allChained
Trust layer

Methodology & definitions

How every number on this platform is produced. Issuers often use the same word to mean different things, so each metric here has a written definition, a stated source, and how often it is refreshed. Every figure in the product links back to one of these entries.

Scope

Coverage boundary

What we cover, and what we leave out.

In scope: investable assets
  • + Tokenized Treasury and money market funds
  • + Payment stablecoins and e-money tokens
  • + Tokenized bank deposits
  • + Security tokens: private credit, bonds, equity
  • + Commodity and property-backed tokens
  • + Issuers regulated in the US, EU or Singapore
In scope: infrastructure
  • + Tokenization platforms and transfer agents
  • + Custody providers
  • + Settlement and interoperability networks
  • + Exchanges and alternative trading systems
  • + Oracles and attestation networks
Out of scope
  • − Wrapped or derivative claims on in-scope products
  • − Issuers outside the three covered jurisdictions
  • − Algorithmic and uncollateralised stablecoins
  • − Central bank digital currencies
  • − DeFi TVL, NFT and consumer chain activity
  • − General-purpose cloud and node infrastructure
Never combined

Fund AUM, stablecoin float, deposit-token balances and alternative backing are reported as four separate figures. They measure different quantities and the platform publishes no blended total.

A product outside the boundary is absent, not judged. Absence from this platform is never evidence about a product’s quality or legality.
Integrity

Dataset quality

Published so you can see where the data is thin instead of assuming it is complete.

Investable products
29
Infrastructure services
13
Institutions
37
Networks
12
Graph edges
429
Graph entities
93
Source documents
75
Analyst-verified docs
52/75
Intelligence events
33
Mean field coverage
95%
Primary or on-chain
47%
As of
01 Oct 2026
Market segments

Four figures, four different quantities

Segments measure different things, so they are never added together. Each one has its own definition, and the figure always says which measure it is using.

SegmentWhat is measuredMethodologyProductsValue
Funds & securitiesAssets under managementClient assets in tokenized funds, credit, bonds and equity.market_size22$7.95B
StablecoinsCirculating supplyLiabilities outstanding, not assets under management. Not additive with the segment above.stablecoin_supply4$70.27B
Deposit tokensOutstanding balanceBank balance-sheet liabilities held by onboarded clients.deposit_token_outstanding2$2.43B
AlternativesValue of backingCommodity and property-backed tokens, valued on spot or appraisal.market_size1$1.43B
Double counting

Why even one segment is not a clean sum

Some funds we track hold other funds we also track. Adding every figure would count the same money twice, so the overlap is reported separately.

Gross tracked AUM
$7.95B

Sum of every fund and security in coverage.

Fund-of-fund holdings
−$288.5M

Assets held by one tracked product inside another, counted twice at the gross level.

Net of look-through
$7.66B

The figure to use when sizing the market. Both are published; neither is hidden.

Definitions

Metric methodologies

Every methodology tooltip in the product points to one of these entries.

AUM: on-chain supply × NAV

aum_onchain

Total token supply across all tracked deployments, multiplied by the issuer's most recent published NAV per token, converted to USD at the 16:00 ET WM/Reuters fix.

Includes
  • + All contracts listed on the product's Infrastructure tab
  • + Bridged supply, counted once at origin
Excludes
  • − Unfunded subscriptions
  • − Off-chain share classes of the same fund
  • − Test-network supply
Refresh cadence

Recomputed every 4 hours; NAV refreshed on issuer publication.

AUM: issuer-reported

aum_issuer

Net assets of the tokenized share class as reported by the issuer, administrator or transfer agent in its most recent disclosure.

Includes
  • + Tokenized share class only
Excludes
  • − Non-tokenized share classes of the same fund
  • − Sponsor seed capital where separately disclosed
Refresh cadence

Daily where the issuer publishes daily; otherwise on publication.

Yield. 7-day net

yield_net_7d

Annualised 7-day yield net of all fund-level fees and expenses, as published by the fund or computed from NAV accrual where the fund publishes a stable $1.00 NAV.

Includes
  • + Management fee
  • + Administration and custody fees
  • + Fee waivers in force
Excludes
  • − Investor-level platform fees
  • − Gas or transfer costs
  • − Distributor rebates
Refresh cadence

Daily.

Yield. 30-day net

yield_net_30d

Annualised 30-day yield net of fund-level fees, computed from the change in NAV per token over the trailing 30 calendar days including distributions.

Includes
  • + Reinvested distributions
  • + Accrued but undistributed income
Excludes
  • − Investor-level fees
  • − Realised token price deviation on secondary venues
Refresh cadence

Daily.

