From the public files

US Treasury market statistics

Measures of the market itself rather than of its prices: what is outstanding, what is held in what form, and how that has changed. Each is read from a public Treasury file and published with its statement date.

Debt outstanding

Every Treasury security in existence, by class, from Treasury's own Monthly Statement of the Public Debt. Marketable debt is what trades and what the curves and indices on this site are fitted from; non-marketable debt is the larger half by count of classes and never trades at all.

Statement of August 31, 2026

Total public debt
$40.18tn
Held by the public
$32.41tn
Intragovernmental
$7.76tn
Marketable share
79.2%

Marketable

Marketable by class, with each class's share of the group and the split between debt held by the public and intragovernmental holdings.
ClassOutstandingShareHeld by public
Bills$7.25tn22.8%$7.25tn
Bonds$5.53tn17.4%$5.51tn
Federal Financing BankHeld only intragovernmentally$3.6bn0.0%$0.0m
Floating Rate Notes$680.0bn2.1%$679.9bn
Notes$16.22tn51.0%$16.21tn
Treasury Inflation-Protected Securities$2.15tn6.8%$2.15tn
Total MarketableTreasury's own total, not a sum of the rows above$31.83tn100.0%$31.81tn

Non-marketable

Non-marketable by class, with each class's share of the group and the split between debt held by the public and intragovernmental holdings.
ClassOutstandingShareHeld by public
Domestic SeriesHeld by the Resolution Funding Corporation$10.7bn0.1%$10.7bn
Government Account SeriesFederal trust funds, mostly Social Security$8.11tn97.1%$366.4bn
Other$4.9bn0.1%$4.9bn
State and Local Government SeriesMunicipal issuers parking bond proceeds$78.9bn0.9%$78.9bn
United States Savings SecuritiesSeries EE and I savings bonds$146.9bn1.8%$146.9bn
Total NonmarketableTreasury's own total, not a sum of the rows above$8.35tn100.0%$607.8bn

The classes add up to Treasury's totals.

Marketable
$0.0m apart (1.2e-15 of the total)
Non-marketable
$0.0m apart (1.2e-16 of the total)

Both figures come from the same statement, so this is not two independent sources agreeing. What it tests is that Treasury computed the total and we computed the sum, so a class dropped or double-counted on our side shows up, while an error in Treasury's own total would not. Across all 308 statements the two differ on 25 marketable months, never by more than 3.4e-7 of the figure, and the gaps repeat as round numbers across consecutive months, which is a reporting artefact in the source rather than a missing row here.

STRIPS float

How much of the Treasury market is held as separate principal and interest components rather than as whole bonds. This is the float figure the Safe Rate indices deliberately do not deduct, published so that decision can be checked rather than taken on trust.

Statement of August 31, 2026

Held stripped
$626.5bn
Share of strippable debt
2.62%
Reassembled this month
$32.2bn
Securities
406

Why the indices do not deduct it

A stripped bond has not left the market. It has been decomposed into components any dealer can reconstitute, and $32.2bn was reassembled in this month alone. Over the last 12 statements, $364.7bn was reassembled against a stripped stock of $626.5bn, a turnover of 58% a year. The stripped pool is a turnstile, not a warehouse.

That is what separates it from the deductions the indices do make. A buyback is irreversible, because the debt is destroyed. Federal Reserve holdings are reversible only by a policy decision, on the Federal Reserve's timetable. Stripping is reversible by any dealer, on the day, and more than half of it reverses every year.

Deducting it anyway costs 3.8 basis points a year. And because the components are excluded too, it would leave an index holding neither side of a fifth of the long sector.

There is a coherent index that would deduct it, and this is not it. An index measuring what can be bought as a coupon bond today should subtract the stripped portion, because that par is not currently purchasable in that form. That is a purchasable-float index, and a different product. This family is a market representation: the debt is counted once, in whatever form it is being held.

Twenty-five years of it

Stripping is a demand signal rather than a supply one: it is what happens when somebody wants duration without a coupon, which in practice means pension and insurance liability matching. The share fell for fifteen years as the debt grew faster than the demand for zeros, bottomed under two per cent, and has climbed since.

