More than 95% of Treasury exposure in that category sits in T-Bills and MMFs. Dune's numbers differ from rwa.xyz because the methodology differs, so do not mix them in one calculation. The original report has also not been found on Dune's site, so this quote comes from media.

Reasons commonly given by market participants, not findings specific to rwa.xyz or Dune, include:

1. The underlying asset is simple and easy to value. T-Bills trade in a large market with transparent prices, so they are easier to wrap into a token than assets that are hard to value.
2. They offer yield compared with simply holding stablecoins. Idle funds on a blockchain can be placed in yield-bearing instruments. According to Blockhead, yields on tokenized money funds were in the 3.2% to 3.6% range, compared with 3.91% on the 3-month T-Bill at the time of that report.
3. The issuers are large institutions. Names such as BlackRock, Franklin Templeton, Ondo, and Circle appear among the top products, which makes it easier for institutional investors to participate.

One Dune finding is worth noting: only 0.006% of the cash-equivalent supply was traded in August 2026. In other words, these tokens are mostly held, not frequently traded. Secondary market liquidity may be thinner than you would expect.

Examples of Tokenized Treasury Products

This table is educational information from rwa.xyz (November 1 to 2, 2026) and an access summary from Eco (September 16, 2026, a secondary source). It is not an offer, and the products in it are not Mobee services. Terms and minimums can change, so check the issuer's site.

Two things stand out. First, the category is concentrated in a handful of products. Second, access rules vary widely, and most are not for retail investors. For more on one of the issuers, read Ondo Finance and from TradFi to onchain finance with Ondo.

What This Means for Indonesian Investors

Access may not be open. Many products restrict buyers by jurisdiction and investor status. For USDY and USYC, eligibility for Indonesian investors has not been confirmed with the issuers. Do not assume, and check the official terms before signing up.

There is no local legal framework yet. Tokenized assets do not yet have final rules in Indonesia (see the next section). Products from abroad are subject to the issuer's home law, so the protection you get may differ from a product supervised by OJK.

There are layered risks. Besides the risk of the underlying asset, there are smart contract, custodian, issuer, rupiah-to-dollar exchange rate, and liquidity risks. Read about RWA risks and tax in Indonesia before you decide.

For a picture of the mechanics, read asset tokenization. To see other forms of RWA, also look at from real assets to digital tokens and the RWA coins list.

Where Tokenization Rules Stand in Indonesia

As of early November 2026, OJK's rules for RWA tokenization are still a draft. The draft POJK on offering tokenized assets is still being prepared, according to BCA Sekuritas (October 6, 2026). Republika (October 9, 2026) quoted an OJK official saying the planned rules cover gold, government securities (SBN), property economic benefits, and token trading in closed ecosystems, with criteria for issuers, asset types, governance, licensing, and supervision.

Kontan (June 9, 2026) reported that OJK was aiming to finish the rules by the third quarter of 2026 at the latest. From search results, no final rule has been issued, so that target has passed, and Republika (October 21, 2026) still described the framework as being prepared. US Treasuries are not mentioned in the reported scope. So do not conclude that tokenized US Treasuries are already regulated or permitted by OJK.

A Checklist Before You Get Interested

1. Who is the issuer? Check the legal entity, jurisdiction, and licenses.
2. What is the underlying asset? Direct T-Bills, an MMF, or a mix with repos and bank deposits. Read the product documents.
3. Who is the custodian? Ask where the underlying assets are held and who audits them.
4. Do you qualify? Check investor status, country, and the minimum subscription.
5. How does redemption work, and how liquid is it? Ask about redemption schedules, fees, and secondary market depth.
6. What are the risks beyond the underlying asset? Smart contracts, the rupiah-to-dollar rate, tax, and regulatory change.

Conclusion

More than a third of distributed RWA is now US Treasury debt, and almost all Treasury exposure there takes the form of T-Bills and money market funds. That shows on-chain RWA often works as a place to hold yield-bearing funds, not just gold and property. However, the US government guarantee does not automatically extend to the token, access to many products is limited, and OJK's rules for tokenized assets are not final. Understand the instrument, check the access terms, and do not treat these products as equal to a savings account.

See RWA Assets on Mobee

Mobee offers an RWA category in the app for real-world assets traded as tokens. Crypto asset trading on Mobee is facilitated by PT CTXG Indonesia Berkarya, which is licensed and supervised by OJK. Open the RWA category in the Mobee app to see what is available. The tokenized Treasury products in this article are educational examples, not Mobee offers. This information is not an invitation to buy or sell any asset.

Frequently Asked Questions

What are T-Bills?

T-Bills (Treasury bills) are short-term debt securities issued by the US government with terms of 4, 8, 13, 17, 26, and 52 weeks. They are sold at a discount to face value, and the difference is the interest you receive at maturity. The US government's guarantee applies to the T-Bills themselves, not to a token or fund that holds them.

What is a money market fund?

A money market fund (MMF) is a mutual fund that invests in short-term, highly liquid debt, cash, and cash equivalents. An MMF is not a bank deposit, it is not FDIC-insured like a US bank account, and you can lose some or all of your money. Even funds with a stable NAV can fall below US$1.00 per share.

What share of the RWA market is US Treasuries?

According to rwa.xyz as of November 1 to 2, 2026, tokenized US Treasuries were worth about US$14.21 billion out of about US$39.05 billion in distributed RWA, excluding stablecoins. That is roughly 36.4%, a calculation from two rwa.xyz pages, not a figure the site displays. Other sources use different definitions and get different numbers.

Can Indonesian investors buy tokenized Treasuries?

Not necessarily. Large products such as BUIDL and OUSG restrict purchases to qualified purchasers with high minimums, and BENJI is for US investors only according to rwa.xyz. USDY and USYC are aimed at non-US investors, but eligibility for Indonesian investors has not been confirmed with the issuers. Check the issuer's and platform's official terms before signing up.

Are tokenized US Treasuries regulated by OJK?

There is no specific rule yet. As of early November 2026, OJK is still drafting rules on offering tokenized assets, and the reported scope covers gold, government securities (SBN), property economic benefits, and token trading in closed ecosystems. US Treasuries are not mentioned. Do not assume tokenized US Treasuries are automatically regulated or permitted by OJK.

Disclaimer:

This content is intended to provide additional information to readers. Always do your own research before investing. All crypto asset trading and investment activity is entirely the reader's responsibility.