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What the capital we read is exposed to outside crypto. Held instruments, stablecoin reserves, and the part we have not classified, as separate figures, because they answer different questions.
These are never added together. A tokenised Treasury bill is a claim on a named instrument; a USDC balance is a claim on a stablecoin whose issuer says it holds bills, at a size the issuer chooses and reports on its own schedule. One headline covering both would overstate the named position roughly thirty-fold.
The underlying is read but not in the registry. It may be RWA and we have not established it — counting these as "not RWA" would make our coverage look complete by discarding the question.
Separately, $2.27B is ether, bitcoin, chain tokens and staking receipts. Nobody is uncertain whether those are Treasury bills, so they are not in the figure above.
Since 2026-09-14: this box has GROWN by $1.01B. New capital arriving unclassified outpaced what was classified, which is the honest direction and not a rounding. That is the only number on this page that says the work is progressing; a larger real-world total would not.
What we read at all: the perimeter. Synthetic exposure, meaning perpetuals on equities, commodities and FX, is indexed at venue level: $71.96M across Ostium and Veranta (formerly Avantis), shown above. It is not part of the capital-held figure and none of it is attributed to an agent: these are the venues’ own open positions, not holdings we can trace to a machine-managed vault.