0%2%4%6%8%10%Jan 31, 2001Aug 31, 2026Jan 31, 2001Share held stripped8.296%Aug 31, 2001Share held stripped8.184%Mar 31, 2002Share held stripped8.171%Oct 31, 2002Share held stripped7.766%May 31, 2003Share held stripped7.533%Dec 31, 2003Share held stripped6.766%Jul 31, 2004Share held stripped6.490%Feb 28, 2005Share held stripped6.017%Sep 30, 2005Share held stripped5.797%Apr 30, 2006Share held stripped5.857%Nov 30, 2006Share held stripped5.938%Jun 30, 2007Share held stripped5.928%Jan 31, 2008Share held stripped5.717%Aug 31, 2008Share held stripped5.494%Mar 31, 2009Share held stripped4.262%Oct 31, 2009Share held stripped3.425%May 31, 2010Share held stripped2.956%Dec 31, 2010Share held stripped2.788%Jul 31, 2011Share held stripped2.655%Feb 29, 2012Share held stripped2.268%Sep 30, 2012Share held stripped2.113%Apr 30, 2013Share held stripped2.047%Nov 30, 2013Share held stripped2.019%Jun 30, 2014Share held stripped2.020%Jan 31, 2015Share held stripped1.960%Aug 31, 2015Share held stripped1.922%Mar 31, 2016Share held stripped1.869%Oct 31, 2016Share held stripped1.964%May 31, 2017Share held stripped2.067%Dec 31, 2017Share held stripped2.170%Jul 31, 2018Share held stripped2.304%Feb 28, 2019Share held stripped2.310%Sep 30, 2019Share held stripped2.328%Apr 30, 2020Share held stripped2.252%Nov 30, 2020Share held stripped2.073%Jun 30, 2021Share held stripped2.096%Jan 31, 2022Share held stripped1.963%Aug 31, 2022Share held stripped1.969%Mar 31, 2023Share held stripped2.134%Oct 31, 2023Share held stripped2.287%May 31, 2024Share held stripped2.398%Dec 31, 2024Share held stripped2.508%Jul 31, 2025Share held stripped2.531%Feb 28, 2026Share held stripped2.605%Aug 31, 2026Share held stripped2.622%

308 monthly statements. The y axis is a percentage of strippable debt, not a rate.

It is almost entirely a long-bond phenomenon

Which follows from what stripping is for. A buyer wanting a thirty-year zero strips a thirty-year bond; nobody strips a two-year note to get a two-year zero they could buy as a bill.

Stripped par and its share of outstanding, by security class, on the August 31, 2026 statement.
Security classHeld strippedShare of class
Treasury Bonds$605.3bn10.95%
Treasury Notes$21.2bn0.13%
Treasury Inflation-Protected Securities$12.5m<0.01%

The issues it concentrates in

The ten most heavily stripped securities, as a share of their own size. An index deducting the float would be removing this much of these particular bonds.

The ten securities with the largest stripped share of their own size on the August 31, 2026 statement.
CUSIPMaturesHeld strippedOf its size
912810TR9May 15, 2053$19.5bn31.2%
912810UC0Aug 15, 2054$22.6bn30.4%
912810TN8Feb 15, 2053$20.0bn30.4%
912810SH2May 15, 2049$16.3bn29.4%
912810SD1Aug 15, 2048$14.7bn29.3%
912810SF6Feb 15, 2049$15.4bn28.4%
912810TX6Feb 15, 2054$18.7bn26.2%
912810TD0Feb 15, 2052$21.4bn25.2%
912810UG1Feb 15, 2055$19.2bn24.0%
912810SA7Feb 15, 2048$10.5bn23.7%

Treasury publishes this as a month-end statement, so every STRIPS figure here is as of August 31, 2026, a month-end position beside the daily closes elsewhere on this site, not a stale one. The 3.8 basis point cost and the four-in-five-years comparison are results of rebuilding the index history with the deduction applied, and are stated rather than derived on this page.

Retail demand

What households bought directly from Treasury, and what they still hold. Every other measure on this site is the wholesale market; this is the only public series that shows a household reacting to a rate.

Net savings bond sales through TreasuryDirect, monthly

Gross sales less returns, so a household that buys and then cancels inside the month is not counted. 299 months from October 31, 2001.

