Government debt

Tokenised vs traditional

Each traditional market next to the tokenised assets of the same kind that we track, matched by classification: by what backs the token (a tracker holding shares counts as equities) or by its legal form where the market is defined that way (funds, deposits). Stablecoins are never counted against the markets their reserves are invested in. The tokenised figures are floors (only assets with a known size, and not balances on ledgers that only mirror a register kept elsewhere), so the true shares are somewhat higher, but the order of magnitude is the point.