# Bags That Pay

> Tokenized assets by what they represent, 96 tokens read from ten issuers' own published terms and two public data providers, one page per token.

## Key facts

- 96 tokens across every token in the graph that represents an underlying, whether the underlying is a security the issuer holds or the protocol's own revenue.
- Sources: the issuers' own terms pages (Ondo, Backed, Paxos, Dinari, Spiko, Tether and four more that could not be read), DeFiLlama's fees and revenue overview, and CoinGecko's real-world-assets category.
- Every right is the issuer's own sentence, quoted whole with the page and the date it was read; a right the issuer does not publish and a page that could not be read are recorded as different things.
- Every figure was computed by CoinGecko or DeFiLlama and carries their name; nothing on this site is computed or estimated by the publisher, and no prices are stored.

## Key pages

- [The underlying index](https://bagsthatpay.com/tokenized/): the citable counts, by underlying and exposure type.
- [Tokenized treasury bills](https://bagsthatpay.com/tokenized-treasuries/): how to read a token's terms and how to check them.
- [Ask an issuer](https://bagsthatpay.com/quote/): free; your question goes only to the issuer you ask.
- [For issuers](https://bagsthatpay.com/for-pros/): claim your token's entry; a badge, never a rank.

## Data

- Download (CSV, underlying aggregates): https://bagsthatpay.com/tokenized/underlying-index.csv
- Download (CSV, EU Treasuries exposure types): https://bagsthatpay.com/tokenized/eu-treasuries.csv
- Download (CSV, Gold exposure types): https://bagsthatpay.com/tokenized/gold.csv
- Download (CSV, Money market exposure types): https://bagsthatpay.com/tokenized/money-market.csv
- Download (CSV, Protocol revenue exposure types): https://bagsthatpay.com/tokenized/protocol-revenue.csv
- Download (CSV, US equities exposure types): https://bagsthatpay.com/tokenized/us-equities.csv
- Download (CSV, US Treasuries exposure types): https://bagsthatpay.com/tokenized/us-treasuries.csv
- Methodology: Every figure on this site is an observation published by the source named beside it and read on the date shown; nothing here is our number. Every right is the issuer's own sentence, quoted whole from the page and date named beside it, or an explicit record that the issuer does not state it or that the page could not be read. The underlying and the exposure type are this directory's reading of those sentences and say so. Prices are not stored.
- Source: CoinGecko markets, category real-world-assets-rwa (open API, page 1 of 250): https://api.coingecko.com/api/v3/coins/markets?vs_currency=usd&category=real-world-assets-rwa&per_page=250&page=1
- Source: DeFiLlama holders revenue (open API, fees overview, dataType=dailyHoldersRevenue): https://api.llama.fi/overview/fees?dataType=dailyHoldersRevenue&excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true
- Source: DeFiLlama protocol revenue (open API, fees overview, dataType=dailyRevenue): https://api.llama.fi/overview/fees?dataType=dailyRevenue&excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true
- Source: DeFiLlama protocols (open API, /protocols): https://api.llama.fi/protocols
- Source: Backed - legal documentation: https://assets.backed.fi/legal-documentation
- Source: Bags That Pay - methodology: how a tokenized asset is classified: https://bagsthatpay.com/methodology/
- Source: Dinari - dShares: https://dinari.com/
- Source: Backed - xStocks documentation, Introduction: https://docs.backed.fi/
- Source: Ondo Finance - OUSG product page: https://ondo.finance/ousg
- Source: Ondo Finance - USDY product page: https://ondo.finance/usdy
- Source: Paxos - Pax Gold (PAXG): https://paxos.com/paxg/
- Source: Securitize - BlackRock USD Institutional Digital Liquidity Fund (BUIDL): https://securitize.io/buidl
- Source: Tether - Tether Gold: https://tether.to/en/tether-gold/
- Source: Circle - USYC: https://www.circle.com/usyc
- Source: Franklin Templeton - Benji: https://www.franklintempleton.com/benji
- Source: Spiko - home: https://www.spiko.io/
- Source: WisdomTree - digital funds: https://www.wisdomtree.com/investments/digital-funds

## Citation

Cite as: "Bags That Pay Underlying Index", https://bagsthatpay.com/tokenized/ (updated 2026-09-08).

## About

- Operated by Joseph Ellul. Contact: hello@bagsthatpay.com
- By submitting you agree Bags That Pay passes your question to the issuer or data provider you asked about.