Dune finds tokenized Treasury funds turned over 0.006% of supply in August

Tokenized Treasury funds turned over 0.006% of their supply in August, according to a Dune report that The Defiant reported Wednesday, a figure that against the $34.5 billion of tokenized real-world assets Dune counted at the end of August, half of that in Treasury products, works out to roughly $1 million of secondary trading on a book of about $17.25 billion.

The trading that does happen sits in the smallest slice: equities, at 8% of the market and about $2.76 billion of supply, generated 93% of spot volume, while half the market looked like cash and barely moved. The equity corner did nearly all of the moving.

Dune has been asking the same question this week. Earlier, the platform put tokenized real-world asset supply above $34 billion for 2026 and found 81% of tokenized equities held in spot markets are individual stocks, the value of those holdings up ninefold over the past year. Another note flagged a 15 basis point annual gap between WisdomTree's Treasury money fund and T-bills, traced to expenses and liquidity terms.

For Treasury funds, the August answer is that holders mostly did nothing with them. A product that changes hands at 0.006% of supply in a month is being kept as a balance. That fits the view that tokenized products have moved past issuance into balance-sheet plumbing, where the plausible demand is collateral mobility rather than price discovery. The figure shows holders are not selling, though it does not show whether they are pledging.

That distinction shapes where the revenue is, because issuers are paid on supply and venues on volume, and a market half composed of Treasury funds with negligible turnover is a distribution business with minimal trading attached. Equities, 8% of supply, carried the flow, and the ninefold growth in the value of individual-stock token holdings over the past year is the clearest sign of where holder interest has gone.

The report does not break out holders, issuers or a July comparison, so 0.006% reads as a level without a direction. September's turnover is the first thing to check, and the more useful number—how much of this supply is pledged as collateral—is not in the figures.