0m1000m2000m3000m4000m5000m6000m7000mOct 31, 2001Aug 31, 2026Oct 31, 2001Series I0.0mMay 31, 2002Series I0.0mDec 31, 2002Series I13.7mJul 31, 2003Series I64.9mSeries EE3.7mFeb 29, 2004Series I22.5mSeries EE12.5mSep 30, 2004Series I27.2mSeries EE4.9mApr 30, 2005Series I27.1mSeries EE25.4mNov 30, 2005Series I321.1mSeries EE2.8mJun 30, 2006Series I16.8mSeries EE2.8mJan 31, 2007Series I46.8mSeries EE3.2mAug 31, 2007Series I9.6mSeries EE2.0mMar 31, 2008Series I26.7mSeries EE3.1mOct 31, 2008Series I11.3mSeries EE1.6mMay 31, 2009Series I7.1mSeries EE1.4mDec 31, 2009Series I19.0mSeries EE2.1mJul 31, 2010Series I6.1mSeries EE1.6mFeb 28, 2011Series I7.8mSeries EE2.4mSep 30, 2011Series I21.1mSeries EE2.8mApr 30, 2012Series I54.9mSeries EE5.3mNov 30, 2012Series I30.2mSeries EE5.1mJun 30, 2013Series I19.1mSeries EE4.0mJan 31, 2014Series I86.6mSeries EE7.6mAug 31, 2014Series I18.7mSeries EE3.5mMar 31, 2015Series I22.1mSeries EE3.8mOct 31, 2015Series I7.3mSeries EE3.3mMay 31, 2016Series I13.3mSeries EE3.8mDec 31, 2016Series I52.5mSeries EE7.5mJul 31, 2017Series I12.8mSeries EE3.1mFeb 28, 2018Series I26.6mSeries EE3.6mSep 30, 2018Series I12.3mSeries EE2.7mApr 30, 2019Series I42.7mSeries EE3.3mNov 30, 2019Series I14.4mSeries EE3.6mJun 30, 2020Series I10.6mSeries EE4.3mJan 31, 2021Series I105.6mSeries EE20.6mAug 31, 2021Series I100.2mSeries EE5.3mMar 31, 2022Series I920.0mSeries EE7.2mOct 31, 2022Series I6781.9mSeries EE17.7mMay 31, 2023Series I226.4mSeries EE7.9mDec 31, 2023Series I249.0mSeries EE10.2mJul 31, 2024Series I64.2mSeries EE4.2mFeb 28, 2025Series I107.1mSeries EE6.2mSep 30, 2025Series I65.6mSeries EE3.7mApr 30, 2026Series I161.0mSeries EE4.7mAug 31, 2026Series I42.5mSeries EE2.2m
Series ISeries EE

Millions of dollars. The spike is October 2022, the last month Series I paid 9.62%: households put $6,781.9m into it against $42.5m in August 2026, a factor of a hundred and sixty. Series EE, whose rate is fixed for the life of the bond rather than reset against inflation, averages $5.6m a month across 280 months and never exceeds $90.4m, which is what makes the Series I line a statement about the rate rather than about TreasuryDirect. A savings bond has no secondary market, so every dollar here is a household's own decision rather than a dealer position.

Savings bonds outstanding

Report of July 31, 2026

The latest report only, by series. Each series' outstanding amount is what has been issued less what has been redeemed; matured and unredeemed is the part that has stopped earning interest and has not been cashed.

Savings bonds outstanding by series at the July 31, 2026 report, with issued, redeemed and matured-unredeemed amounts.
SeriesOutstandingIssuedRedeemedMatured, unredeemed
EESeries EE226,434,0731,976,146,4781,749,712,40582,236,813
ISeries I24,205,123179,339,685155,134,5620
ESeries E19,832,3064,599,418,7014,579,586,39519,832,306
HHSeries HH465,72914,941,79914,476,070465,729
SNSavings Notes134,58330,850,11330,715,530134,583
HSeries H26,81816,386,52516,359,70726,818
FSeries F9,0925,624,3395,615,2479,092
A-DSeries A-D7,85518,559,88518,552,0307,855
RSeries R7,063562,439555,3760
GSeries G5,51917,260,00217,254,4835,519
PSeries P2,139194,335192,1960
JSeries J1,767793,354791,5871,767
KSeries K96936,780936,68496
All seriesTreasury's own total, not a sum of the rows above271,132,1636,861,014,4356,589,882,272102,720,578

Counts of bonds, not dollars. A savings bond's face value depends on its denomination, so the number outstanding and the amount outstanding are different figures. The dollar amount for savings securities as a whole is in the non-marketable table above, under United States Savings Securities. Current Series I and EE rates are here.

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.