Yield: gross yield to maturity

yield_ytm

Weighted-average yield to maturity of the underlying portfolio, gross of fees. Shown where a fund does not publish a standardised net yield.

Includes
  • + All income-generating portfolio positions
Excludes
  • − Fund expenses
  • − Cash drag
Refresh cadence

On portfolio disclosure.

NAV per token

nav_issuer

Net asset value per token struck by the fund administrator at the stated valuation point. Stable-NAV funds are marked at their constant $1.00 and accrue yield through supply.

Includes
  • + Administrator-struck NAV
Excludes
  • − Secondary market price
  • − Oracle mid-price
Refresh cadence

Per the fund's valuation calendar.

Market size: tokenized treasuries & MMFs

market_size

Sum of AUM across every product inside the coverage boundary: tokenized US Treasury funds and money market funds issued from the United States, European Union or Singapore.

Includes
  • + Tokenized Treasury funds
  • + Tokenized money market funds
  • + On-chain share classes of registered funds
Excludes
  • − Stablecoins
  • − Tokenized bank deposits
  • − Private credit, bonds, equities, commodities and real estate
  • − Wrapped or derivative claims on the products above
Refresh cadence

Recomputed with the underlying product AUM.

Net issuance (30D)

issuance_net

Gross mints less gross redemptions across all tracked contracts over the trailing 30 days, valued at the NAV in force on each transaction date. Not currently published: mints and redemptions are not separable from a contract balance read, so the platform reports net change in value outstanding instead.

Includes
  • + Primary mints and redemptions
Excludes
  • − Secondary transfers
  • − Bridge mints and burns
  • − Contract migrations
Refresh cadence

Every 4 hours.

Institutional assets by chain

chain_assets

AUM of in-coverage products attributed to each network by that network's share of tracked token supply. Deliberately excludes general crypto activity.

Includes
  • + In-coverage tokenized funds only
Excludes
  • − DeFi TVL
  • − Stablecoin float
  • − NFT and consumer activity
  • − Native token market cap
Refresh cadence

Every 4 hours.

Investor eligibility classification

eligibility_classification

Platform classification of who may subscribe, normalised to Retail / Accredited / Professional / Institutional from the offering documents and the issuer's own distribution terms.

Includes
  • + Primary subscription eligibility as stated in offering documents
Excludes
  • − Secondary market access via third parties
  • − Local distributor overlays
  • − Any legal conclusion: this is a classification, not advice
Refresh cadence

On document change; re-verified quarterly.

Legal structure classification

legal_structure

The legal wrapper the product is issued under (fund vehicle, trust, e-money token, bond), taken from the offering documents and normalised to the platform's structure taxonomy.

Includes
  • + Issuing vehicle and governing regime as stated in offering documents
Excludes
  • − Any legal conclusion: this is a classification, not advice
Refresh cadence

On document change.

Institutional activity score

activity_score

0-100 composite of tracked products, tokenized AUM, distinct chains, distinct counterparties and recency-weighted intelligence events for an institution.

Includes
  • + Confirmed events only
Excludes
  • − Rumoured or unconfirmed developments
  • − Traditional (non-tokenized) business lines
Refresh cadence

Nightly.

Portfolio holdings

holdings_disclosure

Underlying portfolio composition as disclosed in the fund's most recent holdings report or daily transparency file, normalised to the platform's instrument taxonomy.

Includes
  • + Disclosed line items and category weights
Excludes
  • − Look-through into underlying government MMFs unless separately disclosed
Refresh cadence

On disclosure: daily to monthly by fund.

Circulating supply: stablecoins

stablecoin_supply

Total token supply across all tracked deployments less issuer-held and treasury addresses, valued at the stated peg. Reported as circulating supply, never as AUM: a payment stablecoin's float is a liability outstanding, not assets under management.

Includes
  • + Publicly held supply across all tracked contracts
  • + Bridged supply, counted once at origin
Excludes
  • − Issuer treasury and unissued inventory
  • − Wrapped or third-party representations of the token
  • − Test-network supply
Refresh cadence

Every 4 hours.

Reserve composition

reserve_attestation

Composition of the reserve portfolio backing a stablecoin, taken from the most recent independent attestation or the issuer's reserve report, normalised to the platform's instrument taxonomy.

Includes
  • + Reserve assets named in the attestation
  • + Bank deposits held against the float
Excludes
  • − Issuer corporate assets outside the reserve
  • − Unattested periods: the field ages rather than being extrapolated
Refresh cadence

On attestation publication: daily to quarterly by issuer.

Outstanding balance: deposit tokens

deposit_token_outstanding

Tokenized deposit balances outstanding on the issuing bank's platform at the reporting date. A deposit token is a bank liability, so this figure sits on the issuer's balance sheet and is not comparable with fund AUM or stablecoin float.

