The fund’s SEC materials describe an OnChain class where the transfer agent keeps the official share register in book-entry form, while ownership is also recorded on a public blockchain. Per RWA.xyz and fund filings, the portfolio invests at least 99.5% in cash and U.S. Treasuries under Rule 2a-7.
To clear $10 billion by year-end, the market needs about $2.58 billion in net additions from today’s $7.42 billion base, or roughly $700 million monthly through December. The pool of traditional cash is large relative to that target.
If the group around BUIDL, WTGXX, BENJI, OUSG, and USYC expands by a combined 8% to 10% over the next three and a half months, that alone adds roughly $600 million to $800 million.
Add a modest contribution from new or recently launched share classes such as Fidelity’s OnChain Class and potential follow-ons from other managers, and the monthly cadence meets the remaining gap. According to RWA.xyz 30-day changes, some products are already compounding at rates that, even if they slow, support this run-rate.
A higher-range scenario of $10.8 billion to $11.5 billion assumes two incremental brand entrants or large mandate allocations in Q4 total $1.0 billion to $1.5 billion, plus steady net mints in existing funds.
A lower-range outcome near $9.1 billion to $9.6 billion would follow if front-end yields drift toward 3.5% and on-chain mint activity slows, or if tokenized fund buyers pause ahead of year-end.
The market is also consolidating on Ethereum from a network perspective. RWA.xyz’s product listings show the top vehicles available on Ethereum, with many also bridged to L2s. That positioning, combined with collateral integrations and stablecoin redemption rails, channels volume into Ethereum’s settlement layer even as more activity shifts to lower-cost rollups.
What to watch into December are three datapoints that will decide the finish line: on-chain holders and net mints on RWA.xyz’s tracker, fresh SEC filings for additional OnChain classes or series, and new collateral and custody arrangements that let institutions hold these tokens without sacrificing risk controls.
If net mints sustain a $600 million to $800 million monthly pace, the tracker will print $10 billion on Ethereum before year-end.
