Articles
Analysis from The Migration
What our on-chain counts show, explained. Every figure links to the data behind it.
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Tokenized U.S. Treasuries reach $12.61 billion, counted fund by fund
We read 17 tokenized Treasury funds directly from 20 public blockchains. Here is where the $12.61 billion sits, who issues it and how we count it.
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BNB Chain now holds more tokenized Treasuries than Ethereum, by our count
Of the $12.61 billion in tokenized U.S. Treasury funds we count, $4.39 billion sits on BNB Chain and $3.94 billion on Ethereum. Two funds explain most of it.
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1.2 million ounces of gold now sit on public blockchains
We count $4.90 billion in tokenized gold across XAUt, PAXG and XAUm, read from 6 blockchains, after removing tokens Tether holds in its own reserve.
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The $313.8 million that can be counted twice in tokenized Treasuries
Ondo's USDY holds $313.8 million of SHVon, a tokenized Treasury ETF. Any total that counts both funds counts the same dollars twice. Here is how we handle it.
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$262.8 billion in cash-backed dollar stablecoins, read from 18 blockchains
Our on-chain count of six cash-backed dollar stablecoins, chain by chain. Ethereum and Tron hold 87% of the total. Our reads match Tether's and Circle's own figures within 2%.
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How we count traditional finance moving on-chain
Every figure on The Migration is read directly from public blockchains, using only addresses the issuer publishes or confirms in writing. Here is the method, step by step.
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DTCC tokenization service goes live with 34 securities, ~$30T eligible
DTCC's DTC launched its tokenization service on October 28, 2026. We set it beside our $12.61 billion count of tokenized Treasury funds on public chains.