Includes
  • + Client deposit balances represented in token form
Excludes
  • − Intraday settlement volume, which is reported separately
  • − Non-tokenized deposits at the same bank
  • − Central bank reserves
Refresh cadence

On bank disclosure: typically monthly or quarterly.

Network and integration coverage

service_coverage

Blockchain networks and integration surfaces a service product supports in production, as stated in its service documentation and verified against public deployment records where available.

Includes
  • + Networks supported in general availability
Excludes
  • − Testnet-only support
  • − Announced but unreleased roadmap items
  • − Private pilots
Refresh cadence

On documentation change; re-verified quarterly.

Value secured: derived from the graph

value_secured

Value of in-coverage products that depend on a service product, summed across the relationship graph. This is what the platform can observe, and it is reported alongside (never merged with) the provider's own disclosed figure.

Includes
  • + In-coverage products with an active dependency edge to this service
Excludes
  • − Assets outside the coverage boundary
  • − Provider-disclosed totals, which are shown separately and labelled self-reported
Refresh cadence

Recomputed with the underlying product values.

Regulatory licences held

license_register

Licences and registrations held by the operating entity, recorded per jurisdiction from the relevant public register or the regulator's own announcement.

Includes
  • + Licences held by the named operating entity
Excludes
  • − Licences held by affiliates unless the service is operated under them
  • − Applications in progress, which are marked as applied rather than active
  • − Any legal conclusion about permitted activity
Refresh cadence

Quarterly against the public registers.

Relationship graph edges

relationship_derivation

Edges are either explicit, separately sourced from a disclosure naming both parties, or derived from a structured field already carrying its own provenance. Every edge records which it is, so a derived edge is never presented as independent confirmation.

Includes
  • + Disclosed operational and contractual relationships between tracked entities
Excludes
  • − Inferred relationships with no documentary basis
  • − Commercial relationships outside the tracked product set
Refresh cadence

Recomputed on every dataset build.

Liquidity & redemption terms

liquidity_terms

Redemption frequency, dealing cut-off and settlement window as stated in the offering documents, expressed in the issuer's home time zone and normalised to a T+n settlement convention.

Includes
  • + Contractual terms in force
Excludes
  • − Observed settlement performance
  • − Discretionary accommodations
  • − Secondary market exit
Refresh cadence

On document change.

Provenance

Verification statuses

Primary source

Taken directly from an issuer, administrator or regulatory document.

On-chain verified

Derived from contract state and reconciled against the issuer's published NAV.

Verified

Confirmed by an analyst against a trusted secondary source where no primary document exists.

Estimated

Modelled by the platform where disclosure is absent. Always labelled, never silently filled.

Self-reported

Stated by the issuer without independent confirmation. Treat with the least weight.

Sources

Source tiers

In priority order. Where two sources disagree on the same field, the higher tier wins.

Tier 1: primary

Issuer websites and fund documents, regulatory filings, audited reports, government announcements, on-chain contract state, official contract addresses.

Tier 2: trusted financial

Market infrastructure providers, financial data vendors and credible financial media.

Tier 3: secondary

Industry research, company blogs and specialist publications. Used only where no higher tier exists, and labelled accordingly.

Per product

Data quality by product

Field coverage is how many of the tracked fields we have filled in. Verification is how many of the numbers come from the issuer's own documents or from the blockchain.

