Coretos Treasury Index

What the index measures

The Coretos Treasury Index reports the USD value of tokenized units of selected US Treasury and US government money market funds on public blockchains, with a comparison level beside it. It measures market size, not investment return.

• Tokens represent units; they are not the register. Each fund's transfer agent keeps the official record of ownership, and token balances can lag it briefly.
• Verified issued supply on included contracts. The index counts units issued on the contracts it lists. Until issuer and bridge wallets are reconciled with each issuer, the figure is described this way, not as units held by investors.
• Tokenized units only. Units that exist only in a transfer agent's book-entry records are left out.
• A named list, not the whole market. The index covers verified funds listed with their sources.

Eligibility

A product enters the index only when all six conditions hold:

1. Exposure: the fund invests in US Treasury securities and repurchase agreements fully collateralized by US Treasury or US government securities, or is a US government money market fund. Domicile does not matter.
2. Fund units: each token is one unit (share) of the fund. Notes, other debt instruments and yield-bearing stablecoins are excluded.
3. Official NAV: the issuer or fund administrator publishes the net asset value (NAV) per unit, or the fund's documents state that it seeks to maintain a stable price of USD 1.00 per unit.
4. Issuer-confirmed contracts: the issuer publishes the token identifier for every network counted.
5. No double counting: the fund does not mainly hold other index constituents.
6. Data rights: the NAV source allows regular publication of figures derived from it, confirmed before public launch.

Calculation

Each day, a fund's value is its tokenized units on every counted network multiplied by its NAV per unit. The index adds up all constituents and divides the total by a divisor.

V = NAV × Σ units  ·  S = Σ V  ·  I = S ÷ D

• Headline: S, the total USD value.
• Level: I is a comparison series that starts at 1,000 on the official base date and moves only with funds counted on the previous day, so a fund joining does not look like market growth.
• Divisor changes: when a fund joins, leaves or moves networks, the divisor is adjusted at the same moment.
• Weights follow value. There is no cap on any single fund.
• Precision: calculations use full on-chain precision and the NAV as published; only displayed figures are rounded.

NAV

For funds that seek to maintain a stable USD 1.00 price, the index uses USD 1.00. This is a stated methodology assumption, not a guaranteed price, and it is checked monthly against the NAV the fund publishes or reports to the SEC. For accumulating funds, the index reads the issuer's official NAV from its public on-chain oracle through its own node provider, taking the newest stored checkpoint in effect at the block read.

Timing, missing data and corrections

• One point per US business day, read at 21:00 UTC.
• A network cannot be read: its last reading is carried for one business day at most, marked; after that the point is withheld.
• A NAV older than 3 business days: the point is withheld, not estimated.
• The previous point cannot be read: the day is withheld; a missing point never restarts the level.
• An unexplained change of more than 15% in a fund: publication is held until a person confirms it.
• Every run is recorded with its time and status; the first complete run of a day becomes that day's point and is never replaced silently. Corrections keep the original and corrected values with a reason.

Governance and legal status

• Monthly review of constituents, with changes announced five business days before they take effect.
• Who decides what: code calculates; a person approves eligibility decisions and exceptions; AI may read documents and flag inconsistencies but never sets a value.
• Legal status: under the EU Benchmarks Regulation, a regularly published calculated figure is an index. It becomes a benchmark if used to determine amounts payable under financial instruments or contracts, or to measure fund performance. Any such licence needs legal review first.
• Not advice: the index is information about market size, not investment advice or an offer of any product.

Contracts read in the latest calculation

Every included token is read directly from its blockchain. Identifiers come only from issuer documents; a block explorer or data aggregator never confirms an address.

NAV used

Known coverage gaps

• BUIDL: BNB Chain and Tempo deployments: no issuer-published address yet
• FOBXX: Stellar variants gBENJI, sgBENJI, grBENJI not counted until their link to FOBXX shares is clear
• JLTXX: Token supply can lag the investor register by hours after a subscription or redemption (5,000,000 units on 31 Aug 2026); reconciled monthly against SEC Form N-MFP

Reviewed but not counted