ProductField coveragePrimary / on-chainDocuments parsedLast reconciled
BUIDLBlackRock USD Institutional Digital Liquidity Fund100%33%2/329 Sept 2026
VBILLVanEck Treasury Fund100%33%2/201 Oct 2026
ACREDApollo Diversified Credit Securitize Fund100%67%2/201 Oct 2026
USDCUSD Coin96%33%2/330 Sept 2026
PYUSDPayPal USD96%33%2/201 Oct 2026
PAXGPAX Gold96%67%2/201 Oct 2026
USDYOndo US Dollar Yield Note96%33%2/201 Oct 2026
USDGGlobal Dollar96%33%2/201 Oct 2026
EXODExodus Movement Class A Common Stock96%67%2/212 Sept 2026
BENJIFranklin OnChain U.S. Government Money Fund96%67%2/229 Sept 2026
USTBSuperstate Short Duration US Government Securities Fund96%33%2/201 Oct 2026
EURCEuro Coin96%33%2/201 Oct 2026
EUTBLSpiko EU T-Bills Money Market Fund96%67%3/330 Sept 2026
OUSGOndo Short-Term US Government Treasuries96%33%2/230 Sept 2026
USTBLSpiko US T-Bills Money Market Fund96%67%2/230 Sept 2026
BENJI-LUFranklin OnChain U.S. Dollar Short-Term Money Market Fund96%67%1/101 Oct 2026
BENJI-SGFranklin OnChain USD Short-Term Money Market Fund (VCC)96%67%1/101 Oct 2026
TBILLOpenEden T-Bill Vault96%33%3/301 Oct 2026
ALFUSD-Tabrdn Liquidity Fund (Lux) — US Dollar Fund, Tokenized Class96%33%1/201 Oct 2026
WTGXXWisdomTree Government Money Market Digital Fund92%67%2/201 Oct 2026
SIE27-DSiemens AG Digital Bond due 202792%67%2/217 Sept 2026
JTRSYAnemoy Janus Henderson Treasury Fund92%33%2/201 Oct 2026
DSGDDelta Singapore Dollar Government Bond Fund92%33%1/117 Sept 2026
STBTMatrixdock Short-Term Treasury Bill Token92%33%1/201 Oct 2026
WUSTWellington Ultra Short Treasury On-Chain Fund92%33%2/201 Oct 2026
uMINTUBS USD Money Market Investment Fund Token92%67%2/201 Oct 2026
WTSYXWisdomTree Short-Term Treasury Digital Fund92%67%1/101 Oct 2026
JPMD-USDKinexys Digital Payments — USD Deposit Token88%33%1/217 Sept 2026
CTS-USDCiti Token Services — USD Deposit Token88%33%1/117 Sept 2026
Ingestion

Parsing templates

Each template reads one kind of document and can only write to the fields it declares. If a document is misidentified, the run fails rather than writing to the wrong field.

Fund prospectus / offering memorandum

fund_prospectustokenized treasurymoney market fundsecurity token

Extracts subscription terms, dealing mechanics and eligibility language from the primary offering document.

Writes: minInvestmentUsd, investorEligibility, expenseRatioPct, redemptionFrequency, redemptionCutoff, redemptionSettlement, redemptionFeePct, transferRestrictions, legalStructure, domicile, availableIn, prohibitedIn

Portfolio holdings / factsheet

fund_holdings_reporttokenized treasurymoney market fundsecurity token

Reads the periodic holdings table and headline fund statistics, normalising line items to the platform instrument taxonomy.

Writes: holdings, wamDays, aumUsd, nav, yieldPct

Stablecoin reserve attestation

stablecoin_attestationstablecoin

Parses independent attestation reports: reserve line items and weights, the reporting date, the attesting firm, and the share of reserves sitting in bank deposits rather than government securities.

Writes: stablecoin.reserveComposition, stablecoin.bankDepositSharePct, stablecoin.attestor, stablecoin.lastAttestation, stablecoin.attestationFrequency, wamDays, aumUsd

Custody disclosure / control report

custody_disclosurecustody provider

Reads custody terms, control-environment reports and licence registers to establish what kind of custody is actually being provided and under whose authorisation.

Writes: custodyType, regulatoryLicenses, certifications, supportedChains, slaUptimePct, disclosedValueSecuredUsd, integrationTypes

Platform / infrastructure service sheet

platform_service_sheettokenization platformsettlement interoperabilityoracle

Extracts network coverage, integration surface and commercial model from vendor service documentation. Roadmap and testnet claims are excluded by the template rather than left to the analyst.

Writes: supportedChains, pricingModel, pricingNote, apiCapabilities, integrationTypes, regulatoryLicenses, platformModel, interopModel, oracleModel

Venue rulebook / ATS disclosure

venue_rulebookexchange ats

Parses venue rulebooks and regulatory venue filings for permitted participants, instrument scope and market model.

Writes: venueType, regulatoryLicenses, supportedChains, pricingModel, integrationTypes

Bond terms and conditions

bond_termssecurity token

Reads final terms for digital bond issuance: coupon, maturity, identifiers, ranking and issue size.

Writes: security.couponPct, security.maturityDate, security.isin, security.seniority, security.issueSizeNative, security.creditRating

Pipeline

How a datapoint gets published

  1. 1
    Source selection

    An analyst identifies a Tier 1 document (prospectus, filing, holdings report or attestation) and registers it against the target product.

  2. 2
    AI extraction

    The parser extracts typed fields with a confidence score, the page number and the verbatim quote supporting each value.

  3. 3
    Analyst verification

    Mandatory. Every field is confirmed, corrected or rejected by a named analyst. Nothing skips this step, regardless of confidence.

  4. 4
    Publication

    The value goes live with its source URL, tier, verification status, methodology and retrieval date attached. The provenance travels with the number everywhere it appears.